The media is astonishing today in its barrage against Jeremy Corbyn. Presenters repeatedly state that to oppose nuclear weapons and foreign wars is “weak”, as though that were undeniable. Spending quantitive easing on public infrastructure is “inflationary” and “irresponsible” – and these are the presenters not the guests. Why simply handing quantitive easing money to the bankers is not inflationary or irresponsible is not explained.
I would claim to have got there on “people’s quantitive easing” before hearing that phrase. 42 months ago I published
It is beyond doubt true that the effect of creation of new money is to reduce the value of currency already in circulation. The effects will show through in inflation and the exchange rate. Of course, those will continue to be affected by other factors as well, which is why there are better and worse times to do it. But in effect Q.E. is still a transfer of wealth from those who hold any of the currency to those given the new stuff. In other words, more cash from you to the bankers.
Actually if QE had been used genuinely to stimulate the economy it would have been a marvellous thing. With £350 billion we could have built an enormous amount of social housing on brownfield sites, converted derelict high streets into housing, built the Severn barrage and a high speed rail link from London to Aberdeen and still have had change. We could have reopened the steel industry to do it. a thousand manufacturing firms could have been re-tooled. Millions could have been employed. The entire logic of economic depression could have been turned around.
Instead we gave more cash to the bankers.
Progressive opinion catches up with me eventually. In another decade or more likely two, mainstream journalists might catch up as well.
Loony
13 Sep, 2015 – 4:10 pm
Eh? “Total Resistance” by like, one or two people, effectively,
So just tell all of Europe, look people we are fucked if we don’t end this dept but the leaders (address and postcode) won’t budge so what ya gona do.
leaders
lenders*
lol
“Germany for instance has nurtured its large manufacturing base, and this inturn has led to small and medium manufacturers booming as well, as we now know Germany has a reputation for quality built items.”
And how did they do that – of course a combination of guarantees and subsidies from the Lander channelled through the commercial banks who were also given benficial capital weightings to lend to certain sectors prioritised within the Mittelstand had nothing to do with it whatsoever – perhaps something rather nearer to what I have suggested than your system of allocation by a peoples commission.
Yes that was a ‘not funny’ laugh..
Addressing another of your points, resources, jobs dont just create wealth they create social wellbeing and community bonding,
I never said they didn’t – but without the creation of a bit of wealth and further investment for the future I can assure you that wellbeing and community bonding will not be enough to live on.
Resident Dissident
4:29 pm
“perhaps something rather nearer to what I have suggested than your system of allocation by a peoples commission.”
I think you are confusing someone else for me.
(I have no other response to your comment, as I haven’t the foggiest what you’re talking about).
“The media is astonishing today in its barrage against Jeremy Corbyn. Presenters repeatedly state that to oppose nuclear weapons and foreign wars is “weak”, as though that were undeniable.”
They use the same basic trick all the time.
A while ago I saw a clip of a sadhu talking about the trashing of that mosque in Ayodhya while the police stood by and watched. He said that a Hindu politico had approached him and asked him to back her up in her claim that the mosque had been built on the birthplace of Lord Rama.
“I’m not going to say that”, he said, “it isn’t true”
According to him she said something along the lines of “This is politics; you don’t have to tell the truth, you just have to tell the same lie often enough”.
The media play the same game and we should all be careful not to fall for it. That is especially the case when they appear to confirm our pre-held beliefs: “extreme right wing”, anyone? How often do you hear that phrase from people who would affect horror at “rote learning” in schools?
Ishmael –
Next time, just put “LOL. NOT!”.
Re re..
And you know, agree to tax the rich, all of em, all they have over a sane amount. And re-distribute the wealth. At least.
Whey do I feel some are still taking about their economy or money system, and not most peoples. We don’t even play by the same ….,.. rules.
Grrrr…
The Metro thought the responses ‘hilarious’. Wrong. Many are infantile and idiotic. Just a few are serious and intelligent and important.
https://twitter.com/hashtag/CorbynAskCameron?src=hash
Mary –
“The Metro thought the responses ‘hilarious’. Wrong. Many are infantile and idiotic.”
My thoughts exactly.
What a wasted opportunity, so far.
Pan you are under misapprehension that the said resident d… is cognisant of what he is talking about!
The “left winger” who is more right than the Tories, long time “neolabour” activist, no wonder the love in of the banksters in the HoC has lasted so long!
Says it all. Part of the Daily Mail Group. The waste copies discarded in London must add tons and tons to landfill.
https://en.wikipedia.org/wiki/Metro_(British_newspaper)
“And you know, agree to tax the rich, all of em, all they have over a sane amount. And re-distribute the wealth. At least. ”
Then all the rich people would be poor people and the poor people would be rich.
I see.
It’s a good opportunity it seems to me, there is no need for this.
I like Europe, and it seems things have gone ok more recently, better than divided hostile Europe.
And about the euro, it seems it matters less than other’s things about the system overall.
“I can assure you that if it had to set off from London the cost would be far greater”
__________
And I can assure you HSR will never reach Scotland, but Scotland will pay its fair share of wherever it does go to.
