So, it isn't a banking crisis, it's an oligarch coup.
They were waiting to install austerity and unchecked
financial behaviour for 3 decades provided just the
opportunity.
So. they planned it, they put in place the laws,
and now they're sitting pretty.
You're having a fantasy if you think the banks are
at all moral.
BOSS, The PLAN, THE PLAN, FUCK THE POOR
[0:41]
I always thought that Herve was saying "the plan, the plan"
[0:41]
I always thought that Herve was saying "the plan, the plan"
checkit: rowan's blog
The secret plans for London - Why the financial crisis has in reality been a financial revolution
The financial crisis through which we have all suffered (by 'we' I mean the ordinary man and woman), will turn out to have been less of a crisis and more of a revolution.
Ironically, if you have been in a well-paying job, in banking, consulting, IT, head hunting, recruitment, or any of the adjunct functions which serve the City and the financial sector; or you have been in the professional classes, the law, auditing and accounting; or the tame and timid regulatory agencies, the financial crisis has not really caused much damage to you in the longer term.
Oh sure, you may not have drawn down quite such high bonuses as you were used to enjoying, but you have still been able to continue to live very comfortably. Interest rates have been the lowest they have been in any living memory, and they have remained at neo-negative rates for a long period of time. You have been enabled to trade up in your property purchases, borrowing significant sums of money, leveraged on your existing properties, and in so doing, you have enabled the property market to resist the ordinary impact of the crisis.
To a very large number of people however, the 'squeezed middle', those who are coming to the end of their immediate working lives, but who are still supporting elderly parents, as well as children who cannot find jobs; those who are still able to work and at the top of their skills ladder in terms of knowledge and experience, but who are deemed 'too old' to be employed by an ageist jobs market because they are over 55; those who have been made redundant at the wrong age and thus forcibly retired and who have been living on income from insufficient pensions, and who have watched while the government has squeezed the life out of community spending in the name of 'austerity'; those who work in teaching, nursing, policing, the fire service or any of the other vital municipal service provisions on which our communities rely so heavily, there is no end to the damage that the impact of the financial crisis is causing.
…
And the outcome has been to sweep the whole fucking mess under the carpet in a traditional British way of reconciling these scandals. Essentially, it has been decided that those responsible for the biggest banking crash in living memory, to say nothing of the resultant scams, frauds and other examples of financial skulduggery will not face any kind of scrutiny by regulators or government. The revolving door at the top will go round and former regulators will become bankers, accountants will become regulators, the most egregious will be allowed to slink away with their pensions and their pay-off's, while you and I will be ritually and righteously screwed!
Why?
Because I am slowly beginning to realise it is becoming clearer that the aftermath of the financial crash and its attendant outcomes was not just an accident waiting to happen. It was carefully thought-through by a group of powerful elites who realised that they could use the implications of the mess left behind by Gordon Brown and Ed Balls.
They could begin to dismantle the benefit culture ethos which had undeniably been allowed to spread like a virus under Brown. Brown believed that the City was bringing in the money because he wanted to believe the bullshit the City told him. He, in turn, extolled their actions in after-dinner speeches at the Mansion House, while spending public money like a man with no arms, until even he was forced to realise there was nothing left in the pot, as Liam Byrne so eloquently reminded his successor in post!
By driving out the poor, the indigent and the work-shy and relocating them to other useless towns and cities in the Midlands and the North, they would free-up a workforce in London who would be willing to work for limited or minimum wages and zero-hours contracts, made up very much of European immigrants driven to the UK by the awful financial conditions at home, ready and willing to service the new post-crisis economy planned for the new London.
…
London houses and apartments are a form of money.
The reasons are simple to understand. In 2011, at the height of the eurozone crisis, citizens of the two countries at the epicentre of the cataclysm – Greece and Italy – bought £400m of London bricks and mortar. The Italian and Greek rich, fearing the single currency would collapse, got their money out of euros and parked it some place where government was relatively stable and the tax regime was gentle – very, very gentle. Considering that tax evasion in Italy and Greece was a significant contributory factor to their debt problems, it just seems grotesquely cynical to encourage this kind of behaviour.
But that's what Britain in general, and London in particular, does. The city is essentially a tax haven with great theatre, free museums and formidable dining. If you can demonstrate that you have a residence in another country, you are taxed only on your British earnings.
And the savings on property taxes are phenomenal. The property taxes on New York mayor Michael R. Bloomberg's $20m London home come to £2,143.30 a year. That's $3,430. Clearly, the mayor bought in at the right time. The Google executive chairman, Eric Schmidt, is reported to be house-hunting here – he's looking in the £30m (about $48m) price range. Yet he will pay a similar amount in property tax as Bloomberg does.
