LETTER TO THE GUARDIAN 5 DEC 2016:
I
believe the common cause of angry populism against The Establishment; (Battered
EU relieved at reprieve – Guardian 5 Dec 16) is the tacit rage of the 99.5%
who continue to be paralyzed by the 0.5% - the global super-rich. Thomas
Piketty’s CAPITAL tracks the relentless gouging of wealth from poor to
rich, with $32
trillion (80 million jobs) frozen in offshore tax-havens – strangling
economies. You report today a single, small example “MP seeks inquiry intoMourinho tax avoidance allegations”. Despite more than 150,000 tax-haven
accounts being published by ICIJ (International Consortium of Investigative
Journalists), by Christine Lagarde and others, including for example
half-a-billion Papandreou dollars in HSBC Zurich; complicit
tax-collectors and Treasuries won’t act. US and UK infrastructure visibly needs
the $32 trillion; about $3 trillion belongs in the UK. “The People”, the angry,
confused, misdirected mobs energised by Trump & Farage, are shifting into
revolutionary, even civil-war mode. To avoid violence and chaos, the $32
trillion must be repatriated and wealth
must be shared, now.
Noel
HODSON - Author
Sci-Fi
& Socio-Economics
·
·
He defends low interest rates as a consquence of global force
Mark Carney launched a
defense of globalization and set out a manifesto for central bankers and
governments to boost growth and make the world economy more equal.
The Bank of England
Governor said they must acknowledge that gains from trade and technology
haven’t been felt by all, improve the balance of monetary and fiscal policy,
and move to a more inclusive model where “everyone has a stake in
globalization.”
 |
| WANT & IGNORANCE A CHRISTMAS CAROL |
Carney’s speech in
Liverpool, England, comes amid rising disquiet about the state of the world
economy and political status quo that helped propel Donald Trump to victory in
the U.S. presidential election and boost support for the U.K.’s exit from the
European Union.
Trump isn’t right to
favor more protectionist policies in response to globalization, Carney said in
a television interview broadcast after his speech. The answer is to
“redistribute some of the benefits of trade” and ensure that workers are able
to acquire new skills.
“Weak income growth has
focused growing attention on its distribution,” Carney said in the speech.
“Inequalities which might have been tolerated during generalized prosperity are
felt more acutely when economies stagnate.”
Describing the world as
facing the “first lost decade since the 1860s,” the BOE governor said public
support for open markets is under threat and rejecting them would be a
“tragedy, but is a possibility.”
Policy Defense
Carney also defended the
central bank’s current policy stance. The BOE has faced criticism from
politicians after officials took measures including cutting interest rates and
expanding asset purchases in August to support the economy after Britain’s June
vote to leave the EU.
“Low rates are not the
caprice of central bankers, but rather the consequence of powerful global
forces, including debt, demographics and distribution,” he said, adding that
they helped to prevent a deeper economic downturn.
His comments weren’t all
critical, and he voiced support for both U.K. Prime Minister Theresa May and
Chancellor of the Exchequer Philip Hammond. He agreed with May’s assessment
that companies have social responsibilities and praised Hammond’s first step to
rebalance the economy in his Autumn Statement last month.
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