Economic situation

From Craig Murray:

While the perpetrators – a whole class of them – took massive rewards for the short term gains of the complex bubble scheme, they did not get punished by its collapse. Rather everybody paid up for them, resulting in there being a gross shortage of money to pay for anything else – hence the recession.

It has been argued that. in running this massive government deficit, we are in fact in the middle of the biggest Keynsian stimulus in history. The problem with that analysis is that, rather than be put into public spending which stimulates the demand, the money from this deficit has been put entirely into the banks, which use it to stimulate the appetite of their senior staff for cocaine.

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They have to be part of a fundamental restructuring of our economy, which ties financial transactions to actual payments for real goods and services, rather than speculation on the future value of goods and services. Most importanly, redistribution of capital to the workers in companies needs to be initiated. I favour economic competition, but capitalism as currently consitituted brings an escalating concentration of capital and consequent concentration of political power, and a quite unacceptable leap in the wealth gap between rich and poor.