Posts Tagged ‘Banks’

Facing eviction by Christmas, by publicly owned banks with no public service ethos

by Michael Meacher.

When because of the bankers’ crash RBS, Lloyds, Northern Rock and Bradford & Bingley went bust and were taken over by the State, one of the worst indictments of the Blair-Brown governments – copied and exacerbated further by this current Tory government – was that the losses were borne by the taxpayers, but they continued […]

Break up the banks, or face another crash

by Michael Meacher.

Banking was the subject of a House of Commons debate yesterday. MICHAEL MEACHER spoke, and here we publish an edited version of his contribution: The government’s contribution to this debate seemed to me to be almost totally devoid of any new, serious content. The record of the banks over the past five years has been […]

Europe’s debt – a con-trick binding the people to banks

by Tom Gill.

This article was translated by Tom Gill based on the original in Italian at  Il Fatto Quotidiano  by Loretta Napoleoni. From this year Italians have a 45 billion-euro–a-year bill to pay under the EU Fiscal Compact, a budgetary straightjacket binding Rome to 20 years of economically and socially lethal spending cuts and tax rises. It’s time to […]

The Troika’s ‘Men in Black’ and the crime of organised money

by Tom Gill.

Continuing to force states to finance themselves at high-interest rates is just a strategy to justify wage control, the privatisation of public services and, ultimately, to enslave peoples, says Juan Torres Lopez, Professor of Economics at the University of Seville. Spain has once again received a visit from the so-called Men in Black, the Troika inspectors, coming […]

Osborne again shows his preference for uncompetitive capitalism

by Michael Meacher.

So Osborne is still determined to return RBS and Lloyds to the private sector before the election. This is despite all the arguments to the contrary – that the private banking system produced the financial crash in the first place with utterly calamitous results, that no significant measures have been put in place to prevent […]

There’s a hole in his bucket

by Michael Meacher.

It is really bewildering how far the Tories continue to push supply-side economics, and are now preparing to do so yet again even though every such initiative has failed miserably, but deliberately ignore the open goal of demand-side economics. Osborne softened the Vickers bank reform package as a quid pro quo for the banks increasing […]

Why are we still so obsessed with preserving the banks?

by Michael Meacher.

It is sad, tragically if not pathetically sad, that 5 years into this long-drawn-out recession still virtually none of the key lessons have been learnt. It is not about injecting a new morale and spirit of Olympic aspiration into UK economic enterprise after two weeks of glorious athletics achievements. It’s about realising that the financial […]

Labour still not rising to the challenge over HSBC, Barclays, G4S, FTT

by Michael Meacher.

As the disasters one after another, all interconnected via the underlying neoliberal ideology, betoken a real fin de siecle, Labour is still failing to shoot into a wide open goal.   As HSBC is exposed sitting atop a mountain of corruption which bears comparison with the utterly discredited (and destroyed) BCCI, where is Labour calling for […]

Key to challenging power of banks is regaining control of money supply

by Michael Meacher.

The discovery by the Bureau of Investigative Journalism that the financial services industry spent £92m last year lobbying politicians and regulators shows how deeply entrenched the banks have become in the UK power structure contrary to the public interest.   The documents show that that lobbying firepower was used to slash UK Corporation Tax (Osborne caving in to […]

This latest bank crisis leaves several vital questions unanswered

by Michael Meacher.

Since the rigging of the key inter-bank lending rate (LIBOR) has been going on since 2005, why did it require the US Department of Justice to bring this enormous scam to light and why were the British authorities (FSA, Bank of England and Treasury) asleep at the wheel? Why were the top management of the banks so monumentally incompetent, or so wilfully blind, as not even to notice a clue in 7 years?

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