Opinion – Corporate settlements in the United States: The criminalisation of American business | The Economistinion – John Gelmini

Sketch of Gordon Brown, PM a day or two after ...

Sketch of Gordon Brown, PM a day or two after becoming UK Prime Minister. (Photo credit: Wikipedia)

 Dr Alf is right, the Economist is the defender of the indefensible.

This, in that it acts for the bankers,”masters of the universe” and those above them who created the banking and financial crisis and oversaw the removal of several trillions from the global financial system which were then laundered through 40 different tax havens and literally doubled the nett worth of a tiny plutocracy overnight.

We can see who some of these people are because of the real property and investments they have made but many still remain hidden because they have invested in gold, rare gems, fine art or even their own offshore banks.

In America, many of these people have been caught, tried, found guilty and imprisoned but even there, the really big fish are still at large.

Here the latter day “Robber Barons” walk about with impunity like the fiddling MPs, junketing BBC, NHS and quangocracy executives who get paid more money than ever for wasting taxpayers money, along with top civil service Mandarins, who are given performance bonuses for poor procurement at the MOD.

When the infrastructure company which used to run the London Underground imploded leaving losses of 0.5 billion gbp, the directors were not pursued for wrongful trading or surcharged, let alone investigated during the time of Gordon Brown who was then the Prime Minister.

The “Longbridge 4″ are now living in France, courtesy of the UK taxpayer, and are £44 million gbp wealthier. They too cannot be touched for legal reasons.

The directors of Equitable Life whose salespeople were involved in mis-selling were out of reach.

There are many other cases like this but to the Economist wealth no matter how it is obtained,somehow makes everything fine and as long as no court has convicted someone they hardly ever do), then everything is fine.

The rule seems to be, become a fat cat, fail, steal as much as possible, use a reputation management agency to clean up your image, bank your ill gotten gains, reinvest them into things that make you even more money, acquire more mistresses and live happily ever after.

The rules for everyone else get progressively harder until you become the lowest of the low, a benefit recipient. If you are one of those in my county (Hertfordshire) and you live within the area covered by North Herts District Council, you can expect to be pursued relentlessly if you owe more than £2000 gbp and you can expect to lose your council home and be tried, convicted and imprisoned.

If you are single and have come back from fighting in Afghanistan or are homeless you will be lucky if you are housed or rehoused even if you are maimed and have lost limbs and you may have to go to the newspapers to get any help at all.

The concept of equal treatment under the law has been a joke in this country for some time, yet publications like the Economist, in my view,  want to ingratiate themselves with plutocrats at the expense of everyone else.

John Gelmini

Opinion – Make in India, Narendra Modi to global investors – The Times of India – John Gelmini

English: Narendra Modi in Press Conference

English: Narendra Modi in Press Conference (Photo credit: Wikipedia)

Dr Alf has come up with an accurate prognosis.

Having seen both the Chinese and Indians in operation it is clear to me that China has a plan and is determined to carry it out at warp speed.

100 years of development of infrastructure is being compressed into a decade in China; everyone eats; 650 million people are being taught English; and 25 million new jobs are being created every year.

They might not be jobs that Dr Alf or most of the readers of his blog might want to do but they are jobs which raise the living standards of the people who do them.

When it comes to foreign investment the Chinese know how to attract it and have managed to close a technology gap with the West of 20 years within just 4 years.

The money which this represents is not lying idle it is buying up companies in Europe, America and Australia, building shareholdings in companies like Peugeot and buying key infrastructure like the Port of Felixstowe in Suffolk and the infrastructure company which owns and operates the London Underground.

Much of Africa is feeling their presence as well and they are mining $6 trillion US dollars worth of lithium and copper in Afghanistan.

In Wuxi as far back as 2011 I saw the outline plans the Chinese have to capture more of the global IT/BPO outsourcing market and overtake India which has 60% of this market by 2020.

In Central America, they are building a rival to the Panama Canal in Nicaragua and they are buying up vast acreages of land on which to grow food in Cambodia, Argentina, Brazil because they believe that the world is cooling rather than warming.

India, in addition to the inequalities of income (billionaires at one end and starving “Slumdogs” at the other), has a caste system and so much corruption that when surveyed Indian business people said that the people they would find hardest to deal with were themselves.

South Korea, Cyber City in Malaysia, Singapore and the USA know how to attract inward investment in a way that Modi with all his speech-making could not dream about but when it comes to getting things done he should learn from China and Germany.

John Gelmini