Fred –
“Then all the rich people would be poor people and the poor people would be rich.
I see.”
I think there’s a difference between “wealth redistribution” and “wealth inversion”.
It’s a matter of degree.
Chavez gave it a damn good try, and achieved much of REAL benefit to ordinary people (against extraordinarily vicious opposition).
It CAN be done.
Ishmael –
“I like Europe, and it seems things have gone ok more recently”
I don’t think the Greeks would agree with you, there.
Today’s Daily Mail has 16 anti-Corbyn hysteria smear pieces in the first tablet finger-swipe of their website.
Now,most days IS/ISIS/ISIL(or whatever the MSM are calling them this week) get 7 or 8 pieces on the site.
Today there’s barely 1 piece on them.
See how another Project Fear takes shape?
I dont even think theyd need to whack Corbyn…this media-assassination is curiously similiar to a style of Zersetzen…there are many ways to break a man…
The Daily Mail is pathetic,utterly pathetic.
“I can assure you HSR will never reach Scotland, but Scotland will pay its fair share of wherever it does go to”
Excellent news in all regards. If it’s a local commuter network you need then Scotland’s fair share will be all of it.
“Chavez gave it a damn good try, and achieved much of REAL benefit to ordinary people (against extraordinarily vicious opposition).”
How is Vevezuela’s economy doing now?
Craig
“It is beyond doubt true that the effect of creation of new money is to reduce the value of currency already in circulation. The effects will show through in inflation and the exchange rate.”
_________________
Can you then explain why in the UK inflation is at a historic low (and has been for over a year now) and why sterling has appreciated against most of the major currencies?
+++++++++++++++++++++
I would query another point you made but, as always, stand to be corrected, viz:
“We could have reopened the steel industry..”
Under EU rules this would very probably have been disallowed as illegal state aid. Furthermore, what makes you think that a re-opened large-scale UK steel industry would be any more competitive than it was in the past?
(To be noted that there is actually a small but successful special steels industry in the UK)’
////////////////////////
Must be out to a the dansant now, will be back later for more!
The government gave huge amounts of tax payer’s money to the bankers ostensibly on the premise it will be lent to small businesses in order to stimulate the economy. That’s how QE was effectively sold to the public but it’s a charade. The reality is something very different. This is how it works. The government gave huge amounts of our money to the bankers who then bought shares in their own companies’ thus increasing the stock of said companies’. As the stock value increased so did the bankers’ bonuses. Ingenious.
One positive thing about Jeremy Corbyn getting into power could be that Argentina will finally get back its Malvinas Islands.
http://www.dailymail.co.uk/news/article-3232079/With-friends-like-Corbyn-s-victory-hailed-ARGENTINA-support-giving-control-Falklands.html
I really look forward to its liberation by a progressive country that legally protects people who wish to exercise their inalienable right to define their own gender identity from the sexist and transphobic policies of the British Etonian Dictatorship. I would love to see the loss of the Malvinas by Cameron as the main humiliating thing that causes his defeat as he’s tried so hard to be like Margaret Thatcher. I wouldn’t want a war to break out though, I would just be satisfied with Obama and the USA flexing its might just to put the frighteners on Cammers and the rest of his little public schoolboys. LOL:)
“And how did they do that – of course a combination of guarantees and subsidies from the Lander channelled through the commercial banks who were also given benficial capital weightings to lend to certain sectors prioritised within the Mittelstand had nothing to do with it whatsoever – perhaps something rather nearer to what I have suggested than your system of allocation by a peoples commission.”
___________________
Yes Mittlestand played its part in the economic rise,the more significant manufacturers are well known, but these companies gained a significant boost from Germany’s “Hidden Champions” as described by Hermann Simon in his book 500 Hidden Champions.
But it’s not just Germany who’ve put Britain’s economic model to shame, Japan and South Korea are but a few who’ve shown that not only can they manufacture quality goods but also they know how to work well with their employees.
Fred –
“How is Vevezuela’s economy doing now?”
It’s been hit hard by the US/Saudi Faustian deal on oil prices, but, to modify a well-known phrase – “It’s NOT all about the economy, stupid!”.
Literacy rates, infant mortality rates, access to health care, and general “happiness index” remain at much-elevated levels, thanks to Hugo.
…After spending so much time putting the rest of us in our *place*, it would be greatly satisfying to see the rich Tory public schoolboy elite being put in their place by much bigger boys:)
RofS –
“Japan and South Korea are but a few who’ve shown that not only can they manufacture quality goods but also they know how to work well with their employees.”
Yeah, Japan builds amazing tsunami/earthquake-proof nuclear reactors and generously treats its people to as much radiation as they could possibly want.
Pan
Point taken. Not considering current trends. The dept crisis ect. Since the wars it has been better in all kind’s of ways.
I don’t even like to think about what Greece has been through of late.
“One positive thing about Jeremy Corbyn getting into power could be that Argentina will finally get back its Malvinas Islands.”
Not if the locals have anything to do with it.
https://twitter.com/falklands_utd/status/643065310287761408?ref_src=twsrc^google|twcamp^serp|twgr^tweet