Tag Archives: economy

Daily Headline – 12/05/13

Conservative Lord Young: exploit cheap labour

Lord YoungThe prime minister’s adviser on enterprise Lord Young has told the cabinet that the economic downturn is an excellent time for new businesses to boost profits and grow because labour is cheap.

Instead of trying to improve conditions for workers the ruling coalition is focusing on the positive side to recession, cheap labour and as we all know, cheap labour is good for business and good for profits.

If ever there was a clear sign of the governments callous attitude towards the working class and their lust for profits over people here it is.
Only business owners should be voting for the coalition, anyone else is voting against their own interests.

Conservative = Scum

Daily Headline – 22/04/13

Capitalism and health, a recipe for disaster

Glaxosmithkline logoThere have been many examples over the years and known facts about the operations of pharmaceutical companies so for those who are aware the latest news about Glaxo will come as no surprise at all.

GlaxoSmithKline (GSK) the pharmaceutical giant is in trouble with the Office of Fair Trading (OFT) over paying rival companies to delay the release of new medicines.

Of course the OFT is focusing on its job which is to ensure fair competition which of course is one issue (and one that free market capitalism is not able to resolve, government regulations are vital to ensure, under a capitalism system that competition can thrive).

The second issue and one that too often gets ignored is that businesses like these are deliberately withholding life saving medicines in order to maximise the profitability and lifespan of their old medicines.

How is this travesty of justice not made illegal? How are business allowed to have control of something of such vital importance? If capitalism cannot work in the interests of the people then it shouldn’t be operating at all!

In the short term, bring the pharmaceutical companies under public control, in the long term, abolish capitalism.

For more on the details of this story click here.

Daily Headline – 08/04/13

Is China lined up for economic collapse?

Chinese finance flagAs the developed world is still suffering from the 2007 global economic crisis with austerity the weapon of choice by the ruling elite around the world is China, who though has not been immune to the global effects as demand for Chinese manufacturing declined slightly as belts were tightened, lining itself up for the same?

Chinese banks have long been ‘cooking the books’ and it’s getting worse, credit for loans is available to those with bad credit on an unprecedented scale in China. Just the same as was in the US that kicked off the global recession.

The problem is not just how much risk there is in the Chinese banking sector but ‘risky loans’ being shifted to the lightly regulated ‘shadow banking’ institutions – mainly trust companies, brokerages and insurance companies.

According to Reuters:
Trust assets increased 55 percent in 2012 to 7.5 trillion yuan ($1.21 trillion), according to the China Trustee Association, while funds entrusted to brokerages by banks soared more than fivefold to 1.61 trillion yuan.

Capitalism doesn’t work, western capitalism or Chinese capitalism, it doesn’t matter. Banking, finance and ‘the markets’ are always a catastrophe waiting to happen.

Daily Headline – 05/04/13

HBOS bank execs ran company to collapse

HBOS logoA report entitled ‘An Accident Waiting to Happen’ HBOS (Halifax & Bank of Scotland) bosses have been found to be incompetent and guilty of colossal mismanagement that led to the near collapse of the company that was rescued by Lloyds in 2008/2009.

The report went on to say that even had there not been a global economic crisis the company would have still collapsed such was the ineptitude of the three executives running the company.

HBOS is/was the largest lender of UK mortgages.

The government expects the working class to be responsible but what about the ruling elite?! Where is their punishment and condemnation? Jeopardising people’s savings and homes with absolutely no regard to them at all. Disgraceful.

For more details click here.

Daily Headline – 24/03/13

UKIP; ‘Get your money out of there while you’ve still got a chance’

UKIP full of shitThe moron leader of British political party UKIP Nigel Farage has told Brits to ‘Get your money out of there while you’ve still got a chance’ in a reference to those living in the Mediterranean.

Blaming the EU and suggesting that people should withdraw their money, with the UK in dire economic state should we also withdraw our money?

Maybe we should put it under our bed?

It reminds me of the Chinese woman who withdrew her life savings before the year 2000 fearing it would all be lost because of Y2K only for a fire to burn her home and money all away!

Yes the EU bank levy is crazy but UKIP’s alternative is also crazy!

Daily Headline – 23/03/13

UK outlook ‘negative’

British austerity flagCredit rating agency Fitch has changed the UK’s outlook to negative, setting up a future downgrade.

The Conservatives came to power on the grounds of reducing public debt…

“Fitch said Britain’s lack of growth and growing debt mountain meant there was a “heightened probability of a downgrade in the near term”.”

Failed again tories!

Instead the Conservative/Liberal coalition has blindly followed ideologically driven policies that have no possibility of working out for the country.

Not that they care of course! Their policies are aimed, as they always have been, at making the rich wealthier and the poor poorer.

“Chris Leslie, Labour’s shadow Treasury minister, said: “This is yet another blow to a downgraded chancellor who made keeping the confidence of the credit rating agencies the number one test of his economic policy. What really matters are the economic realities which Fitch are responding to including, as their statement says, ‘the persistently weak performance of UK growth’.””

Indeed Chris but don’t forget it was your party that got us into this mess!

If you are going to go down the party politics route then the top four parties (Con, Lab, Lib, UKIP) can be instantly dismissed.
Though real change is not with party politics, it’s with the people, it’s with dissent.

Daily Headline – 20/03/13

Cyprus rejects EU bailout

Cyprus flagCypriot MPs all vote to reject the EU bailout, the terms had been amended to to save the poor, there would be no levy on savings under €20,000 but still it was rejected.

If you are Cypriot and have under €20,000 of savings in the bank then surely you would have been happy at the deal, the poor wont have to pay for the crises and the wealthier will.

However Cypriots are up in arms! One could assume that the vast majority have more than €20,000 of savings, is Cyprus one of the richest countries in the world?

Admittedly this is coming from the same people who voted not to unite their island while those in the illegally occupied north voted yes!

Maybe the Cypriots would be happy if the 0% line was raised to €50,000 or do they think someone else should help keep their country afloat, can they not accept responsibility for their own decisions?

With the mafia, dodgy Russian money, Greece, Turkey and the EU it’s about time the Cypriots woke up, grew up and took control of their lives, the reality is capitalism doesn’t work, stop keeping it on life support!