Another Five Years of Hell! Week 5: Mansion House Trickery!
Another Five Years of Hell!
Week Five (Mansion House Trickery)
(A week of financial ups & downs but the financial sector score big, as they always do under the Tories!)
I think I want to start this blog by acknowledging the sacrifice hundreds of thousands made on D-Day, 6th June 1944. This was a momentous effort and the sacrifice by so many in order to purge Europe of Nazis and the fascist far right. Unfortunately by installing a true democratic system across Europe you also have to accept a large slice of freedom of speech, not to the extent of that seen in America perhaps, but yes a large helping of “say what you will”. This is tempered in each country with legislation relating to libel and deformation, but on the whole this is one of the greatest gifts to its citizens that came out of World War Two. This gift is used by bloggers, newspapers, cartoonists, magazines, modern media and social media, etc., that in Europe it is tolerated so that one can speak out when things are wrong without being sent to a concentration camp or disappearing without trial. That’s why it is so sad that 71 years on from the start of the end of World War Two in Europe, we now have an increasing number of Fascists spreading like a disease. With deep regret that also includes in our own nation, rebranded for sure, but the far Right is never far enough away in my opinion, with its shadow still looming across the UK even though they got slaughtered in our General Election. Yet they continue to make their presence, their stench of putrid racism felt as we run towards a referendum on EU membership. Added to this our own Right Wing party of tyranny wants to do away with Human Rights Act and we have a toxic mix that does not bode well for anyone that doesn’t conform to the Tory ideal of plebs, of the Working Class being renters on Zero Hours contracts. For the Tories and their mates who believe themselves entitled to rule us, this is the modern equivalent Serfs working the Landowners’ fields, human ploughs in a fast food world! Think this view is a little extreme, then read on fellow tillers of our Master’s soil, fellow plebs in a world now owned by greed focussed, inhumane, care nothing other than profit, friends and owners of the Tory party, yes the corporate entity!
The Tories turned their sight away from the NHS for a few moments this week and decided this was a good opportunity to go after the financial sector. At this point the reader should be aware of how much the financial sector funds the Tory Party, the same sector where many MPs have directorships, non-executive directorships, consultancy status, ‘funding’ streams for MP trust funds, etc. The same sector that is at the forefront & used to fund the privatisation of the NHS and several other assets that should, MUST, remain in public hands and NOT sold off for the very few to become richer. Greed on this scale is absolutely evil and is NOT in the interest of the people of the UK. Have we already forgotten the crash of the world’s economy in 2007 and 2008, devastating countries that even today still fight to recover? It wasn’t the people that caused this crisis; it was the banks, the lenders of money, the financial sector as a whole. Yes people took on too much credit and over stretched themselves but the banks were pushing people to borrow more, have more, buy now, worry later. This was the rise of debt funded consumerism that was completely out of control. Forget the rise of the machines in films such as Terminator, the rise of corporate giants enslaving billions is the real threat of the future, OF RIGHT HERE RIGHT NOW! ! ! !
Even with a level of joint responsibility between lender and debtor, the actual level of debt/lending to individuals was a minor element of the great crash of 2007/8. In reality, in the grand scheme of this crash that we Plebs are still reeling from, the financial sector’s abuse of the money & financial markets was to blame for sure. Wrapping up debt into financial packages that were so complex that, maybe only ten or eleven people in the world could have understood the detail, was the equivalent of the ‘Emperors New Clothes’, making massive profits from spiralling debt was a nonsense and, as we saw, was totally unsustainable. The financial sector was set free by Thatcher and ungoverned by Labour, allowing them to build a world full of debt, a biblical level flood of debt, yet a mere house of cards that completely collapsed. We, the people, the Plebs, are now told we have to go through more and more abuse of Tory austerity because the financial sector broke the bloody world, seems fair doesn’t it – NOT!
