Saturday, April 3, 2010

Captains of What Industry?

Got to give 'Mad Dog' Maddox some cred for this article:

Scots captains of industry join outcry over 'jobs tax'

Although you can't help but think his Tory loyalties are on parade given there's an election afoot.

This is about Brown's plans to increase national insurance contributions. Two things spring to mind about this: Will the supposed government income from this not simply go to repay the national debt Labour has got us into thanks to the banker bail-outs? Britain needs to increase its manufacturing base drastically, how is taxing workers and business going to encourage that?

There seems to be a widespread focus on what to do about the financial crisis and nothing about what has and is causing it.

Firstly, low interest rates encouraged speculation and has landed us all in debt; government and citizenry - thanks Gordon. By taxing industry and letting the finance sector get rich quick Gordon has finished the job started by the Tories of making other countries' companies more competative than Britain's and so manufacturing jobs have went overseas - thanks Gordon. The bail-outs for the banks and the money printing Gordon has indulged in has deepened the crisis Britain is in hugely. That is why he has a budget deficit.

If you want to fix the problem don't let those who caused it get the chance to deepen it by trying to cover up. Brown is sorely deluded that the finance sector will be back to where it was a few years ago and Britain will 'recover'. The situation the finance sector was in a few years ago caused the crisis and now Brown thinks that spending trillions of citizens' money to bring back a fraudulant, destructive system is a good idea. He's mad.

Is it not ironic that Labour sold out the manufacturing base to enrich the fatcat financiers? Is that not selling your soul? Was the point of New Labour to do what the Tories couldn't get away with?

And let's hear what our captains of industry have to say. First, Jim McColl, the chief executive of Clyde Blowers, which has an annual turnover of £1.2 billion, said:

The government should be trying to stimulate businesses and the economy, and that is how we are going to get out of this economic downturn.

In my view, we should not be taxing more, but cutting waste in the public sector now. I believe it is more than possible to cut backroom waste without hitting front-line services.

Deary me Jim, the problem was started because of government stimulating the economy. Those low interest rates remember? Then to make things worse the bail-outs and the money printing (quantative easing). When governments stimulate the economy you end up with the misallocation of capital and so you get bubbles. This means jobs are created which have no value to the economy and taxpayers and businesses have to pay for these bubbles meaning a loss to the rational, productive, valuable economy. The way to get out of the 'economic downturn' is for government to leave it alone and let the corrections take place. That way you save money and get into less debt. Do our 'captains of industry' really want to beg for some welfare hand-outs? Is this business or crony capitalism he's arguing for?

Sir Tom Hunter gets a little closer:

If businesses are going to lead the country out of recession they need to be allowed to expand and employ more people.

This is generally speaking true but I think Tom misunderstands what's causing the financial crisis. The financial sector is bleeding the economy dry. Until that changes nothing will get Scotland or Britain out of the hole. Business will not be able to expand and more taxes will inevitably come. You've got to starting hitting the target boys.

Another Sir Tom, Farmer says:

Increasing National Insurance costs will be a major factor which will make people wonder about their head counts.

Yeh? And what about the consumers Tom? They're broke thanks to debt; theirs and their governments. You're gonnie be laying people off and the real cause is low interest rates, bail-outs, money printing and in short crony capitalism. I hardly think a hike in national insurance compares to those sins.

Yet another 'business' article where the journo and his sources haven't got a clue. Any businessman would take a hand-out from the government but these guys are supposed to be hard-nosed capitalists. They should be demanding a level playing field and market interest rates to get on with doing business instead of sniffing round the public sector trough.

Then in pipes Willie Haughey, of City Refrigeration:

None of us like paying extra taxes, but those who want to reverse the increase need to show where the money comes from.

A laudable attempt at being responsible. However anyone with half a brain has the answer: Stop giving taxpayers' money to the financial sector and then you won't have to tax jobs and industry.

Wouldn't it be nice if we had 'captains of industry' who understood even the rudiments of economics?

As businessmen the Sir Toms and the other gentlemen have to be respected. True leaders though would know where the economic problems are and take aim. In the debate we have over the economy there is practically nothing of interest coming from the business world, the political world or the media world. Junk economics seems still to be the mantra. Crony capitalism continues unquestioned and ensures that the systemic collapse we are suffering does even more damage before anything sensible can emerge to replace it.

During the enlightenment, when businessmen understood philosophy, economics and other disciplines, we had men of serious standing in our national life epitomised by Adam Smith (above) who was as comfortable socialising with merchants as he was academics. Now, it seems, we have cleverish children of Thatcher.

Mad Dog's article still had to serve up one last morsel. This in regards to Labour's reaction to the opinion of these businessmen:

Scottish Labour last night suggested that at least three of their critics – Sir Tom Farmer, Sir Tom Hunter and Jim McColl – were SNP supporters.

Isn't it admitting the obvious when you have to acknowledge that Scotland's top entrepreneurs are Scottish nationalists? It must really rankle. What a puerile gaggle Scottish Labour are.

Make no mistake. Britain's banks are still insolvent and they'll be back for more bail-outs. They're still selling fraudulant derivatives and speculating wildly in the knowledge that when they lose they'll have the taxpayer behind them.

Brown is driving Britain into the ground. Business must acknowledge that modern economics has been undone. Debt is not capital. You can't have capitalism without capital. We need savings to increase manufacturing and that will only happen when interest rates increase. Don't expect government to increase interest rates given the debt the nation is in. Unless you speak up now Brown and his cronies will destroy Britain's economy.


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