Posts Tagged ‘austerity’

One you doesn’t need to be a Professor to realise that we’re in deep sh*t. But if you ever needed it explained just “How Deep”,  Prof. Steve Keen is the guy to do it. Empirical data trumps theories built on sand any day, however, the economies of the western world are based on a failed neoclassical model, and the ideology of austerity is a busted flush!

 

Prof. Steve Keen – Published on Sep 23, 2016

Some papers that are remarkably critical of mainstream economics have been published recently, not by the usual suspects like myself, but by prominent mainstream economists:
ex-Minneapolis Fed Chairman Narayana Kocherlokata,
ex-IMF Chief Economist Olivier Blanchard, and
current World Bank Chief Economist Paul Romer.

I discuss these papers in a tongue-in-cheek introduction to another key problems of unrealism in economics — the absence of any role for energy in both Post Keynesian and Neoclassical production functions.

I also address Olivier Blanchard’s desire for a “widely accepted analytical macroeconomic core”, explain the role of credit in aggregate demand and income, and identify the countries most likely to face a credit crunch in the near future.

I gave this talk to staff and students of the EPOG program at the University of Paris 13 on Friday September 23rd.

5 years ago spoke at Occupy Sydney. The day before terrorists attacked the Occupy Protestors.


The Modern Debt Jubilee

Bill Buckler, author of The Privateer http://www.zerohedge.com/news/modern-debt-jubilee 

The modern “debt jubilee” is characterised as “quantitative easing for the public”.

It has been boiled down to a procedure where the central bank does not create new money by buying the sovereign debt of the government.

Instead, it takes an arbitrary number, writes a cheque for that number, and deposits it in the bank account of every individual in the nation.
Debtors must use the newly-created money to pay down or pay off debt.
Those who are not in debt can use it as a free windfall to spend or “invest” as they see fit.
This, it is said, is the only way left to restart economic “growth” and finally get the spectre of unending financial crisis out of the headlines.
It is the latest of a long string of “print to cover” remedies.

The major selling feature of this “method” is that it provides the only sure means out of what is called the global “deleveraging trap”.
This is the trap which is said to have ensnared Japan more than two decades ago and which has now snapped shut on the whole world.

And what is a “deleveraging trap”?
It is simply the obligation assumed when one becomes a debtor.
This is the necessity to repay the debt.

There are only three ways in which a debt can be honestly repaid.

  • It can be repaid with new wealth which the proceeds of the debt made it possible to create.
  • It can be repaid by an excess of production over consumption on the part of the debtor.
  • Or it can be repaid from already existing savings.

If none of those methods are feasible, the debt cannot be repaid.
It can be defaulted upon or the means of “payment” can be created out of thin air, but that does not “solve” the problem, it merely makes it worse.

The “deleveraging trap”, so called, is merely a rebellion against the fact that you can’t have your cake and eat it too. So is the genesis of the entire GFC.

Debt can always be extinguished by means of an arbitrarily created means of payment. But calling that process QE or a Debt Jubilee doesn’t (or shouldn’t) mask its essence, which is simple and straightforward debt repudiation.

(A “debt jubilee” is the latest attempt to make a silk purse out of a sow’s ear. It is the latest pretence that we CAN print our way to prosperity, but only if we do it in the “right” way.)


Glossary of economic terms: http://www.zerohedge.com/taxonomy_vtn/voc/3


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DWP forced to reveal firms using benefit claimants for unpaid work after 4-year legal fight

Here’s the (very long) list of companies that took advantage of taxpayer-funded workers courtesy of the DWP.

Feel free to use the information in whatever way you see fit.

