Tag Archives: Empowerment

‘Austerity’ . . . This Will Kill it!

Are we now seeing the beginnings of the destruction of the financial and corporate world as we know it? If this month’s Finance and Development report from the IMF, no less, is anything to go by, with its headline “Neoliberalism: Oversold”, the writing is certainly on the wall.

Before I go any further let me just offer a couple of official definitions of Neoliberalism so that we are all singing from the same hymn sheet.

  1. A modern politico-economic theory favouring free trade, privatisation, minimal government intervention in business, reduced public expenditure on social services etc. Collins Dictionary
  2. Neoliberalism is a policy model of social studies and economics that transfers control of economic factors to the private sector from the public sector. Investopedia.com

Over the last 30 years or so it has become very noticeable how there has been a gradual erosion of democracy, countered by an escalation in corporate power and unregulated abuse which caused the financial collapse of 2008 and continues unchanged to this day.

Interspersed with this we have been assaulted by ‘Austerity’ measures across the globe and which, it has become increasingly clear, are a device to sell off public assets at a discount to the private sector.

In addition, there has been an escalation in debt originated money supply that has placed governments in varying positions of obligation to financiers. Because of this ‘obligation’, lenders have not only demanded ‘Austerity’ but also increasingly violated the democratic process by ‘quietly demanding that governments go against, or ignore, the wishes of the people.

Both of these abuses were particularly evident in the case of Greek debt. Here a (newly elected) government referendum against continued ‘Austerity’ measures was not only ignored but harsher terms were inflicted, in what appears to be a punishment and to deter any repeat of such action in other debtor countries in the EU and elsewhere.

We have also seen public outrage and demonstration against the odious TTIP agreement, Fracking and in the UK the gradual destruction/privatisation of the NHS. These actions have been equally rigorously ignored/defended by governments and the non-elected technocrats in Brussels, showing a complete contempt for the people who actually pay their wages and expenses.

All of the above, plus a whole lot more, can be laid fair and square at the feet of the application of Neoliberal doctrines, as time is now showing. What time is also demonstrating is that they don’t work and are simply benefitting the already rich, by increasing their wealth exponentially at the expense of the many.

The bombshell this week is that the IMF experts, in the shape of Jonathan D. Ostry, Prakash Loungani and Davide Furceri, are actually confirming what we already know. I quote from the heading of their report

“Instead of delivering growth,

some neoliberal policies have increased inequality,

in turn jeopardizing durable expansion”

The paper goes on to say:

“Austerity policies not only generate substantial welfare costs due to supply-side channels, they also hurt demand—and thus worsen employment and unemployment.”

These findings suggest a need for a more nuanced view of what the neoliberal agenda is likely to be able to achieve. The IMF, which oversees the international monetary system, has been at the forefront of this reconsideration. ­

OR, to you and me . . . they got it badly wrong!

It explains why the IMF Managing Director, Christine Lagarde, is at loggerheads with German banks over Greek debt. The banks want blood from Greece and the IMF are now recognising this will not work and will jeopardise the standing of themselves and Brussels. It could also be another nail in the coffin of this currently disintegrating project that is the EU.

(Even President Obama is now backing Social Security programmes he was previously against for the American people.)

And if that wasn’t enough, according to Zero Hedge Euro-Area manufacturing is near stagnation, damping confidence in the strength of the regions recovery.

The cracks are beginning to appear in the established and very abusive order of things, if the perpetrators are now publicly admitting there is a problem of their own making. We are talking here of fundamental beliefs that have dictated how governments rule and what place, if any, democracy plays in the process.

Millions of people are homeless and struggling to feed themselves, some so overwhelmed by what they have been made to face that they have committed the tragedy of suicide. That the civilised world has been taken to this place is a lesson for us all.

The values demanded by ‘the people’ are the correct moral values for Society because it is the majority who are expounding them. The minority view can only ever be the view of vested interest, as this paper has identified and the IMF are to be respected for allowing it to be published. If it were Brussels it would have been sat on!

So my friends, where do we go from here? As you know my mantra is “Awareness breeds understanding and understanding breeds change”. There can be no way forward with ‘Austerity’ after this damning report.

Any government who continues to pursue these measures should be ousted from power as totally lacking in credibility and care for the people who have placed their trust in its leadership. And that goes for Brussels as well!

Until the next time

 

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

The Age of Snowden

“WHEN YOU FIRST go on duty at CIA headquarters, you raise your hand and swear an oath — not to government, not to the agency, not to secrecy. You swear an oath to the Constitution. So there’s this friction, this emerging contest between the obligations and values that the government asks you to uphold, and the actual activities that you’re asked to participate in”.

