Banker v. Activist.

Banker v. Activist.

This is no way to talk about a financial crisis and the Banks are kidding themselves if they think that we are fooled.

Several problems with the interview was that there wasn’t an outing of the “structural debt” as Richard Sharp put it.

Also the characterization of public spending to secure public support is what is called populism not socialism. Socialism is what happened when the Labour Government bought out Northern Rock — albeit in a very perverse way. The Social ownership of capital — or in this case debt — making the public the owners of the bank is socialism. Spending on social programmes may or may not be socialist depending on the intention of the spend.

Returning to the Northern Rock buy-out for a moment: the irony that is lost on Mr. Sharp is that it is socialism that has bailed out the bankers, by allowing the public to shoulder fiscal burdens for which they were a) not responsible and b) under no obligation to accept. Now the argument that the bank was taken over to protect the depositors is slightly disengenuous. The depositors could have been covered by a simply guarantee by the government. There was no need to buy out the bank. Instead we had the public acquisition of private liabilities incurred by banks in order to shore up what is effectively a high stakes gambling racket.

The American Government has been spending over a trillion dollars on military equippment and deployments for the past decade — who was that for? The average American? Yes, I can see how the invasion of Afghanistan, Iraq, Lybia were all clever socialist ploys used by left-wing governments to gorge themselves on the public purse. *roll eyes*

I do not want to call this blaming the victim. Because we aren’t victims. We have the power to make changes. We’re asking for those changes. If we don’t get them, we’re going to take them. It may not be today or tomorrow, but either we get the changes we need or things will continue to get very much worse.

To borrow an very old image that many US pundits are fond of: We are on the shores of the Rubicon. Crossing it is not a matter of if. Its a matter of when.




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