1. African Childrens Fund

2. Abacus Children’s Wear

3. ABCAL

4. Ability

5. Ace of Clubs Charity Shop

6. Acorns

7. Action for Disability

8. Action Housing

9. Active Community Team

10. Advocacy Support

11. Afro Caribbean Centre

12. Age Concern

13. Age UK

14. Agnew Community Centre

15. Air Ambulance

16. Aire Valley Recycling Ltd

17. Airedale Computers,

18. Al-Khair Foundation

19. All Aboard

20. Allied Healthcare

21. Almadene Care Home

22. AMF Torquay Bowling Alley

23. Amicus Horizon Housing Association

24. Animal Krackers

25. ARAS German Shepherd Inn

26. ARC

27. Archer Project

28. Arthritis Research UK

29. Arthur Rank

30. Arts Factory

31. ASAN

32. Asda

33. Asha Charity Shop

34. Ashgate Hospice

35. Aspire Community Enterprise Ltd

36. Auchinleck Talbot F.C.

37. Autism Plus

38. Aylestone Park Boys Football Club

39. Babygear

40. Back2Earth

41. Bangladesh People

42. Bangladeshi ass sangag centre

43. Barnardos

44. Basic Life Charity

45. B’Dwe

46. Beaumaris Hostel

47. Bedfordshire Education Academy

48. Belgrave Hall Museum

49. Bernicia Group (Social housing provider)

50. BHF

51. Blaby & Whetstone Boys Club

52. Blue Cross

53. Bluebell Wood

54. Bookers

55. Boots

56. Botanical Gardens

57. Bottle Rescue Aireworth Mill

58. BR Environmental

59. Bradford Autism Centre

60. Bradford Community repaint

61. Breaking Free

62. Brian Jackson House

63. Briardale Community Centre

64. Bright House

65. Brighton and hove wood recycling

66. Britannia College

67. British Heart Foundation

68. British Red Cross

69. British Waterways

70. Brockhurst Community Centre

71. Bryncynon Strategy

72. Bryncynon Strategy

73. Butterwick Hospice

74. Cancer Research

75. Cancer Uk

76. Capability Scotland

77. Care & Repair

78. Carers Centre

79. Caribbean Centre

80. Caribbean Restaurant (Streatham)

81. Carlisle Park

82. Carr Vale Allotments

83. Cash Convertors

84. Castle Gresley Community Centre

85. Cat Haven

86. Cats Protection League

87. Cauwood day services

88. CCA Furniture Outlet

89. Cerebal Palsey Care

90. Changing Lives in Clevedon

91. chapletown youth community centre

92. Chesterfield FC Community Trust

93. Chestnut Tree House Shop

94. Children in Distress

95. Children Scrapstore Reuse Centre

96. Children Trust

97. Childrens Society

98. Chopsticks North Yorkshire

99. Circulate

100. Citizen Advice Bureau

101. Claire House

102. Clic Sargent

103. Comfort Kids

104. Community Association – Trefechan

105. Community Re-Paint

106. Community Resource Centre

107. Community Voice

108. Complete Professional Care

109. Compton Hospice

110. Congburn Nurseries

111. Cooke Computers

112. Cooke E – Learning Foundation

113. Co-op

114. Corby Boating Lake

115. Cornerstone

116. Cornwall Hospice Care

117. County Durham Furniture Help Scheme

118. Croydon animal samaritans

119. CSV Media

120. Cusworth Hall

121. CVS Furniture

122. Dan’s Den Colwyn Bay

123. Dapp UK

124. DC Cleaning

125. Deans

126. Debra

127. Demzela

128. Derbyshire Timber Scheme

129. DHL

130. Dial Intake

131. Didcot Railyway Museum

132. Disabled Childrens Services

133. Discovery Community Cafe

134. Dogs Trust Glasgow

135. Dogsthorpe Recycling Centre

136. Doncaster College

137. Doncaster Community Centre

138. Dorothy House Hospice

139. Dorset Reclaim

140. Dovehouse Hospice Shop

141. Dragon Bands

142. Durham Wildlife Trust

143. E Waste Solutions

144. Earl Mountbatten Hospice

145. East Anglia Childrens Hospice Shop

146. East Cleveland Wildlife Trust

147. East Durham Partnership

148. East Midlands Islamic Relief Project

149. East West Community Project

150. Ecclesbourne Valley Railway

151. eco Innovation Centre

152. Elleanor Lion Hospice

153. ELVON

154. Encephalitis society

155. English Landscapes

156. Enhanced Care Training

157. Enterprise UK

158. Environmental Resource Centre

159. Essex County Council

160. Extra care Charitable Trust

161. Fable

162. Family Support

163. Fara

164. Fare share Malmo Food Park

165. Featherstone Rovers

166. Fenland District Council

167. First Fruits

168. FN! Eastbourne

169. Foal Farm

170. Food Cycle

171. Fops Shop

172. forget me not childrens hospice

173. Foundation for Paediatric Osteopathy

174. Fountain Abbey

175. Fox Rush Farm

176. FRADE

177. Frame

178. FRESCH

179. Fresh water christian charity

180. Friends of St Nicholas Fields

181. Furnish

182. Furniture for You

183. Furniture Project

184. FurnitureLink

185. Gateway funiture

186. Genesis Trust

187. George Thomas Hospice – Barry

188. Geranium Shop For The Blind

189. Glasgow Furniture Initative

190. Glen Street Play Provision

191. Goodwin Development Trust

192. Govanhill Baths Community Trust

193. Greenacres Animal Rescue Shop

194. Greenfingers

195. Greenscape

196. Greenstreams Huddersfield/ environmental alliance

197. Grimsby District Health care charity

198. Ground Work

199. Hadston House

200. Happy Staffie

201. Harlington Hospice

202. Hart Wildlife Rescue

203. Hartlepool Council

204. Hartlepool Hospice

205. Hartlepool Prop (Mental Health)

206. Hartlepool Trust Opening Doors