In America and Canada the true level of abuse has been brought before the courts and the UK have been following in their wake. Huge fines have been issued by regulators for miss-selling, for fraud on global scales, money laundering, fixing interest rates, insider trading, the list goes on and on and on. To paraphrase the Govenor of the Bank of England, “Immorality & corruption was so accepted in the UK’s financial sector it was actually seen as the ‘norm’, as long as the money rolled in!” In some countries they have imprisoned the Executives of financial organisations for the damage they did to our economies, but in the UK we (37% of you, damn you!) voted in a Tory Government, TWICE! But the best trick of all is that it is the poor that are paying for this gross misconduct, whilst the financial organisations drink Champaign and spend more on one Mansion House ticket than a family of 4 would spend in two months on food. The Mansion House is where the top of the financial sector meet yearly to indulge their hedonistic dietary gorging, compliment themselves on making yet more money, and listen to the Bank of England Governor and the Chancellor of the Exchequer waffle at them. It is the finest and most obscene contrast of those 0.0001% that are disgustingly opulent even by extremely wealthy standards, served by those on minimum wage and zero hours contracts. I hope they pee’d in the soup of those people that broke our economy.
The Mansion House dinner was set in the context of a week where Lloyds had been fined another £117 million for its poor handling of PPI claims and HSBC announcing 8,000 redundancies in the UK, closing branches down and relocating their head office to the Far East (probably Hong Kong). HSBC blamed the additional levies placed on them for being successful, but that’s not why there is a levy, the levy is on all banks if they make over a certain amount, £billions in fact. MY HEART BLEEDS FOR THEM! So at the Mansion House the Governor and the Chancellor, for the media’s benefit, faked getting tough with their audience of financial sector leaders (their speeches being released to the media a whole day before the event – this has never been done and most agree it was to act tough but with no substance – nothing new there then!):
- Phrases in their speeches such as, “the age of irresponsibility is over” and “A stop to the unethical behaviour that became the norm”;
- It was announced that to govern and over see that the financial sector will in future act ethically, there is to be a new regulator with the power to fine, and all people working within the sector will have to sign up to a code of conduct;
- Sounds brilliant and is desperately needed, accept it was made clear that the financial sector will sort this governing board out themselves; they will appoint members and they will oversee their own sector. Yes we are back to the old Tory favourite of forming a financial sector executives’ club to pretend to have governance over themselves. Yes that’s always proven to work in the past hasn’t it – as I said, it was ALL RHETORIC AND SOUND BITES WITH NO SUBSTANCE AT ALL! ! ! ! ! ! ! ! !
- Finally it was announced that the Tories are to bring in new laws to make manipulation of the financial markets illegal (it already is by the way, so what they mean is that they will bring in a new law to make it even harder to prosecute those who should be responsible – no change there then!). I am pretty sure ‘Fraud’ is an offence in law? ! ? !
So it sounds like the Tories were getting tough with the financial sector but as you can plainly see it was nothing but empty rhetoric for the media to push out to us plebs. They have no intention at all of clamping down on the rogue financial sector, protected in the London Square Mile by the Government they have bankrolled, bought and paid for. The financial sector want a return on their money they spent to get the Tories into a parliamentary majority. How do we know this, well there are a few main points people need to take note of:
- If the Tories are so concerned at the unacceptable behaviour, the corruption that has become the norm, then why did they not do something about it 5 years ago when they took power;
- If the Tories find the actions of the financial sector so distasteful, then why do they take huge donations from the financial sector, such as £800,000 from a major shareholder in Wonga;
- If the Tories were serious about controlling the actions and behaviours of members of the financial sector then why appoint these same people to oversee the new conduct and behaviour scheme;
It’s just a farce and is typical Tory, saying one thing, do another, making lots of noise and then doing exactly what they have been fighting against. It reminds me of the Dickensian Artful Dodger, betting you can find the pea under the shell, whilst a pocket-snipe robs your pockets. On top of being robbed you also lose the shell and pea game. In other words a little Tory distraction goes a long way, the rhetoric telling you how tough they are getting with the financial sector and all the time they feed the sector yet more chunks of once state owned assets such as the NHS. The real truth is that they talked tough at the Mansion House and all the time were getting ready for a bribe worth billions, keeping the sector on Tory side. Also announced was the selloff of the bailed out, state owned bank to the financial sector, with the Chancellor admitting the selloff would be making a huge multi billion pound loss to the tax payers original investment. Yes wagging a finger at the sector with one hand, giving them at a huge market discount on the Royal Bank of Scotland (RBS) with the other. By doing this Osborne openly stated/admitted the Tax Payer, whose money kept RBS alive during the 2008 crash, which we have established was caused by the financial sector, will lose £billions on their original investment and equally £billions on the interest we have been paying on the money we loaned from the financial sector to bail out their bloody bank in the first place.
The financial sector bringing our banking to its knees, so we (as a country) had to borrow money from the international financial sector to bail out the banks they nearly destroyed through miss management and GREED! We then paid them £billions in interest on the money we borrowed, and when the dust settled allowed the same sector to buy the bank back at a multi £billion pound loss on our investment to save the bloody bank. But the icing on the cake, the real kick in the crotch for the tax payer is that we, the lowly Plebs, won’t be allowed to buy shares in the first huge sell off round. No the selloff will be restricted to financial sector organisations to start with and perhaps down the line us plebs might get a look in. It is the economy of the corrupt and once again we lose £billions to a Tory sell off to their mates, as we saw with the Post Office! It is the economy of fraudsters, led and motivated only by greed, the stinking super-rich and all orchestrated by the financial sector owned Tory Party. Getting tough with the financial sector, like hell they are, this just shows the contempt in which they hold for us plebs. These rich shites are laughing all the way to the new bank they will shortly own.
I do wonder if Osborne got the job as Chancellor as he was the only one who had a calculator that told him what he wanted to hear rather than the truth, a calculator as perverse as the Tory Party. This hypothesis of the Tory Calculator that only adds things up in favour of the Tory Party, as opposed to the truth, was reinforced with the release, shortly before the Mansion House speech, that the Tories are going to bring in a law that you have to have a balanced budget, and save any surplus made for future times of recession. Yes some countries do this and have been successful at it, but to predict a budget when you really don’t know how much you will be getting in re-revenue, and equally predict how much things are going to cost is simply near impossible on a country size of budget. At best it is educated guess work and at worst it is just completely fanciful guess work, so what is this new Osborne Law about? The countries that do bank a surplus don’t have a law to make this happen, they just save any surplus that may occur. But when you look at the Tory record over the past five years our debt has nearly doubled, and then they still need to find:
- £billions for Trident;
- £billions for HS2 & 3 & even 4;
- £billions for road improvement schemes they promised pre-election;
- £billions for the rail improvement schemes promised pre-election;
- £billions for the continued clean-up of Sellafield Nuclear Power Station;
- £billions for the long term storage scheme for spent nuclear waste and radioactive material produced by the aging nuclear power stations;
- £billions on the new generation of nuclear power stations needed to keep the lights on in the next couple of decades;
Osborne again is just after sound bites as this law to save any surplus and to only have a balance budget is nonsense when you see the money needed for essential projects. This new legislation is only about curbing any future Labour Government plans that show investment in our societies, investment in growth, and not the Tory clamp-down on us plebs so their sponsors get even richer. Yes this legislation is just an attack on Labour and is nothing more than that, as in fact it is the Tories that are being financially irresponsible to a perverse level, insisting on the majority living in ‘austerity’, a method to control us all. The Tories will farm out these incredibly expensive projects to the private sector under new formatted, rebranded PFI Schemes, all of which in the past have been shown by independent analysis to cost the tax payer triple what the project should have costed in most cases, and built usual to a poor standard and quality. The new PFI contracts are so complex no one can understand them and the only ones that benefit are again the financial sector. This is binge time for this sector and they have another five years at the trough to gorge themselves, with the trough being filled by state owned assets, cut up to be consumed, shovelled in by Tories, by Osborne and co. Tough on the financial sector – NOT IN A MILLION YEARS!
I hope the 37% which handed these financial leaches another 5 years or parasitic attack on our nation’s wealth are happy with the outcome. They are as responsible for the demise of the NHS and other state owned assets as each Tory Minister is.
The 63% Who Didn’t Vote Tory
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