Greece in Chapter 11

The only way to bring a country or corporation back from the dead is to halt all payments to creditors – the Greek Government is spending only slightly more than it earns (3% of GDP) if interest and loan repayments are ignored and with military spending at over 3% (double the NATO average) this is easy to address.

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Why tax the masses?

The simple answer is because the Government can!

Since the beginning of time, taxing income or spending has been easy. Taxing wealth or corporations is tricky, the two are linked, both have vast resources that they bring to bear behind their lobbying and both pay huge amounts to tax accountants to reduce their tax bills and hide their wealth.

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Rise up O men of Greece!

I will not rest in my pleas to the Greek people to refuse categorically the pernicious austerity measures being implemented by their Government. Do not allow them to destroy generations of Greeks to save the bankers.

Some figures:

Greece joined the EU in 1981 and has spent at least $250 billion in defence spending since then. There debt is around $450bn. Remember that the German and French armament industry have done very well out of this as have their bankers who have lent Greece the money to gorge itself on missiles and such like. Greece is number 23 in the defence spending league!

I urge you to default on this debt! Say no to your Government now and make the Governments and bankers of the EU, the UK and the US face up to the consequences of their greed. Let’s cleanse ourselves and them in the process!

Well-dressed lemmings driving fast cars just go over the cliff faster and looking better!

Markets have started to work out that debt can’t drive consumerism forever. The developed world is over-indebted, disparities between developed and developing countries and between rich and poor within those countries are more extreme than ever. When the poor have more debt than they can handle and the rich rely upon the masses to drive the economy then there is a problem!

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Nat West freezes Press TV assets

A breaking story today from no lesser source than Press TV that their assets have been frozen by Nat West, a bloated UK bank. It would seem that Press TV is hurting the establishment in the UK with some radical reporting – the great star of course is George Galloway with his Real Deal show – catch a recent episode on Youtube and subscribe –

Mervyn King is surprised that people are not angrier! Oh joy, it is nice when someone agrees with me!

See this article in the Guardian


Angry at the banks? Of course we are!

Mervyn King misreads the public mood on the bankers. He should look at our Robin Hood campaign

    • Bank of England Governor Mervyn King gestures after speaking during the TUC in Manchester Mervyn King, the governor of the Bank of England, says he is ‘surprised that the degree of public anger has not been greater than it has’. Photograph: Darren Staples/Reuters

      When you’ve been going on about something for a while, it is always satisfying to discover that other people agree with you. I have been arguing for the last year that the banks, hedge funds and other titans of the City of London whose gambling got us into this trouble should pay to clean up the mess they caused.

      Now, no less a figure than Mervyn King, governor of the Bank of England, has laid the blame for cuts in public services and welfare squarely at the door of the City. “The price of the financial crisis is being borne by people who did absolutely nothing to cause it.”

      The evidence supporting him is overwhelming. The International Monetary Fund has warned that British government debt will be 40% higher as a result of the financial crisis. That’s equivalent to a total of £28,000 for every taxpayer in the country.

      But King’s subsequent comment that he was “surprised that the degree of public anger has not been greater than it has” suggests that either he had a very high expectation, or that he has misread the public mood.

      I’m an ambassador for the Robin Hood Tax campaign, which calls for a tiny tax of just 0.05% on every casino-style financial transaction in order to help poor people, reverse public service cuts at home and abroad, and tackle climate change. In this role I’ve seen how people’s sense of fairness has been stretched to the limits by the continued spectacle of huge pay increases and bonuses in big companies while ordinary people suffer. Every time people turn on the television news they are bombarded with stories of job losses, disabled children forced into care, public sector cuts or young people left without a future. Meanwhile one of the country’s leading bankers claims “the time for remorse and apologies needs to be over“. If there has been any remorse it has escaped my notice. Of course people are angry!

      Project Merlin, George Osborne’s agreement with the banks last month, was widely ridiculed because people are too angry to accept a backroom deal that does not address the fundamental issue of fairness. Our campaign is supported by Lord Turner, chairman of the Financial Services Authority, along with 250,000 Facebook users and 113 organisations from Oxfam to the Salvation Army. When, last week, I challenged bank chief executives Stephen Hester, Bob Diamond and the others, to visit people at home and abroad hit by the economic crisis, I was inundated with messages of support.

      More dramatically, Barclays – which recently announced a £6bn profit and a 20% increase in pay and bonuses – found 40 of its branches occupied by protesters on the day it was revealed that it pays just £100m in tax.

      Polls show this anger is felt by supporters of all political parties. A ComRes survey, carried out in January before the UK bonus season, found that 80% of people, including 76% of Conservative voters, want additional taxes on bankers’ bonuses. Polls regularly show majority support for a Robin Hood tax – it could be the most popular tax in history.

      Mervyn King is right, though, that this anger has not yet forced politicians to make banks pay their fair share. Perhaps this is unsurprising: many MPs have spent years seeing the excessive profits and bonuses of the City as a sign of economic health. But this does not mean it will not happen. French president Nicolas Sarkozy and German chancellor Angela Merkel have both responded to public anger by promising to go ahead with transaction taxes.

      Perhaps the biggest barrier to the UK following suit is the fear, endorsed by many commentators, that a higher tax burden would encourage banks to up sticks and leave. But this doesn’t bear scrutiny. According to the Bank of England, the banks benefit from our taxes and the subsidy afforded them by the government to the tune of £100bn every year. They also benefit from the City’s excellent infrastructure. The idea that they are about to give this up to move to Dubai or the Cayman Islands is incredible, especially when you realise we already have a 0.5% tax on share transactions.

      If the public see through banks’ scare tactics, their anger and their desire for justice really will force politicians to act.


Continue reading “Mervyn King is surprised that people are not angrier! Oh joy, it is nice when someone agrees with me!”

Just read “The Third Man”

I cannot believe, especially after seeing the recent interview with Tony Blair, that I voted for these idiots. They had never run anything, let alone a country. How could I vote for policies without any question as to the capability of the people behind them to actually implement them! That was in 1997 – at least I have mended my ways an no longer vote at all!

The Third Man’s most interesting discovery isn’t that Mandelson is just not very smart, ever,  but that Tony Blair and Gordon Brown were never on the same wavelength. In brief, the first 5 years were wasted and by the time Tony Blair realised what needed to be done Brown was in a position to thwart his every attempt at actually implementing a progressive policy.

Finally, how could such a man as Mandelson be any near the corridors of power? OMG.

What does reassure me though was Blair’s admission when speaking to Andrew Marr that pragmatism rules, not ideology! He came as an ideologue and left as a nobody pelted by crowds. I have invented an old maxim “If you have 5 years in Government, just pick one thing and do it well”. We remember Churchill for war, Atlee for the welfare state, Thatcher for market liberalisation etc..

What doesn’t reassure me is that neither Cameron no Clegg seem to have actually managed anything in the real world either.