Category Archives: Economics

Strip Greece

Bread and milkPrivatisation of national assets. Deregulation – grotesquely, bakeries and milk are specifically mentioned as no longer to be subject to pesky government interference. Bread and milk. Removing workers’ rights to strike, to collective bargaining, to their legal rights in the wake of mass redundancies. No matter what the Greeks voted for, no matter what they wanted their government to do to help them: no democracy allowed.

This is a replay of another war: but not seventy-five years ago, only twelve.

GreekDemand_1One of the plans for the conquest and plundering of Iraq that went awry for the Bush administration was that all Iraqi nationalised assets were to be privatised. Saddam Hussein’s government had nationalised about 30% of Iraqi industries: the plan post-conquest was for the Coalition Provisional Authority to pursue policies that, as Donald Rumsfeld said in the Wall Street Journal in May 2003, ‘favour market systems’ and ‘encourage moves to privatise state-owned enterprises‘.

Eurogroup Demand page 2But, as the Bush administration discovered, their planned timetable of conquer, plunder, then hold elections, made the selling of the plunder unlawful: only a properly-elected government can lawfully sell national assets. A government established by foreign conquest explicitly can’t do so. Bush declared victory in Iraq on 2nd May 2003. The first post-conquest democratic elections were held 30th January 2005. One certain reason for the 18-month delay was that the Bush administration was trying to find some legal loophole that would let their planned mass privatisation go ahead.
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Filed under Economics, Justice, Poverty

Independence and full fiscal autonomy

Keep Calm And Look Through Your Rose-Coloured SpecsTo me it seems obvious: an independent nation has full fiscal autonomy.

A devolved country within a nation does not.

In my view, and the main reason why I voted No in September 2014, the SNP plan for “independent” Scotland – to be a country without its own central bank – was not independence at all: the only way I think our situation could now be worse would be if Yes had got the majority and we were now facing a situation where both monetary and ultimately fiscal policy would be set by George Osborne from rUK to iScotland.

If you have rose-coloured spectacles you may suppose that Osborne would naturally make decisions that would benefit and profit iScotland.
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Filed under Economics

“Well, this is bad on so many levels.”

Alexis Tsipras - not wearing a tie

“One clue that the leader of Greece gives no f$$cks about his country defaulting: not wearing a tie as he addresses his government.” Rob Lowe, on Twitter, 29th June 2015.

Rob Lowe is an actor. Sam Seaborn is a character on the West Wing who played a lawyer who was also a Deputy Communications Director in President Bartlett’s White House.

Rob Lowe, 2012No one expects someone whose education began and ended in a US high school to understand or think or even care very much about the Greek and EU economy. But even so, Rob Lowe’s assertion that it’s all to do with Alexis Tsipras’s failure to wear the correct gentleman’s haberdashery must be in the running for Silliest Comment Made.

“We wear sweaters. It’s a Tommy Hilfiger ad.”

However, Owen Jones’s riposte was … not good.

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Filed under Economics, Poverty

Cameron, Clarkson, and gross misconduct

Hitting one of your co-workers at work is gross misconduct; an offense for which you can be summarily dismissed.

Philip Hammond, Brian May, Jeremy ClarksonIf it is true that Jeremy Clarkson hit a Top Gear producer, then the BBC have no option but to sack him. (Clarkson was, reputedly, on his final-final warning, though presumably the BBC were thinking more of something along the lines of a “joke” about sexual abuse at the BBC, such as Clarkson tweeted in May 2013, or some other racist or sexist jibe on the show, rather than a clear-cut case of gross misconduct.)

Two eyewitnesses are reported in the Mirror to have told journalists that Jeremy Clarkson’s bad temper was kicked off by his getting back to the hotel and discovering that as the kitchens were closed, he would get only only “soup and a cold meat platter” instead of the steak dinner he’d wanted.

An onlooker said the star, who had been drinking rosé wine, launched into an expletive-filled tirade using “every bad word you could think of” and ranted “so there’s no food” when he was told he would not get the steak he wanted.
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Filed under Employment, In The Media

No, Scotland isn’t in a currency union

A currency union is when two states use the same currency.

The UK is a single state, that uses a single currency: the pound sterling.

James Meadway, who describes himself on his twitter profile as “Senior economist at The New Economics”, asserted on Twitter:

“You’re already *in* a currency union. Who in Scotland elects the Bank of England?”
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Filed under Economics, Politics, Scottish Politics

A man, plan A, a canal – currency union!

Alex Salmond, Glenn Campbell, Alastair Darling, ScotDecides / BBCindyrefA No majority appears the most likely response on 18th September, and a very high turnout. Those are neutral facts.

Alex Salmond won last night’s debate – he was more skilled rhetorically, and has only one weak point that Alastair Darling can use. As Darling had used that weak point well in the previous debate, Salmond had evidently taken counsel with his speechwriters and devised several excellent rhetorical responses to Darling’s factual and accurate criticisms of the SNP’s plans. They both bellowed at each other a lot and I doubt if their shouting-across-each-other attitude convinced anyone. That’s my opinion.

As the audience interrogation exposed, Labour’s failure to oppose the Tory/LibDem destruction of the welfare system and privatisation of the NHS, was their worst weakness in trying to campaign for Better Together.

Why I’m voting No:
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Filed under Currency, Economics, Indyref White Paper, Politics, Scottish Politics

ConDem bad arguments for #indyref

The Tories have produced a buzzfeed-style page for the indyref.

Cake WorldThey take their assertion that Scots are better off by £1200 per year each in the UK than we would be if independent (their figures don’t make sense, but frankly the SNP’s arguments that we’d be better off by x amount per year each don’t make sense either) and they’ve done a series of images of the things that £1200 could buy.

Both sides have tried this argument, and both sides made a hash of it, because it is a frankly silly argument. The wealth of the UK is not a cake to be sliced up and everyone given a bit. Even if Scotland were to become actually independent in March 2016, or enter a devomax arrangement set up between the Tories and the SNP as planned in the White Paper, or remains part of the UK as at present, Scotland will still have a very few very rich people, a proportion of wealthy people, and a lot of people who are horrifyingly poor.
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Filed under Cake, Poverty, Scottish Politics, Tax Avoidance