207. Hastings & Bexhill Wood Recycling Project

208. Havens Childrens Hospice Shop

209. Havering Country Park

210. headway

211. Healthy Living Centre

212. Hebburn Community Centre

213. Help the Aged

214. Helping Hands

215. High Beech Care Home

216. High Wycombe Central Aid

217. Hillam Nurseries

218. Hinsley Hall Headingley

219. Hobbit Hotel

220. Holmescarr Community Centre

221. Home Start

222. Homemakers

223. Hope central

224. Hospice of hope

225. Hounslow Community Transport Furniture Project

226. Hull Animal Welfare Trust Hull

227. Humanity at Heart

228. I Trust

229. Indoamerican Refugee and Migrant Organisation (IRMO)

230. Intraining Employers

231. Ipswich Furniture Project

232. Iranian Association

233. Islamic Relief

234. Jacabs Well Care Center

235. Jesus Army Centre

236. JHP

237. Julian House Charity Shop

238. K.T. Performing Arts

239. Kagyu Samye Dzong London

240. Keech Hospice Care Shop

241. Keighley & District Disabled

242. Kier Services – Corby

243. Kilbryde Hospice

244. Killie Can Cycle

245. Kingston Community Furniture Project

246. Kiveton Park & Wales Community Development Trust

247. LAMH

248. Leeds & Moortown Furniture Store

249. Leicester City Council

250. Leicester Riders

251. Leicester Shopmobility

252. Leicestershire Aids Support Services

253. Leicestershire Cares

254. Lifework

255. Lighthouse

256. Linacre Reservoir

257. London Borough of Havering

258. London College of Engineering & Management Woolwich

259. Longley Organised Community Association

260. Lyme Trust

261. Lynemouth Resource Centre

262. Mackworth Comm. Charity Shop

263. Making a Difference

264. Marie Curie

265. Mark2 (marc)

266. Martin House Hospice

267. Mary Stevens Hospice

268. Matalan

269. Matchbox

270. Matthew25 Mission

271. Mayflower Sanctuary

272. MDJ Lightbrothers

273. Meadow Well Connected

274. MEC

275. Mental Health Support

276. Midland Railway Trust

277. MIND

278. Miners Welfare community centre

279. Mistley Place Park

280. Monmouthshire & Brecon Canal Regeneration Partnership Scheme

281. Moore Cleaning

282. Morrisons

283. Muslim Aid

284. Myton Hospice

285. Nandos

286. Naomi Hospice

287. National Railway Museum

288. National Trust

289. NDDT

290. Neath Port Talbot County Borough Council

291. Necessary Furniture

292. Neighbourhood funiture

293. Neterlands Dog Rescue

294. New Life Church

295. Newham Volenteers Group

296. Newport City Council

297. Nightingale House

298. NOAH enterprise

299. North East Lincs Motor Project

300. North London Hospice Shop

301. North Ormesby Community Shop

302. Northumberland County Council

303. Norwood

304. Old Nick Theatre

305. One 0 One

306. Open Secret

307. Overgate Hospice

308. Oxfam

309. Papworth Trust

310. Partner Shop

311. Paul Sartori Warehouse

312. Paws Animal Welfare Shop

313. PDSA

314. Pegswood Community Centre

315. Pennywell Community Association

316. Peterborough Streets

317. Pheonix Community Furniture

318. Pilgrim Hospice

319. Placement Furniture Project

320. Platform 51 Doncaster Womens Centre

321. Playworks

322. Plymouth Food Bank

323. Plymouth Play Association

324. Plymouth Volunteer Centre

325. Pound stretcher

326. POW Shop

327. Powys Animal Welfare Shop

328. PPE Paving

329. Preen Community Interest Company

330. Primrose

331. PRINCE & PRINCESS OF WALES

332. Prince of Wales Sherburn in elmet

333. Princess Trust

334. Queen Elizabeth Foundation

335. Queens Walk Community

336. Queensland Multi-Media Arts Centre

337. Rainbow Centre

338. Rainbows End Burngreave

339. Real Time Music

340. Recycling unlimited

341. Red Cross

342. Refurnish

343. Regenerate Community Enterprise

344. Remploy

345. Restore

346. Rhyl Adventure Playground Association

347. Right Time Foundation

348. RNID

349. Rochford Council

350. Rosalie Ryrie Foundation

351. Rosliston Foresty

352. Royal Society for Blind.

353. Royal Wotton Bassett Town Council

354. RSPB

355. RSPCA

356. Rudenotto

357. Rudyard Lake

358. S & S Services

359. Saffcare

360. Sainsburys

361. Salvation Army

362. Santosh Community Centre

363. Sara

364. Save the children

365. Savera Resource Centre

366. Scallywags

367. Scarborough Council

368. SCD Fabrications

369. School of English Studies

370. Scope

371. Scottish Cancer Support

372. Scottish International Relief

373. Scunthorpe Central Community Centre

374. Seagull Recycling

375. Seahouses Development Trust

376. Second Chance

377. Second Opportunities

378. Sedgemoor Furniture Store

379. Sense

380. Sesku Acadamy Centre

381. Shaw Trust

382. Sheffield Reclamation Ltd – Reclaim

383. Shelter

384. Shooting Stars

385. Shopmobility & Community Transport – Access

386. Slough Furniture Project

387. Smythe

388. Sneyd Green

389. Somali Community Parents Association

390. Somerfields

391. Somerset Wood Re-Cycling

392. South Ayrshire Council

393. South Bucks Hospice Warehouse

394. South Wales Boarders Museum

395. Southend United Football Club

396. Spaghetti House

397. Spitafields Crypt Trust

398. Splash fit

399. St Barnabas

400. St Catherines Hospice Trading

401. St Chads Community Centre

402. St Clare’s Hospice

403. St Davids Foundation

404. St Elizabeth Hospice Charity Shop

405. St Francis Hospice Shops Ltd

406. St Gemma’s Hospice

407. St Georges Crypt

408. St Giles

409. St Helens House

410. St Hughs Community Centre

411. St Lukes Hospice

412. St Margarets Hospice Scotland

413. St Oswald’s Hospice

414. St Peters Church

415. St Peters Hospice

416. St Raphaels hospice

417. St Vincents

418. St. Catherines Hospice

419. St.Theresa’s Charity Shop

420. Stages Café

421. Stannah Stair Lifts

422. Stef’s Farm (Education Farm)

423. Step Forward

424. Stocking Farm Healthy Living Centre ( Sure Start)

425. Stockton Council

426. Stone Pillow

427. STROKECARE

428. Strood Community Project

429. Strut Lincoln

430. Sudbury Town Council

431. Sue Ryder

432. Sunderland Community Furniture

433. Sunderland North Community Business Centre

434. Superdrug

435. Swindon 105.5

436. Sycamore Lodge

437. sydney bridge furniture shop

438. Sypha

439. T&M Kiddy’s Kingdom

440. Tara Handicrafts

441. Teamwork

442. Teesside Hospice

443. Tendring Furniture Scheme

444. Tendring Reuse & Employment Enterprise

445. Tenovus

446. Tesco

447. Thames Hospicecare

448. Thames Valley Hospice

449. Thanet District Council

450. The Ark Shop

451. The Art Organisation

452. The Charity Shop

453. The Childrens Society

454. The Childrens trust

455. The Crossing

456. The Good Neighbour Project

457. The Greenhouse

458. The Harrow Club

459. The Hinge Centre Ltd

460. The Isabella Community Centre

461. The Island Partnership

462. The Kiln Cafe

463. The learning community

464. The Linskill Centre

465. The Listening Company

466. The Octagon Centre Hull

467. The Old Manor House Riding Stables

468. The Princess Alice Hospice

469. The Range

470. The Reuse Centre

471. The Rising Sun Art Centre

472. The Rock Foundation Ice House

473. The Shores Centre

474. The Spurriergate Centre

475. The Undercliffe cemetary charity

476. The Vine Project

477. The Welcoming Project

478. The Woodworks (Genesis Trust)

479. Think 3E,

480. Thirsk Clock

481. Thurrock Council

482. Thurrock Reuse Partnership (TRUP)

483. TLC

484. TooGoodtoWaste

485. Top Draw

486. Traid

487. Trinity Furniture Store

488. Troed Y Rhiw Day Project

489. True Volunteer Foundation

490. Tukes

491. Twice as Nice Furniture Project

492. Twirls and Curls

493. Ty Hafan

494. Tylorstown Communities First

495. United Churches Healing Ministry

496. United Play Day Centre

497. Unity in the Community

498. UNMAH

499. Untapped Resource

500. Urban Recycling

501. Vale of Aylesbury Vineyard Church Project

502. Vista Blind

503. Walpole Water Gardens

504. Walsall Hospice

505. Wandsworth Oasis trading Company Limited

506. Wat Tyler Centre

507. WEC

508. Weldmar

509. Well Cafe

510. Wellgate Community Farm

511. Wellingborough District Hindu Centre

512. Western Mill Cemetary

513. WH Smith

514. Wheelbase

515. Whitby Council

516. Wildlife Trust

517. Wilkinsons

518. Willen Care Furniture Shop

519. Willington Community Resource Centre

520. Windhill Furniture Store Shipley

521. Woking Community Furniture Project

522. Womens Aid

523. Womens Centre

524. Woodlands Camp

525. Worsbrough Mill & County Park

526. Xgames

527. YMCA

528. York Archaeological Trust

529. York Bike Rescue

530. York Carers centre

531. Yorkshire Trust

532. Yozz Yard

533. Zest

534. Zues Gym

 

The Tory government has been forced to reveal a vast list of firms that hoovered up free labour from benefit claimants after spending four years trying to keep it a secret.

Poundstretcher, Tesco, Asda and Morrisons are among more than 500 companies, charities and councils named as having used Mandatory Work Activity.

Others on the list from 2011 included payday loans firm Cash Converters, chicken diner Nando’s, WH Smith, Superdrug and DHL.

More than 100,000 jobseekers were put on the hated ‘workfare’ scheme, which forced them to work 30-hour weeks unpaid for a month each or have their benefits docked.

Yet the Department for Work and Pensions (DWP) mounted an astonishing and costly legal battle to keep the firms’ names a secret.

Officials claimed revealing those involved would hurt their “commercial interests” because protesters would boycott them.

The DWP stood its ground for nearly four years despite being overruled by the Information Commissioner (ICO) watchdog in August 2012.

The saga finally ended at the Court of Appeal on Wednesday – where a trio of top judges threw out the DWP’s argument by a 2-1 vote.

Campaigners and Labour condemned the vast cost of the cover-up – in which taxpayers had to fund lawyers for both the DWP and ICO.

 

 

 

Only Greece (out of developed nations) has seen a wage collapse as dramatic as the UK

While most of the rest of Europe have experienced some wage growth since 2007, including crisis devastated economies like Spain (+2.8%) Ireland (+1.6%) and Italy (+0.9%), UK workers have seen a catastrophic decline in earning power only matched by workers in the economic catastrophe zone that is Greece (-10.4%).

Ordinary British workers have seen the deliberate decimation of their wages since the Lib-Dems enabled the Tories back into power in 2010. Meanwhile the super wealthy minority have literally doubled their wealth since the economic crisis. 

Aside from overseeing the longest sustained decline in wages in economic history, a reduction in earning power only matched by the crisis stricken Greek economy, a huge upwards redistribution of wealth, and the slowest economic recovery on record, the Tories have also been savagely attacking working rights too.

Just look at the furious way the French have reacted to attacks on their employment rights with continued riots (mostly unreported by UK MSM), and consider that they’ve enjoyed a 10% increase in their earning power since the pre-crisis period.

In Britain we’ve had a 10.4% decrease in our earning power and most people have sat back compliantly as the Tories have repeatedly snatched our employment rights away.

What will it take for the Sheeple of the UK to wake up from their torpor?

 


Credit to the TUC report below: http://touchstoneblog.org.uk/2016/07/uk-real-wages-decline-10-severe-oecd-equal-greece/

UK real wages decline of over 10% is the most severe in the OECD (equal to Greece)

27 Jul 2016, by  in Economics

The decline in UK real wages since the pre-crisis peak is the most severe in the OECD, equal only to Greece. Both countries saw declines of 10.4% per cent between 2007 Q4 and 2015Q4. Apart from Portugal, all other OECD countries saw real wage increases, albeit mostly modest ones.

oecd_w_jul16

(NB strictly the Greek decline is 10.41% and the UK 10.37%, but no way are the figures accurate beyond one decimal place.)

These results are derived from figures in the 2016 edition of the OECD’s Employment Outlook (released a couple of weeks ago, but it has taken me some time to get hold of the figures – see endnote for details of calculation). Even though most countries have seen real wages rise, growth rates are generally disappointing – under normal condition you might expect around 2% a year, and so 16% over eight years.

At the time their UK release contrasted a strong employment performance with weak earnings growth. The employment rate is at a record level, some 5 percentage points above the OECD average. On the other hand real wages “fell by more than 10% after 2007”. See the left and rightmost charts below:

oecd_report_jul16

The comparison of figures for individual countries therefore gives a fuller context for the wage decline shown on the OECD chart. To be balanced, the same should be done for employment – the OECD also provides figures for the ‘employment gap’ – defined at the top of the next chart:

oecd_e_jul16

(The figures are extracted from chart 1.2 in the Employment Outlook.)

The government’s argument is that flexibility on wages has permitted the employment gains. Whatever your view of the theory, the data show this is not obviously the case. In spite of the largest falls in wages, the UK ranks sixteenth (of 42) in terms of job gains (though the employment chart includes some non-OECD countries that have performed well). Any flexibility in Greece was completely pointless. Moreover the countries with the highest gains in real wages were also among those with the highest employment gains.

Plainly the relationship between wages and employment is not as straightforward as notions of flexibility might suggest. The following chart compares outcomes on employment with those on wages (the underlying data by country is in the annex).

The UK is very much an outlier – the only country where a good jobs performance is associated with a bad (terrible) real wages performance.

Employment v earnings, change over 2007Q4 to 2015Q4

oecd_scatter_jul16

Thankfully the UK is not Greece or Portugal in the bottom left quadrant. Taking the low wage road may have helped to keep jobs afloat in the UK; in contrast, in the majority of countries (in this sample) the employment gap was still negative but wages rose (bottom right quadrant). It is possible to think that economies/policymakers face a choice between these two options.  But this would be wrong – other countries have managed to have it both ways (top right quadrant).

These are mainly central European countries: Austria, Czech Republic, Estonia, Germany, Hungary, Lithuania, Poland, Slovakia and Switzerland along with Japan and Israel. All these countries have benefited from strong aggregate demand in recent years, in particular through exports and/or government spending.

Plainly this is not a decisive measure of performance, if such a thing exists. My sense is that outcomes in the post-crisis period should be assessed alongside a comparison of performance relative to the pre-crisis period (see for example my examination of the effect of spending cuts cross the OECD – here). On this basis of the countries above, those ‘A8’ countries (that joined the EU from 2004) may have performed strongly over the post-crisis period, but have seen a significant reduction since the pre-crisis days.

Nonetheless the above results offer a valuable perspective on labour market outcomes overall.

We knew already that the UK had endured the longest and steepest decline in real wages since at least 1830. We now know that this decline is matched by no other country apart from Greece. Gains in employment are not adequate compensation.

Endnote: the total wage decline is derived from Figure 1.6, by compounding the separate growth rates for 07Q4-09Q1, 09Q1-12Q4 and 12Q4-15Q4. Note that the OECD derive real wages from national accounts information, dividing total wages by hours worked and putting into real terms with the household consumption deflator. These can differ from those based on average weekly earnings and CPI inflation that tend to be used in the UK.

ANNEX: change over 2007Q4 to 2015Q4

oecd_tabler_jul16

The TORY impoverishment of Student Nurses.

Yesterday was the last day of parliament in a week where the HoC voted with a clear majority to commit to £205BILLION in spending on a Trident weapons of mass annihilation nuclear weapons system, and the new PM used the day, like the coward she is, to announce that bursaries for the education of new student nurses will be cut from 2017. Meaning nurses will face £50,000+ debt for a degree qualification on top of which they already work a 35hr week on top to achieve. Money for Nuclear Bombs / Massive personal DEBT for student nurses!

