Labour Hustings and some notes
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Britain owes the European Union tens of billions of euros that Brussels will insist is paid out before the country leaves the 28-nation bloc, sources in Brussels have told Handelsblatt’s sister publication WirtschaftsWoche.
Britain is hardly the only country with outstanding payments. The European Union has for years been moving around a debt mountain totalling more than €200 billion, known as “Reste à liquider” (RAL). A high-ranking E.U. official said Britain’s portion amounts to €25 billion.
The European Commission is determined not to allow Britain to leave the European Union without paying. Some lawyers in the commission believe that non-payment would amount to a credit default on Britain’s part.
“A deal with Great Britain is unimaginable if the British have not paid their outstanding debt,” according to the E.U. official.
Picture Source: DPA
UK can just print the money that’s the great thing about having control of your own currency without being in the EURO perhaps they forgot that the UK is not in the Euro Zone and controlled by the ECB. The chancellor should just ask what denominations they would like or more likely in PDF or Word for the electronic notification slip.. There is a very real question here that whether you are for or against Brexit it is essential to understand. Here in Sweden we still have the Kroner this allows a measure of freedom for implementing policies that suit Sweden which is in Europe but not the EUROzone. One monetary policy for the whole of Europe simply does not work will not and has not worked. No one in Sweden wants the Euro apart form some elite federalist types. Back to the question of why Britain can just print the money. Fiscal rules laid down by the Eu will not apply when the UK leaves the EU the UK will have the power if the government chooses to ditch the Austerity based Neo-Liberal dogma that George Osbourne was sticking too so strongly at huge expense to the British economy outside of the City of London ( Signs are Theresa may will do exactly that.). To really gen up on this stuff takes a bit of effort but left right or centre it really is in all of our interests to understand how the money system works at the moment and can actually work with a simple small amendment to the 1844 Bank Charter Act
so the threats have no teeth to a country with a sovereign currency creation capability, the UK has that if it chooses to use it. For SNP members this is also a very real question on the INdie question. Adopting the EURO is democratic suicide. Retaining a share in the pound was the best policy in all of that question or an independent Scots pound would be much better than the Euro, for now, the Neo-Liberal block of the Eu would not tolerate that i.e a scots independent currency, without it, there is no political independence. They, (the neoliberal faction of the EU) may well lose their control especially if the US has to pull in their horns to do something about the precarious state of the US Dollar so remember all of us interested in democracy in Britain, Scotland Wales us lot here in Sweden and for the sake of those who suffer with the EURO and the ECB Troika dictatorship elsewhere in the EU Block should remember if we can ditch the Neo-Liberals, and get back to a social-democratic Europe , UK GB Scotland Wales and Sweden and everywhere else in Europe, then the better off we will be.
Brexit is just one event in a long series of events that will play out during the next Banking crisis which is now upon us, Rate cut and QE announced by BOE today is just the Start. Things in Italy are very bad also in France, Spain and Portugal are terrible Ireland will fall over in the slightest gust of wind and so on and so on. SO the OP story is actually a very thin Broth, expect the lies to get bigger as the problems get worse. And let’s get our Pound Stirling printing press back off the Private Banks ASAP.
It is absolutely tragic that this video has only 1897 views. I linked to it on the BBC article on the Bank Of England rate cut and the announcement of more QE today. Would someone please listen to Prof. Keen.
The Aussies Cut beginning of July, This is about that but Steve Keen can shed a lot of light on why the UK is caught up in something much bigger than Brexit.
Its the debt-based money stupid!
Its the debt-based money stupid!
Steve Keen on the Alternative to neo Liberalism.
More debt can not and will not cure a debt deflation.
The level of critical examination of what the interest cut and the QE means is disappointing. The rate cut relates to Central Bank deposits held by commercial banks, the additional Term Funding Scheme reflects the truth of the money creation who? Private Commercial banks. Bond purchases relate to more debt issuance Debt=Money. The medicine is proven not to work. mend debt deflation with more debt?
A turn worthy of Walter Mitty from Owen Smith His ego met a real self in Jeremy Corbyn, Ego or Self, Arete or Spin
Adam Curtis Worlds Fair “Democracity” Bernays.
Curtis ends by saying that, “Although we feel we are free, in reality, we—like the politicians—have become the slaves of our own desires,” and compares Britain and America to ‘Democracity’, an exhibit at the 1939 New York World’s Fair created by Edward Bernays.
I guess Economic power is just one of several levers of power that require democratisation, Adrian. In Gaian Democracies, Roy Madron dubs the increasing Financialisation of the economy under neoliberalism the MoneyTocracy which is quite a good descriptive made up word applying to what has happened with debt-based money and its destruction of democratic institutions. I was thinking about this question earlier and how money is an imposition upon the Promises made in everyday social and economic relations. We pay a huge price to make our every day promises to pay transferable the ultimate price might be the loss of any hope of democracy, such as it ever existed.
I guess Economic power is just one of several levers of power that require democratisation, Adrian. In Gaian Democracies, Roy Madron dubs the increasing Financialisation of the economy under neoliberalism the MoneyTocracy which is quite a good descriptive made up word applying to what has happened with debt-based money and its destruction of democratic institutions. I was thinking about this question earlier and how money is an imposition upon the Promises made in everyday social and economic relations. We pay a huge price to make our every day promises to pay transferable the ultimate price might be the loss of any hope of democracy, such as it ever existed.
