Wednesday, 28 November 2012


47 year old Canadian, Mark Carney, will be gearing up, at least doubling his power, from running the Bank of Canada, the world’s 15th largest economy with 34 million people, to a 5 year contract from July 2013 at the Bank of England – responsible for the money-economy of Britain’s 62 million people, and the world’s 2nd largest financial centre; in the 7th largest global economy.

He is a traditional banker, with a traditional Wall Street and International banking CV, with a typical conservative Canadian background, who studied at Harvard University, then in Oxford, UK. Whether Mark is in the pockets or clubs of Wall Street and The City of London – who between them “lost”* about $3 trillion of OPTM (Other People’s and Taxpayers’ Money) in 2008/09 – will become evident as he exercises his new powers. The first worrying signal is Mark’s insistence on a 5 year, not 8 year contract in London.

Lack of continuity and executives ducking and diving rapidly between institutions to escape responsibility for and the impact of their decisions – while always collecting massive Golden Hellos and Diamond Severance pay and Pension Pots regardless, simply for turning-up wearing a tie – is one of the primary causes of today’s chaotic Greed, Grab and Hide, and screw all friends and neighbours, financial culture.

It will be interesting to examine Mr Carney’s UK contract – which MUST NOT be offshore via tax-havens. If the Governor of the Bank of England won’t pay his full UK taxes – who the Hell will?


The OECD nations make an average surplus of about 1% GDP every year. The UK’s Gross Domestic Product (all the work and goods we in the UK transact) is about $2.5 trillion. The 1% surplus over and above consumption this generates is ($2,500,000,000,000 divide by 100% = $25,000,000,000) or $25 billion. 

Globally the combined GDP is called GWP – it is about $80 trillion a year or $11,500 per head of World population (7 billion people x $11,500 = $80,500,000,000,000).  1% surplus – over and above what we eat and consume, in other words our savings – is $800 billion. In the 30 years since Thatcher & Reagan’s Big Bang (loosely controlled financial markets) our savings should be (30 years x $800 billion = $24 trillion). The “Free Markets” have cleverly enabled all the past 30 years’ surpluses to be “monetised” or turned into cash-liquidity, so our banks and treasuries should be stuffed full of money, namely $24 trillion of capital.


BUT – We are continually told by whining bankers and Ministers that “There is no money. We need austerity. We are all in this together. We must cut back”. 

So where is the $24 trillion from the past 30 years – and the previous 2,000 years’ surpluses from all our human efforts, ingenuity and sacrifices? Is everything we do worthless – do we never create anything of lasting value – are we, the 99.95% of workers all completely useless?

ANSWER – The money is in the tax-havens, which we are asked to believe entirely coincidentally hold $21 trillion in off-shore (outside of our economy) assets. Tax-haven bank accounts now grow by $1 trillion a year – which, coincidentally is about the annual world surplus from all our efforts. But we are not supposed to ask about off-shore funds; or count them in our business plans. They are “Free” and unfettered – as free as the wind – and are or might be urgently needed to buy planes, yachts, fourth homes, private islands and pink-gins for 0.05% of the world’s population – the new aristocrats.

This frozen capital – this surplus from all our work – is therefore not invested into creating jobs for the future. The “owners” don’t need to invest it – they have about one-million times more than they could ever spend – and so are happy to sit tight on their sunny little islands or Swiss mountains – and watch the world starve. They have “acquired” our seed-corn and refuse to replant it.  The capitalists are on permanent strike.

WHY ON STRIKE? They are skilled and experienced capitalists and as such cannot abide to see their wealth reducing. Globally, there is too much surplus cash competing for unearned income, they are all chasing risk-free homes for their ill-gotten gains – so global interest rates are realistically very low. This should mean the value of “cash” paper money, declines – and to counter price inflation, the “money-economy” aristocrats will eventually invest in the “real-economy” – and get the world turning again. Except that – they have come up with another cunning plan. By restricting the availability of capital – by consciously and deliberately hoarding liquidity – by insisting that the trickle of Treasury quantitative-easing only feeds back to themselves – and insisting that governments go bankrupt rather than invest in their communities – and by refusing to allow banks to lend to small businesses (the engine rooms of 60% of all jobs) – they starve the world of cash – and drive up their own buying power. Their capital becomes more valuable compared to Labour /work hours – and the rest of us are increasingly impoverished.

It is this selfish, destructive, insane cycle that Mark Carney and his governing global colleagues have to break – without pitching Britain and the World into a civil war in which the Have-Nots root out the Haves and tax their bank accounts; and without descending into a dark spiral of despair and depression. Is he “one-of-them” or “one-of-us”? The patient, polite British and OECD global citizens will wait and see – but not for long. We have waited long enough already.

With 50% of youngsters jobless – with infrastructure and social services crumbling – with no leadership, vision or hope for the near and far future - polite citizen patience is running out.  Repatriate the tax-haven funds via Back-Duty-Tax-Assessments to homeland banks and Treasuries.     




* The allegedly “lost” $3 trillion that we are all paying via our taxes back to Wall Street and City of London (about $75,000 per household) coincided with tax-haven funds increasing by $3 trillion. The “losses” might simply have been back-to-back transfers, with tax-relief claimed on the supposed losses. The question to ask is – If Wall Street (the whole of America) and the UK, lost $3 trillion; then who made the $3 trillion on the other side of the DR / CR transactions? Where did the contracts go and who benefitted?


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