Revision [70914]

This is an old revision of Introduction made by nick on 2015-07-02 20:25:27.

 

Introduction

What Recent Events have Shown Us...


The total failure of the main institutions of state to run the country for the good of its citizens:

  1. Freedom & Rights: The recent attacks on basic personal freedoms and liberty - as most tragically illustrated in the Paris Charlie Hebdo massacre - have illustrated how governments have completely failed to protect the basic rights of the individual both in the UK and around the world. Intolerant ideologies that are diametrically opposed to the liberal values that are the foundation of a free democratic world have been allowed free reign to intimidate and frighten governments and individuals into reigning back our fundamental rights to talk openly and offend.
  1. Bailouts: Financial institutions lending to countries, businesses and individuals went out of control because lenders and borrowers alike always knew that government and central banks would bail them out if they got into trouble. This removed ‘moral hazard’ that underpins the successful running of the capitalist system. The effect was to load huge amounts of debt onto taxpayers who will paying the bills off for generations to come, and brought the whole liberal capitalist project into disrepute.
  1. Government Economic Management: The UK Government encouraged financial misconduct and failed to predict the crisis. They almost bankrupted our state through bank bailouts and ‘pump priming’ the economy and borrowing even during the good times. (ie. 2001 to 2008). All mainstream parties agreed with the central policy planks before and after the financial crisis, and their main objective is to return the state to the way it was before – but with a massive debt burden for future generations.
  1. Bank of England: total failure to predict financial crisis, failure to pre-empt with appropriate warnings or rate setting, failure to meet inflation target, and complete failure of the inflation target strategy as a whole as a means of stopping ‘boom and bust’. The Governor of the BofE (Mervyn King) totally washed his hands of responsibility for anything, which makes you wonder why he was there at all(?)
  1. Financial Services Authority (FSA): All of the above! Failed in its one primary task of regulating the financial sector
  1. Banks: Total failure to recognise their responsibilities to the community at large and its citizens. Stopped being a service sector and bullied timid government and authorities into believing that they had to underwrite the banks rain or shine.
  1. The forces of anti-globalisation & anti-capitalism are gathering: the renaissance of the radical left and right as illustrated by Vladimir Putin’s Russia, Marine Le Pen’s Front National in France, and Syrzia in Greece.
  1. Press: Total failure to regulate itself, and a total disregard for what a free press’s fundamental responsibilities are.
  1. Legal Profession: Failure to prosecute wrongdoing in the financial sector, and an obsession with secrecy (ref. Super-injunctions).
  1. Police: A worrying trend to politicising their actions, and an inability to regulate themselves.
  1. The Ruling Class: They don’t exist! The establishment pretend they know what’s best for everyone – and strut and posture as if they are more knowledgeable and naturally superior than the majority – but the truth is that it’s the ‘emperors new clothes’! They do NOT know better than the rest of us, cannot run, control or ‘fix’ the economy, and should stop believing that they have the right to tell the citizens of Britain what to do. Economists are especially guilty of pretending that their discipline is a ‘natural science’ and they have new formulas and paradigms that can predict the future - they can’t and they haven’t! The combination of politicians (who are looking to find an economic theory that fits nicely with their ideological stance) and economists together is the most dangerous (ref. “No more Boom & Bust…”)
Valid XHTML :: Valid CSS: :: Powered by WikkaWiki