The Government has been consistently behind the curve in its recognition of the threatened depths of this recession and in its response.
Because Gordon Brown threw away control of the Bank of England in 1997 the recent cuts in interest rates have repeatedly been too little too late.
The fiscal stimulus in the form of the cut in VAT and increased public spending has been pathetic in scale and ineffectual in action.
The Government has prevaricated over quantitative easing and continues to dither over taking control of the banks on borrowing and lending.
In the meantime the failure to provide workers with effective rights to job protection, consultation and industrial democracy has meant that companies can get away with treating their employees like chattels as they lay people off in large numbers.
Deflation hangs over the economy and a recession is turning into a depression as the Government looks on in bewilderment.
Increasingly this lack of decisive action will undermine the initial boost in confidence the electorate gave the Prime Minister.
Just one small act of bringing the operation of the banks under public control would stabilise this slide in confidence and buy the Government time to bring forward the radical and comprehensive programme of economic change needed.
There is no evidence however that the Prime Minister either has any idea of how to devise and implement the radical change programme needed or has the inclination to even consider this approach. The result is that each day thousands of working people are paying for this crisis with their jobs.
26 Comments:
I completely agree with John's view that The Government is not doing anyway near enough to address the economic crisis - I think that Gordon Brown is still providing inadequate & lacklusture leadership on this issue .
The Trade Union Movement & The Labour Representation Committee are the people Who can be replied upon to come up with the dynamic leadership & constructive ideas to
help solve the problems that Working People are facing .
John, i know you have major tasks to do with your constituency, but there has never been a better time to go around the country and put your ideas to the public.
Pak Karamu visiting your blog
Wow!
Great to see that there are still people in the Labour party with a bit of working class consciousness.
Good stuff with the mace thing, I don't think they're fit to wield that power either.
All the best,
The banks certainly need to be socialised for the forseeable future, as you say.
After this we need to move away from the economic conditions of the last 35 years and go for a real revival.
This means raising unemployment benefits massively and setting up the public sector with the ability to get these people back to work, on new schemes.
Give people the chance to set up their public-owned co-operatives and the option later to buy themselves out if they want. Focus on producing things and services which are socially useful.
The whole idea of an economy driven by finance alone isn't working.
Prevaricated on printing money?
I'm not surprised! Isn't that a pretty massive step? And one to be avoided because of the damage it does to savers, not to mention the banks scrabbling out of their capital hole.
Incidently, if the government does put loads of pressure on the banks to produce loans, how about they do that by throwing away their profit margin? At this point in time I am unsure why banks should have any profit, as they are barely doing what they are supposed to.
You mentioned bringing the banks under control, I am sceptical about this, as "owning" something as big as a bank doesn't necessarily mean you can control it! What conditions do you think banks should be under, apart from presumably the zero profit one I mentioned above?
If that is the case, why not do that indirectly and not go through the compensation palaver that EU law requires after nationalisation?
Perhaps we need an economy based on need rather than profit?
An economy based on sharing that insures everyone is treated equally.
The banks need to be brought under government ownership and if not any profits made from the income tax bail-outs need to be put back into the public purse.
Money could go towards a proper democratic house building programme - that would help keep some people in jobs.
Local councils need to be given money to buy up houses that are going to be re-possessed so that they can then be rented out to the occupants and stop the homeless figures growing.
Our government has its last chance to show us it has got the policies for real change to address social injustice - if it fails now, I fear that the Labour party will be broken beyond repair, which for me will be very sad.
I hope MPs like John can urge the government to think afresh and get away from this market led economy which just leads to a never ending boom and bust.
We are in a new century and we need fresh ideas the same old ones spun as something different.
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