Owen that’s better you are sounding a bit more chipper and quite right too. What is missing from your reasoning I think is that any truly Left platform is not going to get the blessing or indeed permission of the establishment, I have not read your book on the subject but would be very surprised if it indicated any likelihood of a Real Left gaining the blessing of the Establishment.
Owen that’s better you are sounding a bit more chipper and quite right too. What is missing from your reasoning I think is that any truly Left platform is not going to get the blessing or indeed permission of the establishment, I have not read your book on the subject but would be very surprised if it indicated any likelihood of a Real Left gaining the blessing of the Establishment.
Sorry, have, not finished quite yet. I am very supportive of your work Owen and I think you do and have done a great job on a sticky wicket with the degree of hostility in the Media Channels of the establishment being as rabid as they are. I salute your bravery and doggedness in standing up for your beliefs, many of which I share as will most of all your readers including the naysayers. What is missing from your analysis if I may say so, is the recognition of a possible paradigm shift in the way that people expect politics and democracy to be done. Roy Madron the author of Gaian Democracies and whose new book I have done some proofreading on and can not wait to read when published ( ‘Super-SmartDemocracies: Dissolving Neoliberalism, Managerialism and Elitism’. ) calls the new kind of democracy super-competent here is his Article on Medium
Look at the attached engraving and consider this on paradigm shifts. I venture the Timonists do not see the paradigm shift, they believe the people are stupid. The cynics of the left, however, do believe the People intelligent enough to become angry. Participative Democracy in Cynical with hope for change the Competing elites model is Timonist which believes that things are as they are. Graeber is very good on this dichotomy with Parmenides and Heraclitus
P.19. They belong, one might say, to the Heraclitean
tradition, which in Western thought has always been somewhat marginal. Western
philosophy, after all, really begins with the quarrel between Heraclitus and
Parmenides; a quarrel that Parmenides won ), Brush up your Diogenes of Sinope he is one of my favourites. (got the tee shirt)
tradition, which in Western thought has always been somewhat marginal. Western
philosophy, after all, really begins with the quarrel between Heraclitus and
Parmenides; a quarrel that Parmenides won ), Brush up your Diogenes of Sinope he is one of my favourites. (got the tee shirt)
Now put your Lamp away finding an honest media outlet likely to give any kind of Left its blessing remember the engraving “Cynics saw what people could be and were angered by what they had become; Timonists felt humans were hopelessly stupid & uncaring by nature and so saw no hope for change.”
Owen, Good article and stick to your own knitting don’t worry about the hater’s naysayers and knockers take a leaf out of the Enchiridion in it Epictetus tells us.
42. When any person harms you, or speaks badly of you, remember that he acts or speaks from a supposition of its being his duty. Now, it is not possible that he should follow what appears right to you, but what appears so to himself. Therefore, if he judges from a wrong appearance, he is the person hurt, since he too is the person deceived. For if anyone should suppose a true proposition to be false, the proposition is not hurt, but he who is deceived about it. Setting out, then, from these principles, you will meekly bear a person who reviles you, for you will say upon every occasion, “It seemed so to him.”
On the matter of the Left and acceptance in a wider electorate, you asked Jeremy Corbyn about Nuneaton in your excellent recent YouTube video. What I think the Left need´s to do is tackle the question of Money creation.
By tackling this issue we can then command the Policy field with regard to Welfare rights from a Distributive point of view and not a redistributive ‘one solely. Re-distribution of wealth is the bog stick the Wealthy always beat the left with and it is based upon the great lie of money creation.
I have never seen you write about the Positive money campaign, the Green party had a specific monetary reform policy in its 2015 Manifesto along the lines of the Positive Money proposals. Labour could by adopting this same position make great strides against the SNP in Scotland, who seem very weak in this area. But importantly its a very meaty subject for which the political capital is all up for grabs.
”However, the nearly universal misunderstanding of money is a major obstacle. For too long we’ve allowed a small coterie of bankers and “court “
anybody´s guess.
Corbynism as a category is a novel concept and going on to accuse this fledgeling category of political allegiance of Hubris seems to me to be both jumping the gun and confusing the wider modern tendency to Hubris in modern manners with the Man Corbyn and his politics grounded in a democracy of the people, himself. He, who seems to me to be the anti-thesis of Hubris. Some of Mr Corbyns supporters may be over-enthusiastic and some of the misdeeds attributed to Mr Corbyns supporters could be categorised as Hubristic yet as you point out the Portland Spinning machine and the lack of self-reflection demonstrated by Benn, Eagle and Smith is worthy of any west end farce and elevated to a narcissistic hubris which is difficult to imagine the ordinary Mr Corbyn ever achieving.
To see oursels as ithers see us!
An’ foolish notion:
An’ ev’n devotion!’’
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The voting system is indeed a Heath Robinson affair cobbled together to support the illusion of choice, is it as bad as the US as yet? certainly it is the US oligarchy who have the upper hand amongst the corridors of real power. Their views are parroted by Political Puppets and Media mouthpieces alike. Treating the Electoral and Parliamentary politics of the Uk or the USA as anything approaching a functioning democracy seems to me, laughable and not worthy of a self-declared Marxist. It seems to me much analysis on this point seems as fantastical and naive as any Corbynista clicking revolutionary´s efforts.
Coleridge in his poem Work Without Hope gives us a clue to the political significance of both Mr Corbyns leadership of the Labour Party and of the Brexit leave result the Keyword is Hope.
‘’Work without Hope draws nectar in a sieve,
And Hope without an object cannot live.’’
| Work without Hope
All Nature seems at work. Slugs leave their lair- The bees are stirring-birds are on the wing- And Winter slumbering in… |
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