Tory Bastards, absolute bastards!

This was just one of many “bad news” stories hidden yesterday – The Guardian article:                                          Bursaries for student nurses will end in 2017, government confirms Anger as Department of Health says replacing bursaries with loans will free up £800m a year to create extra nursing roles theguardian.com      

 

This was just one of many “bad news” stories hidden yesterday.

Britain’s new prime minister is seen as a ‘safe pair of hands’, and many of us are yearning for that at a time of massive political turmoil. But, argues Owen Jones, we should still think about what kind of politician she is. From opposing the convention of human rights, to telling illegal immigrants to ‘go home’, there are things we should know about our new prime minister… https://www.facebook.com/theguardian/videos/10154358383056323/

 

Mark McGowan, The Artist Taxi Driver: “Not only does Theresa May want student nurses to work unpaid for 37.5hrs a week they also want to charge them £10,000’s just to be able to work!”

 

May is such an appalling threat to any sort of freedom (except that of fraudsters to evade detection)

This Theresa May government will get away with murder… just like the previous Tory administration did with IDS.

This all happened under David Cameron’s watch.

George Duncan Smith: “I’m improving peoples lives, I’m getting them off benefits and I’m proud of my achievements.”

Below are some of his ‘achievements’;

Larry Newman suffered from a degenerative lung condition, his weight dropping from 10 to 7 stone. Atos awarded him zero points, he died just three months after submitting his appeal.

Paul Turner, 52 years old. After suffering a heart attack, he was ordered to find a job in February. In April Paul died from ischaemic heart disease.

Christopher Charles Harkness, 39. After finding out that the funding for his care home was being withdrawn, this man who suffered with mental health issues, took his own life.

Sandra Louise Moon, 57. Suffering from a degenerative back condition, depression and increasingly worried about losing her incapacity benefit. Sandra committed suicide by taking an overdose.

Lee Robinson, 39 years old. Took his own life after his housing benefit and council tax were taken away from him.

David Coupe, 57. A Cancer sufferer found fit for work by Atos in 2012. David lost his sight, then his hearing, then his mobility, and then his life.

Michael McNicholas, 34. Severely depressed and a recovering alcoholic. Michael committed suicide after being called in for a Work Capability Assessment by Atos.

Victor Cuff, 59 and suffering from severe depression. Victor hanged himself after the DWP stopped his benefits.

Charles Barden, 74. Charles committed suicide by hanging due to fears that the Bedroom Tax would leave him destitute and unable to cope.

Ian Caress, 43. Suffered multiple health issues and deteriorating eyesight. Ian was found fit for work by Atos, he died ten months later having lost so much weight that his family said that he resembled a concentration camp victim.

Iain Hodge, 30. Suffered from the life threatening illness, Hughes Syndrome. Found fit for work by Atos and benefits stopped, Iain took his own life.

Wayne Grew, 37. Severely depressed due to government cuts and the fear of losing his job, Wayne committed suicide by hanging.

Kevin Bennett, 40. Kevin a sufferer of schizophrenia and mental illness became so depressed after his JSA was stopped that he became a virtual recluse. Kevin was found dead in his flat several months later.

David Elwyn Hughs Harries, 48. A disabled man who could no longer cope after his parents died, could find no help from the government via benefits. David took an overdose as a way out of his solitude.

Denis Jones, 58. A disabled man crushed by the pressures of government cuts, in particular the Bedroom Tax, and unable to survive by himself. Denis was found dead in his flat.

Shaun Pilkington, 58. Unable to cope any more, Shaun shot himself dead after receiving a letter from the DWP informing him that his ESA was being stopped.

Paul ?, 51. Died in a freezing cold flat after his ESA was stopped. Paul appealed the decision and won on the day that he lost his battle to live.

Chris MaGuire, 61. Deeply depressed and incapable of work, Chris was summonsed by Atos for a Work Capability Assessment and deemed fit for work. On appeal, a judge overturned the Atos decision and ordered them to leave him alone for at least a year, which they did not do. In desperation, Chris took his own life, unable to cope anymore.

Peter Duut, a Dutch national with terminal cancer living in the UK for many years found that he was not entitled to benefits unless he was active in the labour market. Peter died leaving his wife destitute, and unable to pay for his funeral.

Julian Little, 47. Wheelchair bound and suffering from kidney failure, Julian faced the harsh restrictions of the Bedroom Tax and the loss of his essential dialysis room. He died shortly after being ordered to downgrade.

Miss DE, Early 50’s. Suffering from mental illness, this lady committed suicide less than a month after an Atos assessor gave her zero points and declared her fit for work.

Robert Barlow, 47. Suffering from a brain tumour, a heart defect and awaiting a transplant, Robert was deemed fit for work by Atos and his benefits were withdrawn. He died penniless less than two years later.

Carl Joseph Foster-Brown, 58. As a direct consequence of the wholly unjustifiable actions of the Job centre and DWP, this man took his own life.

Martin Hadfield, 20 years old. Disillusioned with the lack of jobs available in this country but too proud to claim benefits. Utterly demoralised, Martin took his own life by hanging himself.

