Opinion – Ken Clarke: ‘unsustainable’ debt and deficit will suck UK into low growth trap – Telegraph – John Gelmini

East India House Leadenhall Street, London, Dr...

East India House Leadenhall Street, London, Drawing by Thomas Shepherd (1792 – 1864) Engraved by W. Tombleson c.1828. (Photo credit: Wikipedia)

Dr Alf makes interesting points.

The banks, and those who control them, are the biggest risk to the UK economy and the global economy because they are run imprudently, with the risks of default and theft placed firmly on the backs of taxpayers. Also those, like HSBC are, in effect, the launderers of much of the world’s drug money, as they have been since the days of the British East India Company and the original Tai Pans.

These risks cannot be mitigated because the City of London, is a separate, distinct, semi-autonomous fiefdom in the UK and the banks wield too much power there.

John Gelmini

Opinion: Are the UK floods Cameron’s Katrina? Simon-Wren Lewis – Mainly Macro – John Gelmini

An HDR image of Parliament and Westminster Bridge

An HDR image of Parliament and Westminster Bridge (Photo credit: Wikipedia)

I thank Dr Alf for reblogging Simon Wren-Lewis’ article. On this occasion I disagree with Dr Alf’s view about the impact of the severity of the UK’s austerity regime.

For me personally, Simon Wren Lewis is writing nonsense.

The floods and the lack of timely response to them is typical of the way this country handles every emergency, threat or major risk.

Typically, no lessons get learned and the same mistakes are made again and again and again, irrespective of whether the country is doing well economically or not.

At home, I have a biography of Sir Winston Churchill, which I was given for my 8th birthday. In it, there is a picture of the Kaiser walking with Churchillian 1911 and pointing to the widening of the Keil Canal which was subsequently used to try to sink merchant shipping in World War 1 and starve the UK’s population to death.

Before that in the 1850s, we had the MOD issuing left footed boots to our troops in the Crimea.
During the 1930s, when Hitler, financed by Wall Street and the City of London through arrangements made by Hubert Schact, Hitler’s Finance Minister and Jacob Schiff, was rearming, Churchill was the lone voice trying to get the Government to rearm.

The response to the floods is down to misguided spending priorities on overseas aid, warmongering and budgetary malfeasance not austerity.

The £12 billion wasted in overseas aid is a good example of this as is the proliferation of local authorities and local authority workers who need to failed to listen and by 1940 the country was bankrupt.

The floods are not David Cameron‘s Hurricane Katrina and the poor response has to do with misguided priorities like £12 billion gbp in overseas aid, which should have been stopped years ago, £600 million sent to Syria, billions spent on failed IT projects, the NHS, payoffs to failed quangocrats. They are also down to wastage and probably malfeasance in the management of budgets and projects and in the case of Somerset too many local authorities, drainage boards and officials.

John Gelmini

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