The undisclosed importance of the Barclays Bank prosecutions

Amid the seeming surprise of the Serious Fraud Office opting to prosecute Barclays Bank personnel (at last) there is one particular aspect that we should try to draw attention to.

The BBC says that Barclays may have ‘given’ the money to Qatar to buy its own shares. If Barclays had the money in the first place there would presumably be no reason to give it to anyone – they already had it!

But Barclays didn’t ‘give’ it, they created it.

What should become crystal clear in the prosecution is that Barclays could create the money only by making a loan.

Barclays didn’t have the money but they could create it as a loan for a willing party – out of thin air.

Indeed Professor Richard Werner has always maintained that this is exactly what happened.

The serious Fraud Office obviously thinks along the same lines. Let us hope the fact that it is a criminal trial does not prevent the public from learning that this system of money creation is going on all the time and creates 97% of money in the economy.

 

Fire – how did it come to this?

The devastating fire in North Kensington must have had us all thinking of 9/11. And yet this was a preventable, (in all likelihood) accidental fire in what is supposed to be the fifth richest nation on earth.

Personally I feel deeply ashamed that such an appalling inferno, in which at least 17 people perished, can happen in 2017 and in municipally owned housing in one of the richest boroughs in the country.

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Labour has got to hurry

There is no time to waste when you’re a real alternative government – and that is what Labour has now become.

But they need to sort out their EU strategy. They already seem to have said that they want to have the same benefits outside the customs union as inside it (which seems a tad unlikley) but they too, seem to have bought the meme that free movement of people is a problem. Immigration may have been on Nigel Farage’s infamous poster but it wasn’t on the ballot paper. So the idea that the Brexiteers were all voting against immigration is purely speculative.

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Progress post election- where now?

It used to be said that there are two sorts of Tory voter: the millionaires and the misguided. Now we must add a third to that – the Hard Brexiteer, though some of them are definitely in the misguided category too. It is sad that this bizarre combination is capable of winning elections but it is.

So after Labour’s encourging but still losing result in the 2017 election it is apparent that progressive campaigners are left with two tasks that require prompt attention, especially when another election within a year is certainly possible.

1.Get the voting and constitutional system changed to more accurately reflect the actual votes cast.

2.Teach MP’s, the media and the electorate where money comes from.

This is a very tall order so we have to prioritise. Whilst still a considerable challenge I’d say that money is the easier of the two.

So, we need to write to the mainstream media – I for one complain to the BBC whenever I can when they fail to challenge phrases such as ‘money is short’. I’ve already asked my MP to enquire of the Chancellor where money comes from. It took six months to get a reply and a Treasury minister replied saying I’d asked a question on monetary policy. Even my MP was unhappy at the response and said, if he was re-elected, he would ask again. (He has been, so I’m going to have another go!)

Whilst the true souce of money is an underlying theme on Progressive Pulse, I’m still trying to expand the Jargon Buster – all help gratefully received!

 

No hope – just belief

The central tenet of the Conservative campaign seems to be a beauty contest of personalities with Jeremy Corbyn as chief ogre.

The only Tory plan is austerity, which is largely uncosted. Otherwise there is hardly any plan – and certainly none for Brexit.

Unfortunately the beauty contest has been interrupted by bombings and murders.

Yet, still Police cuts are to stand. Terrorism will be solved with (costless) new legislation. There will be no additional investment in the health service or education. And, although there are less of them than before, 15% more of us are dying in fires – yet the fire service will be cut.

Any personal care at home that was free will now have to be paid for and houses will be commandeered by insurance companies for dementia patients.

And meanwhile, under Conservative economic management and unlike almost everywhere else, we have had an average wage reduction:

 

What an alluring litany of love and hope.

Who on earth wants any of this?

A Conservative vote can only be a vote for self-flagellation.

If by some mischance the Conservatives win, it must surely be proof of rampant Stockholm Syndrome among the electorate, brought about, presumably, by an uncritical and right wing media.

No sane individual could possibly consider the Conservative plans worthy of their support, could they?

But of course it is scandalous that Jeremy Corbyn speaks to crowds and doesn’t always wear a tie.

Jargon Buster – a Start!

Following ideas on Progresive Pulse here and later ideas on the Tax Justice blog I’ve been grateful to Nick Koronka for creating the outlines and I’m trying to start with a new word. And also something that might be a shade controversial to get the Jargon Buster directory going.

Please do comment below and please do suggest other definitions – the most mundane ideas may, I suspect, prove the most difficult to nail…

The actual Jargon Buster page is here  (currently available only to editors and contributors until we get a core of knowledge! when it will be properly public.)

Do please add your comments and suggestions below  – regardless. They can be honed and discussed.

This is my first suggestion, which is, I think, a new word. So it suggests why, if we value our proper lives, we should view the commercial world wide web with an element of circumspection..

Technofeudalism: you’re working for the enhanced concentration of the control of knowledge and software.

In short, it is probably what you’re helping to create – if you are not giving Amazon and Google a wide berth. (Incidentally I like Duckduckgo because it doesn’t track you!)

The Co-operative Bank is not Co-operative at all, but real Co-operative Banking is now possible in the UK

It is a fact not universally acknowledged that the Co-op Bank never has been itself a Co-op. It was a bank originally owned by the CRS as a way of providing economical banking for their own retail operations.
This was a surprise discovery made after attending a recent lecture by Tony Greenham who looks after ‘new’ banking for the RSA.

Continue reading “The Co-operative Bank is not Co-operative at all, but real Co-operative Banking is now possible in the UK”

Policing by consent has become policing by crisis

Who would have thought that the supposed party of law and order, the Conservative Party, would have allowed the morale of the Police Service to sink so low.

And all on the basis of dogma.

That is why military help after the recent Manchester massacre should really never have been required. It would have been not only ironic but a step change in attitude if a principle reason for Britain having an accountable and basically non military and unarmed police, set into stone at the time of the Peterloo Massacre, was transformed by an event less than a couple of miles away in the Manchester arena. Yet up to 31 March 2015 Greater Manchester Police experienced the largest decrease in police numbers of any Police Service in the UK for that year (the last for which figures are available).

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