Monthly Archives: April 2015

Millibrand . . . Shouldn’t‘ve Said It!

banks photo

Photo by Images_of_Money

This is NOT a swipe at the Labour Party, it is too important a subject for political chicanery and God knows we have to end Tory mismanagement BUT what Ed said about the banks was just plain irresponsible. I paraphrase:

“It was right to bail out the banks in 2007. It was not about the banks, it was about ordinary people’s savings. What was going to happen to ordinary people’s savings? I think banks are a good thing and not a bad thing.

Hmmmm!

“It was right to bail out the banks . . . There was absolutely nothing “right” about it.

First: When any business carries out malpractice and comes unstuck it should go bust. It provides the best deterrent to others. It would have been painful for a year or two BUT out of the ashes we could have built a new banking system that supports rather than controls Society. Supporting the banks now makes them feel invulnerable and gives them the confidence to carry on being abusive, which is exactly what they are doing and so, after 8 years, the pain and abuse continue.

Second: It was taxpayer’s money, paid by people on the understanding it is used for Social infrastructures and the running of the country. If you told people it would be made available for commercial failings they would not pay.

Third: This act of gross irresponsibility, representing the greatest theft of public money in the history of our species, has undermined the trust of the people in their elected representatives and the political system.

Fourth: The bank failure in 2007 was not an ‘Act of God’ that nobody foresaw but a failure through premeditated gambling because there were more profits from it than conventional banking. Nobody has gone to jail and the regulatory regime that allowed it to happen has changed little since, allowing banks to continue their irresponsibilities, which will bring about another and far more devastating collapse.

Fifth: It has created a precedent of immeasurable proportions which can be used to justify the use and abuse of public money in event of the irresponsible failure of ANY commercial venture by large organisations “Too Big To Fail” (or Nail).

Sixth: The cost to taxpayers has not ended with loss of tax money but continues today in loss of public services and sale, at knock down prices, of their public utilities, unemployment and zero hours jobs because of a supposed ‘shaky’ economy.

 

“It was not about the banks, it was about ordinary people’s savings. What was going to happen to ordinary people’s savings?” . . . The same thing that happened to the banks. They could be bailed out!

First: The trillions that have been printed since 2008 and given to the banks could quite as easily have been given to savers PLUS a bonus for their short inconvenience. If it can be done for banks it can also be done for people, or am I missing something? Anything left over would provide a first class health service and much more, given the volumes of money we are talking about!

Second: Ordinary people’s savings have taken a severe caning since, with derisory interest rates for many who are dependent on that income to survive.

Third: What is more their noses are being rubbed in it as banks are fined, what to them is petty cash and offset against tax which those same savers have to contribute towards, allowing them to return to obscenely high rates of return in comparison with what they are making available to savers.

Fourth: Those savers have their money in banks and building societies, many of whom are now very wary about lending it out again to help young would be homebuyers or small businesses which, from memory, is why they are there.

Fifth: No less a person than the governor of the Bank of England has assured taxpayers that in event of another banking collapse their taxes will not be touched, as the creditors of the banks will have to pay this time. Ordinary people’s savings are what he is talking about because, as a saver with a bank or any other financial institution, you are a creditor. This time the people will get well and truly screwed, not as taxpayers but as savers!

“I think banks are a good thing and not a bad thing.”

Private Banks: Properly regulated and held to account – Possibly.            Public Banks: Definitely!

I repeat, I am apolitical and not popping at Labour but it is worrying when any political leader makes such irresponsible comments that have simply not been thought through. It is doing harm to politics, harm to the good people who go into politics to promote positive change and immeasurable harm to any form of reconciliation with voters in reducing the creditability gap between elected and electors.

Finally to Russell. Why, why, why did you not confront him with TTIP? It is the biggest potential threat to democracy and our way of life. It will neuter the power of our elected representatives and our vote in the process. You do carry the sentiments and support of a lot of people. Power to you Russell . . . but you’re no Jeremy Paxman.

Until the next time

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes

Water . . . The Final War

Isn’t it perverse how climate change is causing droughts and water shortages, at the same time as it is also melting the ice caps and providing ‘new’ water that will raise sea levels? Professor James Lovelock’s book, Gaia, has gradually gained acceptance over the years in answering this by explaining that the Earth is a living organism.

Not unlike our own bodies, as a living organism, our Planet is getting hot and is seeking to cool down. After all this ‘new’ water will not refresh the land and enable crops to grow because of its saline content, to say nothing of its growing toxic waste content! If we are wiped out as a consequence of this planetary reaction, it’s not personal but simply the Planet looking after itself.

Wouldn’t it be a relief if governments and corporations saw the light and recognised the omnipotent power of our Planet over corporate and political power? (The recent horrific earthquake in Nepal has been likened to the equivalent of 20 huge atomic bombs and one of many Natural disasters now happening around the world!)

Their reaction, however, is one of ongoing irresponsible greed, exemplified by Goldman Sachs who described the growing water shortages as “the petroleum of the next century”. They, along with the other banks, hedge funds and even the Bush family in America, are stampeding to buy up water utilities across the Planet. Even the EU is in cahoots with the Troika, leveraging Greek debt in order to take over the country’s water resources and other public utilities, at a time when the people are on their knees.

They know that 70% of our Planet is covered in water but only 3% is fresh water and 66% of that is concealed in frozen glaciers or otherwise unavailable to us. Just stop for a moment and consider the thinking that is driving this callous activity and then hold it please, as you read on.

People will be dying from lack of life giving water, which is provided freely by our Planet, because they can’t afford it. So enters a new means of genocide of global proportions.

The banks have saturated us with ‘odious’ debt and now they seek to finish the job with ‘odious’ water. You can understand how a peaceful and loving Christ lost it just once in his short life, when he physically threw the moneylenders out of the Temple!

The people of California offer a precursor of what is to come, as scientists warn the region may be entering a ‘mega’ drought that could last for decades. Government has imposed a 25% cut in urban water use with severe penalties for anyone violating these restrictions.

What is less well known is that these same people have to stand by and watch Fracking companies taking vast quantities of their precious water for commercial exploitation, with no oversight. Once used this water must be discarded as it is contaminated by chemicals that continue to remain a secret and which are added during the extraction process.

Again, take a moment and consider the mind-set here, when the world already has a surfeit of oil that is reflected in low oil prices.

Debt and corporate abuse can be managed. We could renege on the odious debt that now plagues global Society and take our custom away from abusive corporations. However, water is a life sustaining resource and something we cannot do without. Banks and the wealthy, having got these utilities, will also want to ensure they are adequately protected and demand this from governments using their already considerable influence.

This is precisely how the Syrian war began against Assad. Youth reacted to the corrupt allocation of scarce water supplies and their arrest and torture started a revolution that resulted in terrifying loss of innocent lives by the regime. This was repeated in Yemen in 2011. Both uprisings were ignited by water and their ferocity reflected the underlying social discontent against constant abuse that had been growing in these regions for a long time.

As these confrontations over dwindling water supplies escalates globally, how long before ferocious confrontation turns to ferocious reaction. As with Syria, the ensuing warfare would also quickly descend into “gross violations of human rights on a massive scale” (Amnesty International).

As thirst spreads, it can only drive this precarious situation over the edge and escalate into ‘small’ nuclear deterrents, from ‘Assad like’ mind-sets who need to set an example (Greece and the Troika again!) and will gamble with turning this beautiful Planet into a lunar landscape to maintain control.

We need leadership now like we have never needed it before, to redress the current imbalances of power and heal our Planet. If we cannot find them, either the Planet will dispense with our services, or we will!

Who decides this one my friends?

 

Until the next time

 

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes