Three years ago I set up the Left Economic Advisory Panel,(LEAP), bringing together a group of socialist economists, accountants and practitioners to provide analysis for the Left on the state of the economy and advice on both immediate and long term economic policy. It serves as a left alternative to the Bank of England's Monetary Policy Committee but examines a much wider range of objectives and consequences of economic policy and looks to the longer term.
LEAP publishes a set of analytical papers twice a year, under the title Red Papers; first prior to the Autumn budget statement and then immediately prior to the budget in the Spring.
Now that the Northern Rock meltdown has prompted a review of Gordon Brown's management of the economy and in particular his approach to allowing the unfettered operation of the finance sector I would urge a look at the paper published by LEAP as part of the Red Papers in March last year written by Tanya Adams, a City economist. You can find them on the Labour Representation Committee's website.
Adams' paper is entitled "Binge Borrowing - an unhealthy economic diet." To quote the paper, it said " The Chancellor might do well to reflect on the inherently unstable dynamics of the UK economy. Since New Labour came to power the so-called growth miracle has been fuelled by a relentless rise in personal debt levels.......relying on excessive personal sector borrowing as a major driver of economic growth creates the potential for all sorts of stresses and strains further down the line .....No one can guarantee that such a wanton and reckless increase in the country's debt burden may not trigger a relapse at some point in the next two to three years. The UK may yet pay a heavy price for an economic policy that has increased the risks posed by the accumulation of excessive debt."
LEAP meets again this month and will be publishing its alternative Autumn analysis. Watch this space. I will make sure we send a copy of LEAP's Red Papers this year to Alistair Darling. He will need them.
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The more you watch this the more you will understand what capitalism is really all about. Astonding. Watch to the end it gets really interesting.
Money As Debt...
http://tinyurl.com/27jppm
http://video.google.com/videoplay?docid=-9050474362583451279
"Deselected Wareing to quit Labour"
"Mr Wareing was deselected by local members in Liverpool West Derby on Sunday after 24 years as its MP, in favour of ex-minister Stephen Twigg."
"He said he would stand as an independent at the next election."
"He added: "Anti-Labour policies, such as privatisation, tuition and top-up fees for students and the stock transfer of council houses (with the threat that no repairs would be carried out if they remained under council control) forced tenants to concede to New Labour's wishes."
"He said the Labour Party was very different to the one he had been proud to be a member of for 60 years."
http://tinyurl.com/2j6ybn
http://news.bbc.co.uk/1/hi/england/merseyside/6999733.stm
As Brown said when John McDonnell couldn`t get enough votes to challenge him... "This demonstrates there is no room in the Labour party for the EXTREME left wing"... What he meant was there is no room in New Labour for the moderate left wing.
even worse than that Brwon was recently reported in The Mirro as completely denying the left wing of the party by saying we are unifeied ie all right wing unlike the divided Tories.
This is not only unwise politically and unprofessional how he likes to be seen as professional but far from it...)
pride comes before a fall Brown
And now look whats happened with Bob Wareing. I hope he crushes Twigg at the next general election. Will that happen to any more of our principled left-wingers?
It's not only shocking, but an absolute disgrace.
"U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel"
http://counterpunch.org/
"Conservative Leader David Cameron has failed once again to benefit significantly from the government’s difficulties. But this is because his party is as hated and mistrusted as Labour—and as out of touch. He even chose to pontificate about the dangers facing “every business and family in the country” in a speech to a meeting of international accountancy firm KPMG and in the pages of the Sunday Telegraph."
"The real danger facing the government is not a transfer of voter allegiance from one right-wing party to another, but a decisive shift to the left in the working class and an eruption of sharp class conflicts."
http://tinyurl.com/3ckhqg
Who is Cameron kidding with saying "eruption of sharp class conflicts" we already have it.
"Robert Shiller, a liberal Yale economist who correctly predicted the collapse of the dot.com bubble, told the panel that “the collapse of home prices might turn out to be the most severe since the Great Depression."
http://tinyurl.com/2kdvo4
While everyone is thinking it`s all about housing, I am thinking it`s all about the world economy as a whole.
"Darling initially promised that people could get their money back “whatever happens.” But his pledge could only be made in the hope that restored confidence would mean it never had to be honoured. To do so in face of a collapse would cost around £20 billion. That is why he later told the BBC that savers could get their money back “at the moment.”
http://tinyurl.com/3ckhqg
"at the moment"
well lets face it it is par for the course for New Labour.
Former Soviet Dissident Warns For EU Dictatorship
http://tinyurl.com/ea6r7
http://www.brusselsjournal.com/node/865
The Northern Rock issue was also about Trust.
In an increasingly complex society, where we trust our details to store cards, cctv cameras and banks and online purchasing systems, there is likely to be an emergent property of us all being more open and exposed to others. Join Facebook or Myspace to see how future generations are heading in this direction and how older people will see this sort of "surveillance society" as some sort of threat to civil liberties, when it probably far too complex for any government to control.
Society will also need increasing levels of Trust to operate. That is why social networks will become more important and they, not just globalisation, will sustain ingrained inequalities.
Northern Rock illustrated that some of the public (and they looked like mainly elderly Tory Daily Mail reading voters to me in the queues I observed) did not Trust the government and thus the government had to go the extra mile to appease them.
Whilst I don't think this is a classically left issue as I suspect the people in the queues were the ones with a bob or two, I'm impressed John is taking this sort of issue up.
5 Min read on the 50+ Yr EU Conspiracy to Subvert and Conquer Britain.
http://www.brusselsjournal.com/node/865
http://video.google.com/videoplay?docid=3664960863576873594&hl=en-GB
http://thejournal.parker-joseph.co.uk/blog/_archives/2007/10/3/3269034.html
http://bfbwwiii.blogspot.com/2007/10/frankfurt-subversion.html
PS the reason the Socialists want to have an Elected Lords is to get rid of the
Bishops who have an automatic seat.
http://thejournal.parker-joseph.co.uk/blog
THE BRITISH GOVERNMENT HAS DECLARED WAR ON ITS OWN PEOPLE.
http://www.express.co.uk/posts/view/15991/How-the-Government-has-declared-war-
It's completely illegal, Our rights PREDATE Parliament.
http://www.britsattheirbest.com/freedom/f_your_own_choice.htm
http://thewestminsternews.co.uk/
http://www.eutruth.org.uk
http://bfbwwiii.blogspot.com/2007/10/ludicrous-diversion.html
The curse of Political Correctness
http://www.capc.co.uk/
http://www.ukip.org/ukip/index.php?option=com_content&task=view&id=186&Itemid=68
http://www.capc.co.uk/Petition%20Form.pdf
http://thejournal.parker-joseph.co.uk/blog/_archives/2007/10/3/3269034.html
http://britanniaradio.co.uk/?q=node/2
Here is Europol, Military Transnational Police with Diplomatic Immunity NOW.
http://nuke.eurogendfor.eu/Miscellaneous/Gallery/Eurogend20051June2005/tabid/71/Default.aspx
http://www.ukip.org/ukip/index.php?option=com_content&task=view&id=255&Itemid=57
Internet Shut down. , presumably health, Enforced Bankruptcy.Denial of Public services ? Health care ?
http://gatesofvienna.blogspot.com/2007/10/italys-plan-to-shut-down-internet.html#readfurther
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