The world is in debt, the UK is in debt… and George Osborne’s answer to the UK debt problem is to help fund those who created it and support the people who own it.
But, just buying into the current economic model for a few minutes, to whom are we in debt?
The answer to this is apparently, “people & institutions”. In the UK’s case that includes funds managed for things like pensions, whose managers have loaned money to government as a sure fire way of getting it back with interest so they can pay our retiring population.
But when we look at the phrase “retiring population” we find another mass of people who own this “debt” and a lot more besides. I do not mean those people living happily on their Post Office works pension and managing one holiday a year, I mean those people whose ownership of massive wealth – from whatever source – has somehow made them constipated and lazy.
Politicians often talk about the “wealth creators”, they even have the gall to refer to “talented bankers” as belonging to this group, based on the idea that they create wealth for this nation. To the extent that they do pay taxes one can just about see where this argument comes from, but it misses the point of why we appear to be stuck in a flat-lining economy.
If you are a multi-millionaire using your accountants to minimise your tax burden and maximise your profits, perhaps from rapid computerised playing of the stock market, then you are a big part of the problem.
Playing the markets is not “work”,
nor is it “wealth creation”.
Sitting on your millions while masses descend to foodbank stamps is the worst thing for everyone, including the wealthy. It is by failing to make the money move and work that you screw the future of the world outside your window…
What would be work is backing those creative people coming up with new growth industries, service and manufacturing, that employ people – and where we stand a chance of that number of employed people being a growing and significant one.
There is work – there is wealth creation, real wealth made by tax paying workers, not some maths juggling in international bond markets.
Once we have our industries growing, based on solid long term investment, then the optimism that Osborne and co. also like to talk about, is generated by the people with their increased confidence and spending power.
Germany and Iceland have their models of re-strengthening investment, we seem to be unable or unwilling to follow their footsteps. My suspicion is that this is because the constipated wealth hoarders are represented most conspicuously in Her Majesty’s government.
Patrick Mercer is not a rare bad apple, he typifies the idea of easy amoral moneygrabbing.
The 80% of the cabinet who are millionaires could very easily set a different example, by putting some of their own money into the SMEs that the banks and Dragons are failing to support. Hey, they might lose the odd £half million – oooh what a problem, leaving only £5+ million to survive on…
But they might find they are successful, and can feel like useful contributors to our society as they do even better.
Constipated rich people.
these are who we should target for the lobbying previously started by the occupy movement.
Let’s give them the runs.