George Osborne’s Olympic Present to UK…

A Big Congratulations to Chancellor of the Exchequer for his latest glory to fame – UK economy still dives deep in to recession.

To borrow BBC’s Economic Editor Stephanie Flanders words, “If the figures are correct, this would be by some measure the worst four-year period for the UK, outside wartime, in at least 100 years – worse than what happened in the 1920s and 1930s, and worse than anything in the 1970s and 1980s

Congratulations once again to George and his buddy David Cameron.

This news is not a surprise at all.  No new infrastructure / construction / industrial projects, no new jobs for anyone, layoffs and job cuts all around, what else can be expected?

Bankers are still getting millions in bonuses and rich get richer day by day enjoying tax reliefs; to add cherry to the cake, this Government has also proposed slashing of Corporate Tax.  The bunch of hooligans increased tuition fees, cancelled child benefits, introduced Granny Tax and Charity Tax.  Did this improve the status of Economy?  No!  Did they learn anything? No!  The vultures are still trying their level best to make like in this country miserable for ordinary people.

If you lot cannot do anything to revive this economy, please resign and get out! At least you will get more time to entertain and get entertained by Murdochs and Rebekah Brooks.

Cameron’s soothing words for the Country – Austerity will last until 2020

Cameron says austerity will last until 2020.

Now, is it a surprise, Mr. Prime Minister? What else can be expected under your “able” rule?

  • No new industries that could offer people jobs and in turn help the economy. What is your agenda? Where is the plan?
  • Unashamed support of financial businesses who backstabbed this country again and again. The last one in this category is from Barclays LIBOR rate scam. Barclays executives hint that Bank of England was aware and even encouraged this practice. What are the steps and how do you plan to control these bloodsucking, cheating, lying bankers?
  • Unholy slavish mentality offered to media barons to benefit from favourable news in media. How come you had time for 26 meetings with Murdoch executives in your first 15 months in Government?
  • What is your Government’s favourite past time? Looks like it is U-turns! I was not aware there were so many!
  • For anything that goes wrong, do nothing but blame old Government. I am not anyway saying Labour were an excellent lot; let’s not get diverted into discussions on internal fighting, WMD, liar’s war calls, bigoted women…
  • How do you justify the Granny Tax while awarding top rate tax cut to the wealthy of this country?

Yet another Banking crisis….

Barclays interest scam is making news in last few days. It has been reported that Barclays rigged the Libor (London Interbank Offered Rate) interest rate to take unfair advantage. It is claimed that Barclays executives published incorrect rates to take edge in market – with full knowledge of their business leads. The scandal has so far resulted in resignations of two senior-most executives; more resignations / expulsions are sure to happen post full investigation.

Even though bankers were accused for so many other things in past, cheating and dishonest to each other were not the prominent complaints. Generally, there is an assumed honour and honesty among thieves on how they will exploit the market. Even that honour is now broken! Damage towards this breach of honour has been calculated to £290 Million and same is fined on Barclays. [How “accurately” honesty has been priced by FSA and CFTC! Rest of the banks can now relax and keep the security ready before commence of next round of cheating!]

Question is – is anyone surprised by what has happened? I don’t think so. Barclays is nothing but just another business, whose primary reason for existence is to make profit. Media has reported that there are a number of other banks who have committed this serious crime.

Success or failure of banks affects the whole economic status of a country. Banks could literally make or break a country, and hence should not be treated with less importance than internal affairs or military of any state.

Given this truth, should this power be vested with private sector – whose primary motive is just to make profit? Are we comfortable to handover military affairs to private companies? If not, why banks? The only solution is state owned, not-for-profit banking SERVICE[….to be completed]

Centralisation of credit in the banks of the state, by means of a national bank with State capital and an exclusive monopoly – Karl Marx, The Communist Manifesto

Few Uneasy Questions…

While Queen’s jubilee celebrations are now a history, few unanswered, uneasy questions still troubles me.

Is the money spent on celebrations – at this time of austerity – justifiable?  Why there is a silence on loss of revenue due to an extra bank holiday?

Mind you, I am neither against a day-off from work, nor against celebrations.  But how can one explain the expenditure to an unemployed youth? How do we justify the loss of revenue – estimated 0.5% knock off on economic output by Mervyn King – to a teacher who was constantly reminded about revenue loss due to his/her strike demanding for their rights?

Vicious Cycle

Just watch the cycle….

Bankers and estate agents on heydays made huge profits – plus bonuses on top – by selling outrageous sub-primes and houses with highly exaggerated prices.When markets crashed due to their reckless and greedy actions, our capitalistic Governments helped those very people who caused the crash in first place! Bail-out packages of staggering amounts squeezed the working class in forms of pay-cuts, austerity measures, pension and job cuts.

The cycle is now getting completed when the bankers are ready for their next year’s bonuses!

Who were the ultimate winners?  Those who created this havoc!

Who took the brunt?  The working class!!

What else can we expect from these capitalistic Governments?!!

This vicious cycle will continue till we wake up and shout against this injustice….