David Clapson, 59 years old. A diabetic ex-soldier deprived of the means to survive by the DWP and the governments harsh welfare reforms, David died all but penniless, starving and alone, his electricity run out.

Jan, a lady of unknown age suffering from Fibromyalgia, driven to the point of mental and physical breakdown by this governments welfare reforms. Jan was found dead in her home after battling the DWP for ESA and DLA.

Trevor Drakard, 50 years old, a shy and reserved, severe epileptic who suffered regular and terrifying fits almost his entire life, hounded to suicide by the DWP who threatened to stop his life-line benefits.”

Stephen Lynam, 53 suffered from anxiety, depression, high blood pressure, a heart condition and musculo-skeletal problems. Found ‘fit for work’ after a WCA. After 22 weeks his mandatory reconsideration was turned down. Facing eviction, not eating properly and getting even more depressed he died shortly after finding out he was allowed to appeal the departments decision.

Malcolm Burge, 66, was left in despair after finding himself more than £800 in debt because of a cut in his housing benefit, drove himself to the Cheddar Gorge in Somerset where he took his own life by setting himself alight in his Skoda Octavia.

Benjamin Del McDonald, 34 took his own life after his benefits were stopped and he was threatened with eviction from his home.

Mark Harper has insisted the Government is right to ignore these achievements.

David Cameron is “proud” of George Duncan Smith’s achievements!

He failed his own fiscal targets and leaves a bitterly divided country in crisis, with the union at risk of splitting, after gambling our future on the EU referendum

https://www.theguardian.com/commentisfree/2016/jul/12/david-cameron-premiership-tragedy-pay-eu-referendum

The most disastrous premiership since Neville Chamberlain has drawn to a brutally abrupt end. David Cameron is a failure on his own terms, as well as the terms of his opponents. The historical revisionists will one day come and – for the sake of contrarianism – try to salvage Cameron from a wreckage of his own making. Don’t bother.

As he gathers his belongings from No 10, I wonder if he has the occasional flashback to the conference speech in 2005 that secured him victory over the Tory leadership frontrunner, David Davis. It was soaring rhetoric infused with optimism: “And let’s resolve here, at this conference, when we put defeat behind us, failure behind us, to look ourselves in the eye and say: never, ever again.” Perhaps he lingers on the memory of winning a majority last year that the pollsters and bookies declared was near impossible. “There was a brief moment when I thought it was all a dream,” he would later say. “I thought I had died and gone to heaven.” It must seem like a dream now: one from which he would prefer to wake.

Cameron crept into government in 2010 promising to eradicate the deficit in a single parliamentary term. His government didn’t even come close. His government was “paying down Britain’s debts”, he declared in 2013: it actually added more debt than every Labour government put together. Upon assuming office, he committed “to ensuring our whole country shares in rising prosperity”: his government presided over the longest fall in wages and the most protracted economic stagnation for generations. After the last general election, his chancellor introduced three fiscal rules: a welfare cap, a national debt falling as a proportion of GDP, and a budget surplus by 2020. The first two were broken by March; the budget surplus was ignominiously abandoned by George Osborne at the beginning of July.

Osborne himself was less consistent on austerity than his supporters or his critics (like me) have often admitted. But his potential successors now call for his economic strategy to be abandoned, a confession of failure. His business secretary, Sajid Javid, advocates a fiscal stimulus that could mean raising the deficit from 3% to 5% of GDP. All that misery; all that stagnation; all that bloodcurdling rhetoric about the disastrous consequences of Britain not cutting its deficit. All for what?

And take another linchpin of Cameron’s domestic agenda: education. “We’ve got to win the great debate about education in this country, to give choice to parents, freedom to schools, and to fight for high standards,” he declared back in that 2005 speech. A recent league table revealed that local authority schools are, overall, outperforming the government’s flagship academies.

There is an exception: equal marriage for same-sex couples, won on the backs of Labour and Lib Dem votes. What a tragedy that a rare shining achievement is one that some have alleged he regretted.

Cameron hoped that his premiership would preserve the union for generations. But Scotland’s independence referendum result was not only far narrower than anticipated, it left the country polarised and halfway out. While the Scottish National party only had six MPs when David Cameron came to power, he stands down facing a parliamentary bloc of 56 nationalists. With Scotland ejected from the EU against its will, it has never looked more likely to leave and precipitate the breakup of the UK.

What of foreign policy? Little is said about David Cameron’s major foreign military escapade: war in Libya. Rather than ushering in a peaceful, stable, democratic Libya, the country was left consumed in chaos, war and extremism.

And then his means of political suicide: the EU referendum. It was called not with the national interest in mind, but as a method of resolving internal party divisions. It helped secure him a majority, and he gambled everything on it. The man who wanted his party to stop “banging on about Europe” lost, and was left personally repudiated, his country plunged into its worst crisis since the war: economic turmoil, a wave of xenophobia and racism, and a country more bitterly divided than it has been for generations. Those who voted remain resent him for being the instrument of Britain’s exit from the EU; those who voted leave resent him for what they regard as scaremongering.

