Over the last week most of us have been spectators to the latest crisis of capitalism, barely able to keep up with the hourly developments as markets nose dive, governments come close to panic and financial institutions rock. Debates in the media have
focused on either the high economics of the global financial system or on the grubby dealings of the market floors in Wall Street and the City as individual banks and financial institutions are swept away.
Political fortunes of the major players have been on a roller coaster.
On Monday Brown and Darling thought that they could bluff out the first day back in Parliament with only a statement that they were thinking of a plan for the crisis. The market interpreted this as dithering and shares plummeted. By 5 o'clock panic set in and
Mervyn King was summoned from the Bank of England only for him to tell the PM and Chancellor that it was for them to take the lead and produce some sort of plan because the Bank couldn't keep on pumping out money forever with no visible effect.
Tuesday morning and the bank bail out plan is produced with a fanfare. Described as daring, innovative, almost revolutionary, by Wednesday Brown is basking in his Falklands moment.
Thursday and all is not going to plan. Despite a small inevitable lift for some banks, understandable with £500 billion of taxpayers money thrown behind them, the plan doesn't seem to be jump starting interaction between banks and restoring credit activities as hoped. Iceland defaults and the various consequences of the crisis are beginning to come out of the woodwork including the large scale potential losses of councils and charities.
Friday comes and the markets worldwide are dropping like stones, recovering a bit and then dropping again. There is a growing feeling that the Brown/Darling quick fix is not going to be sufficient in the face of world wide market slump, the continuing absence of confidence in inter bank trading for fear of default and financial institutions hoarding resources to protect against default. The G7 meeting only serves to demonstrate that the G7 appear to be floundering in the face of the scale of the potential collapse of the world economy.
Brown and Darling may not like to admit it yet but full nationalisation of Britain's financial
institutions is beginning to come onto the agenda as the only option left.
Whatever is happening in the stratosphere of high economics it is the real economy of jobs, homes, fuel and food bills and public services that we urgently need to turn to. What action are we going to take through our
political parties and groups, through our unions and organisations and within our communities when the recession begins to hit hard and when people start losing their jobs, are repossessed, their services cut and they are unable to pay their fuel and food bills?
We need to start mobilising now the campaigns to support those who will bear the brunt of this recession whether it is workers threatened with the
loss of their jobs, public services put at risk by cuts in public expenditure or families losing their homes
through repossession. We cannot let our people be forced to pay for this crisis caused in the City board rooms and in ministerial offices.
On Monday at 7.30 in Committee Room 10 in the House of Commons we
have organised a meeting to discuss the crisis and how we as a Labour and trade union movement respond. Come along.
20 Comments:
The situation in the markets is unrecoverable. By the end of next week all British Banks will be in Public Ownership it will be the only way to save some semblance of our financial system.
A huge credit bubble inflated where people were practically being begged to take on loans. Th bubble is now deflating and nothing will stop it.
That said the time for apportioning blame and securing regulation to make sure it never happens again is in the future. We all know what caused this and in the main is has not come from the USA as the government would have us believe.
Did anyone ever stop to consider just how our 'miracle economy' was being financed?
We are are in the beginnings of worldwide depression, the only reason the BBC do not use the term depression is they do not wish to panic people.
John is right we need to act now to secure people's very right to life going forward. This week and next this Country has, and continues to face it's biggest threat since May/June 1940.
I say right now we need a Government of National Unity to guide us through this. One with the best talents from all the political parties and persuasions.
It is frankly the best chance we have
Well said John. You say it well on this clip from BBC Radio Scotland too.
Dear Mr McDonnell,
Please would you be kind enough to add an estimated cost to the tax payer for buying out the banks, the additional figure that would have to be added to the public debt and how you intend to pay for the new civil servants who would be running the newly nationalised banks. Given this country's poor track record of government taking on professional bankers I'm assuming you would need to break the pay structure of the public sector to employ bankers of quality as you have done with Northern Rock. Since your party is now effectively owned by the unions I can't see them letting you get away with that and given that your party voted to continue feathering their own nests by keeping the John Lewis list (that the 2 other parties voted to abolish) I don't believe for a moment that your ministers would accept their current level of salary compared to a banking minister (appointed to the lords to avoid standing at a by election) earning at least five times their salary, probably ten or more.
I feel it would be necessary to employ professional bankers on this type of salary given our country's poor record of taking on bankers shorting the UK (eg Lamont V Soros).
Your ideals of privatising the banks seem only to work if you ignore the foreign competition or isolate us completely with trade barriers, both of which seem obviously ludicrous.
It would cost nothing as it's already been done, dufus.
As for how to run it? I for one have confidence that elected representatives of banking workers and customers would do a damn sight better than the people who cocked up last time.
Great to see you on Channel 4 News making the case for democracy in the banking sector, John. You made the points clearly, as ever. Keep up the good work!