(Extract from a recent article by Edward Snowden – The full article is available here )

It becomes blatantly clear from this insight into the previous world of Edward Snowden what values he operates from and how those values provided the conflict of interest he tussled with before making his world shattering revelations.

His first loyalty, at the behest of his employers, was to the American Constitution. This mighty document was conceived and implemented by the Founding Fathers, to give their new country and its people a set of values to live by. Over the centuries, this document has been amended, in line with the evolution of the country, to ensure its values reflect changes to Society.

You could almost say that the Constitution is ‘America set in stone’. It was obviously seen this way by the security services who employed Snowden, because they demanded his oath of allegiance to those values, not them or the current government.

Therefore, this places Snowden and his work above his employers and his government, to ensure abuse of the Constitution, by the greedy and powerful, can be recognised and dealt with.

If you read the above article you will see that his employers were aware of abuses to the people by the powerful and how the system to deal with such abuses was simply ignored. In the end Snowden had no option than to ‘go public’ with his fears and concerns and the rest is history.

What interests me in all of this is that element of human nature, which is in all of us at varying levels and pushed him finally to do what he did, knowing full well the consequences of his actions included possible lifetime incarceration or death.

Deep within all of us is a sense of right and wrong. It can’t be defined and is not set out in any statutes. Whilst religious teachings give guidelines, our sense of right and wrong can vary from one person to the next and is often the source of conflict, particularly where politics is involved.

Whatever these differences there is one common denominator that triggers this human reaction and that is dishonesty that leads to distrust.

Unjust behaviour can manifest in discrimination, political deviance or corporate abuse. In Snowden’s case it was the unjust nature of the use of surveillance upon the public at large, accepted as normal by his employers, in spite of violating the Constitution they had all sworn allegiance to.

As a species we can only function at our best if our perception of the truth is not violated. That perception may come from false information and propaganda that supports vested interest but until that vested interest is made public we are happy to go along with what we are told.

However, when that trust is violated, as was the case with what Snowden revealed, the credibility of those in charge is destroyed. There is no doubt that, with our newfound technology, we have entered a new age where our perception of the truth is changing dramatically, as secrets of centuries are now coming to light and reshaping Society . . . A Snowden Age.

As our traditional institutions become less credible and are seen for the manipulative bodies they have always been, so our scepticism evolves new services to meet the demand for truth. We are all aware of WikiLeaks, Chelsea Manning and many others who have been motivated by right over wrong and how the establishment has reacted with outrage and suppression, not only to subdue the perpetrators but also to try and frighten off further acts of this nature.

Sadly, our leaders have not recognised what they are dealing with, because they are bereft of it themselves. We are talking here about integrity, which has vanished from the face of global leadership and which many would laugh at, unable to see how critical it is to how we live our lives.

Honesty is the only means by which to build anything lasting, be it government, commerce or personal friendships. Trust is implicit in all of these human interactions and when it is ignored or flouted there is a breaking down of the status quo.

I believe we are now seeing a breaking down of our global institutions from the disclosures of whistleblowers like Snowden, as we become more aware of how they operate. They cannot survive with such distrust, although they are blindly trying to bluff their way through their constant abuses by secrecy, manipulation of the media and anything else that might support their cause.

Nowhere is this now more evident than in the UK with the forthcoming Referendum and is responsible for new services springing up designed to get at the truth:

Full Fact  whose purpose they state as Factchecking isn’t just about writing articles. It’s also about correcting misinformation, and stopping it from spreading in public debate.

The BBC has also jumped on the bandwagon with its new service, ‘Reality Check

Their need becomes obvious today, if this – one of many – recent whistleblower reports, is anything to go by.

(David Cameron’s former director of strategy recently accused the Treasury of “making up numbers” for its dossier alleging economic disaster if Britain leaves the EU. Steve Hilton said they were “phoney figures” and were cooked up with the Treasury in the same way as the Tories’ famous 1992 campaign that claimed a Labour Tax Bombshell would cost every family £1,250 more.)

That democracy has come to such a low ebb is a sure sign of the growing decadence of Society, something repeated throughout history.

As a further sign of how lost meaningful values have now become The New York Times reported that:

‘Nobel Peace Prize Winning President Obama Has Been At War Longer Than Any Other American President’, (approving $200 Billion in Arms Deals Since 2009 when he received the prize).

When that prestigious prize is taken away from Obama and given to Edward Snowden I think we will be headed towards a meaningful world where integrity is at long last being valued.

And let’s be honest my friends, it is the only means by which we can deal with the challenges we now face for our very survival.

Until the next time

 

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