
Rachel Reeves, the pound shop George Osborne
She is beholden to bankers
“There are no good arguments for why the Bank of England should not follow the ECB’s example — except that the City bankers would not like it.”
Just look at Reeves’s predecessors. Before Philip Hammond’s promises, George Osborne and Alistair Darling legislated that the Bank of England could print money for the bankers but not for households — against the advice of the not-exactly-Leftist IMF. And now Rachel Reeves has decided not to legislate away the stealthy BoE subsidy to the bankers, adopting instead their inane, self-evidently self-serving arguments. Chancellors, in short, cannot hide their responsibility behind a distortion of the notion of central bank independence.
Taking a broader perspective, ever since Margaret Thatcher vandalised Britain’s ailing heavy industry and replaced it with a vicious financial system, it was only a matter of time before a global financial crisis would bring Britain to its knees. Following the 2008 crash, overgenerous money printing for the bankers and austerity for everyone else trapped the UK into a low-wage, low-productivity, low-growth, low-take-home-pay, low-rent equilibrium. That is why, for a while now, Britain has felt like an advanced rentier society that has run out of rents.
But let’s be honest. Labour was never going to fix Britain’s broken business model. Nothing in their manifesto warranted any such hope. Nevertheless, it isn’t too much to expect minimal levels of competence and enough courage from a new Chancellor to rescind an annual handout of £34 billion to bankers already flash with taxpayer cash. Alas, overpowered by an urge to be accepted by the City, Blackrock and the Davos crowd, Reeves has fallen into a trap of her own making.
John Kenneth Galbraith once quipped that “[t]he process by which money is created is so simple that the mind is repelled”. Today, it is hard not to be repelled by how Britain’s scarce fiscal resources are sacrificed on the altar of the Chancellor’s cravenness.
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of The Liberty Beacon Project.
Leave a Reply