LETTER TO THE GUARDIAN 5 DEC 2016:
I believe the common cause of angry populism against The Establishment; (Battered EU relieved at reprieve – Guardian 5 Dec 16) is the tacit rage of the 99.5% who continue to be paralyzed by the 0.5% - the global super-rich. Thomas Piketty’s CAPITAL tracks the relentless gouging of wealth from poor to rich, with $32 trillion (80 million jobs) frozen in offshore tax-havens – strangling economies. You report today a single, small example “MP seeks inquiry intoMourinho tax avoidance allegations”. Despite more than 150,000 tax-haven accounts being published by ICIJ (International Consortium of Investigative Journalists), by Christine Lagarde and others, including for example half-a-billion Papandreou dollars in HSBC Zurich; complicit tax-collectors and Treasuries won’t act. US and UK infrastructure visibly needs the $32 trillion; about $3 trillion belongs in the UK. “The People”, the angry, confused, misdirected mobs energised by Trump & Farage, are shifting into revolutionary, even civil-war mode. To avoid violence and chaos, the $32 trillion must be repatriated and wealth must be shared, now.
Noel HODSON - Author
Sci-Fi & Socio-Economics
Mark Carney launched a defense of globalization and set out a manifesto for central bankers and governments to boost growth and make the world economy more equal.
The Bank of England Governor said they must acknowledge that gains from trade and technology haven’t been felt by all, improve the balance of monetary and fiscal policy, and move to a more inclusive model where “everyone has a stake in globalization.”
|WANT & IGNORANCE|
A CHRISTMAS CAROL
Carney’s speech in Liverpool, England, comes amid rising disquiet about the state of the world economy and political status quo that helped propel Donald Trump to victory in the U.S. presidential election and boost support for the U.K.’s exit from the European Union.
Trump isn’t right to favor more protectionist policies in response to globalization, Carney said in a television interview broadcast after his speech. The answer is to “redistribute some of the benefits of trade” and ensure that workers are able to acquire new skills.
“Weak income growth has focused growing attention on its distribution,” Carney said in the speech. “Inequalities which might have been tolerated during generalized prosperity are felt more acutely when economies stagnate.”
Describing the world as facing the “first lost decade since the 1860s,” the BOE governor said public support for open markets is under threat and rejecting them would be a “tragedy, but is a possibility.”
Carney also defended the central bank’s current policy stance. The BOE has faced criticism from politicians after officials took measures including cutting interest rates and expanding asset purchases in August to support the economy after Britain’s June vote to leave the EU.
“Low rates are not the caprice of central bankers, but rather the consequence of powerful global forces, including debt, demographics and distribution,” he said, adding that they helped to prevent a deeper economic downturn.
His comments weren’t all critical, and he voiced support for both U.K. Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond. He agreed with May’s assessment that companies have social responsibilities and praised Hammond’s first step to rebalance the economy in his Autumn Statement last month.