Cameron leaves Downing Street with few admirers, a country in crisis, the central aims of his premiership in rubble. It is nearly enough to make you pity him – but, given how grave the situation facing our country is, not quite. His premiership is a tragedy for which we will all pay.


 

After 6 years as UK PM the country still has no idea what Cameron believed in other than a belief that he was the right man to be PM. A belief of a mendacious PR man who viewed the PM job as just another rung on the career ladder.

GOOD FUCKING RIDDANCE!

The Bank of England’s dose of honesty throws the theoretical basis for austerity out the window

Retweeted from the Guardian:

https://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, “there’d be a revolution before tomorrow morning”.
 
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy”, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.
 
To get a sense of how radical the Bank’s new position is, consider the conventional view, which continues to be the basis of all respectable debate on public policy. People put their money in banks. Banks then lend that money out at interest – either to consumers, or to entrepreneurs willing to invest it in some profitable enterprise. True, the fractional reserve system does allow banks to lend out considerably more than they hold in reserve, and true, if savings don’t suffice, private banks can seek to borrow more from the central bank.
 
The central bank can print as much money as it wishes. But it is also careful not to print too much. In fact, we are often told this is why independent central banks exist in the first place. If governments could print money themselves, they would surely put out too much of it, and the resulting inflation would throw the economy into chaos. Institutions such as the Bank of England or US Federal Reserve were created to carefully regulate the money supply to prevent inflation. This is why they are forbidden to directly fund the government, say, by buying treasury bonds, but instead fund private economic activity that the government merely taxes.
 
It’s this understanding that allows us to continue to talk about money as if it were a limited resource like bauxite or petroleum, to say “there’s just not enough money” to fund social programmes, to speak of the immorality of government debt or of public spending “crowding out” the private sector. What the Bank of England admitted this week is that none of this is really true. To quote from its own initial summary: “Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits” … “In normal times, the central bank does not fix the amount of money in circulation, nor is central bank money ‘multiplied up’ into more loans and deposits.”
 
In other words, everything we know is not just wrong – it’s backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There’s really no limit on how much banks could create, provided they can find someone willing to borrow it. They will never get caught short, for the simple reason that borrowers do not, generally speaking, take the cash and put it under their mattresses; ultimately, any money a bank loans out will just end up back in some bank again. So for the banking system as a whole, every loan just becomes another deposit. What’s more, insofar as banks do need to acquire funds from the central bank, they can borrow as much as they like; all the latter really does is set the rate of interest, the cost of money, not its quantity. Since the beginning of the recession, the US and British central banks have reduced that cost to almost nothing. In fact, with “quantitative easing” they’ve been effectively pumping as much money as they can into the banks, without producing any inflationary effects.
 
What this means is that the real limit on the amount of money in circulation is not how much the central bank is willing to lend, but how much government, firms, and ordinary citizens, are willing to borrow. Government spending is the main driver in all this (and the paper does admit, if you read it carefully, that the central bank does fund the government after all). So there’s no question of public spending “crowding out” private investment. It’s exactly the opposite.
 
Why did the Bank of England suddenly admit all this? Well, one reason is because it’s obviously true. The Bank’s job is to actually run the system, and of late, the system has not been running especially well. It’s possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford.
 
But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it.
 
Historically, the Bank of England has tended to be a bellwether, staking out seeming radical positions that ultimately become new orthodoxies. If that’s what’s happening here, we might soon be in a position to learn if Henry Ford was right.
QC Jolyon Maughan, ripping lying spiv Gideon Osborne’s claims before parliament to SHREDS!
http://youtu.be/B4l07CC5xWM The Artist Taxi Driver, Mark McGowan
DID CUTTING THE TOP RATE REALLY RAISE £8BN?
 
Osborne has said that reducing the top rate of income tax from 50p to 45p raised an additional £8bn from the highest earners in its first year. Speaking in the Commons he said the revelation “completely defies” predictions made by Labour that cutting the rate from 50p to 45p would cost £3bn and give top earners an average £10,000 tax cut. HMRC previously estimated that cutting the top rate from 50p to 45p would cost the Exchequer £100m.
Osborne said:
“Under this government the richest pay a higher proportion of income tax than under the last Labour government. Indeed we have just had numbers out this morning from HMRC which for the first time show the income tax data for the year 2013/14, which is when the 50p rate was reduced to 45p.
 
And what that shows is that actually there was an £8bn increase in revenues from additional rate taxpayers, which completely defies the predictions made by the Labour party at the time and shows that what we have are lower, competitive taxes that are paid by all.” ( Guardian Reporter )
 
I don’t have the number to which Osborne refers but it is broadly in line with what was forecast in May 2015 which showed a projected increase in income tax paid by additional rate taxpayers of £7.1bn.
 
Does this increase vindicate, as Osborne suggests, to the tune of £8bn of extra receipts the decision to cut the 50p rate?
 
Reader, it does NOT!
 
Tax receipts were artificially low in 2012-13 (because people delayed receiving income until rates fell) and were artificially high in 2013-14 (when those delayed receipts were received). Combine those two numbers and you may well explain your £7bn jump.
 
Please Read More here, see graphs included: http://waitingfortax.com/2016/03/01/did-cutting-the-top-rate-really-raise-8bn/ Jolyon Maughan QC