Cheap Levitra
Cheap Valium no prescription
Cheapest Cialis
Order Tramadol Online
Fioricet Without Prescription. Cheap Fioricet
Buy Xanax
Buy Oxycontin Online
Buy Adipex Online
Buy Generic Phentermine
Buy Zyban
I tell you hopeless grief is passionless.Classic Tall Ugg Boots,Classic Cardy Ugg Boots,Ugg Sandals.
Hi! I like your srticle and I would like very classic short uggs much to read some more information on this issue. Will
ugg boots classic short you post some more?
As we know , we can Bailey Button Ugg Boots find lots of fans ,lots of store have been open worldwide.
Buy Kamagra
Earn Google
M65 Jacket
Viagra Cialis
Cheap Kamagra
Cheap Viagra
Cheap Cialis
Make Money on Google
M65 Field Jacket
Airline Dog Carrier
Airline Dog Carriers
Viagra Cialis
Earn Google
Airline Dog Carrier
Airline Dog Carriers
Airline Approved Dog Carriers
ED Hardy Wholesale
Copy DVD Software
How to Send Fax
14k Yellow Gold
Redneck Costume
14k Gold Heart
Tandem Baby Stroller
This is great, thanks so much!
seo
This is great, thanks so much!
seo
100211SLLQY
Activity is the only timberland boots uk road to knowledge .A free timberland boot man obtains knowledge from many sources 1 besides books . great discount timberland boots part to the classic timberland boots information I have was acquired by looking up something and finding something timberland hiking boots else on the way . If a man empties his purse into his head, no kids timberland boots man can take it away from him , an investment in knowledge always pays the best interest . High timberland mens shoes expectations are the key to every timberland 6 inch boots thing. If you wait, all that happens is that you get older.Remember timberland custom boots that the future is neither ours nor wholly not ours. So that timberland roll top boots we may neither count on it as sure to come nor abandon hope of timberland womens shoes it as certain not to be.
100220SLLQY
A great part to the information timberland boots i have was acquired by looking up something and finding something timberland shoes else on the way. a free man obtains knowledge from many sources 1 besides Timberland Mens Roll-Top Boots books . if a man empties his purse into his head cheap timberland boots, no man can take it away from him , an investment in knowledge always pays the best timberland 6 inch boots interest. http://www.timberlandlike.com/
cheap adidas shoes cheap adidas shoes
adidas shoes sale adidas shoes sale
adidas shoes adidas shoes
adidas zx 500 adidas zx 500
adidas superstar adidas superstar
ghd ghd
ghd hair straighteners ghd hair straighteners
MTS Converter,M2TS Converter,MTS to MP4,MTS to DVD,MTS to AVI,MTS to MPEG,TOD Converter,MOD Converter,MTS to iPhone,AVCHD Converter,Mac MTS Converter
100226SLLQY
From success you get a lot of nightfall ugg boots things, but not that great classic tall uggs inside thing that love louis vuitton bags sale brings you. Shallow men believe in prada handbags online luck.Wisdom is knowing what to sell marc jacobs handbags do next, skill is knowing how to do it,and virtue is to do it. Wise men learn by other men's mistakes.Nothing is impossible to gucci sale handbags willing heart. This is what cheap chanel handbags clearance we mean by progress. It is better to die on your coach handbags outlet feet than to live on your knees.
100309SLLQY
Activity is the only timberland boots uk road to knowledge .A free cheap gucci watches man obtains knowledge from many sources 1 besides books . great discount timberland boots part to the louis vuitton watches information I have was acquired by looking up something and finding something timberland hiking boots else on the way . If a man empties his purse into his head, no kids timberland boots man can take it away from him , an investment in knowledge always pays the best interest . High romain jerome watches expectations are the key to every timberland 6 inch boots thing. If you wait, all that happens is that you get older.Remember timberland custom boots that the future is neither ours nor wholly not ours. So that porsche design watches we may neither count on it as sure to come nor abandon hope of timberland womens shoes it as certain not to be.
You probably spent quite a bit of money on your ugg boots,uggs, so it? simportant bailey button ugg sale take care of them properly to ensure they last for a long time.ugg boots sale No one wants to run around in a pair of boots that look classic tall cheap ugg boots and ugg australia, so here are a few classic short winter boots you can do to make sure your discount ugg boots sale keep that brand new look for as long as possible.classic cardy ugg boots 2010 Do NOT wash your cheap cheap uggs. If you should find metallic uggs on sale been stained you should attempt australia ugg boots spot treat them before you do anything metallic uggs boots. You may need to scrub the entire winter bailey button ugg boots if spot treatments do not work, but this is not something you should do on classic short ugg boots regular basis. Are you looking a discount ugg boots online? There are various places an individual can purchases sundance ii ugg boots. The most popular is to purchase ugg boots 2010 online. There are a ultra tall uggs of popular websites that cheap ugg australia preferred amongst users due to its reliability. ultra short ugg boots can also could be worn by older children. Many kinds of colours of ugg australia on sale are available for kids.
Post a Comment
<< Home