Saturday, December 18, 2010

Bail Out London City or Bail Out Of The UK?

Jim Corr of the Irish band the Corrs isn't pulling his punches (see video below).

Scots should take note. He believes that Ireland's problem is that it ceded sovereignty to the EU. He wants Ireland to leave the Euro and have it's own currency.

Scotland has a similar problems with monetary union. Policies to suit the English economy decimate Scottish jobs and public services. Now with many thinking the EU is in its death throws, Scotland should do the responsible thing and consider plan B.

Corr believes that Ireland is suffering from a top-down engineered crisis and that austerity is damaging helping only the super rich.

The pound sterling has been devalued by 20% against its trading partners and has nothing to show for it. By contrast Germany's unemployment is the lowest it's ever been.

Devaluing currency makes people poorer because you can buy less with the same amount - it's a wage cut.

A currency debate in Scotland is now urgent. Scots want more powers to control taxation but with London printing trillions of new pounds the money we raise in tax in Scotland will be worth less. We need, not just 'fiscal responsibility' but economic independence.

It is not time to bail out The City, it is time to bail out of the UK.


6 comments:

Mr. Mxyzptlk said...

Alex

Um! would that be Jimm Corr noted economic genius or Jimm Corr the noted guitar player.

Alex Porter said...

Mr. Mxyzptlk,

The answer to your question is in the first sentence of the entry.

There are many 'noted' economic geniuses in the world who turn out to be useless like Greenspan, Gordon Brown etc.

Listen to the arguments and make your own mind up. Jim Corr of the Corrs makes more sense than large swathes of corporate economists out there.

You wouldn't be showing deference would you? Now I'm asking rhetorical questions.

cynicalHighlander said...

Maybe Niko should tell us which 'expert' economists forewarned of this crash as there were plenty of other people forecasting it long before it occured.

cynicalHighlander said...

There is war between Wiki and the BofA starting which I posted earlier in the last thread, not your fault I must of gone back without pressing publish. Events will start to accelerate as BofA are getting very worried.

Thanks for all of your postings as it it is most appreciated.

Demetrius said...

Please do not confuse London with England. This has long been a source of misconceptions around the Atlantic Isles. Once you get outside the ring of the M25 the more London becomes detached from the realities of the rest of all the territories. Essentially, it is London that is the problem, as it has been for a very long while.

Alex Porter said...

Demetrius,

As Scots we really shouldn't involve ourselves in English identity too much. If the English tolerate the situation of London that is essentially their business.

I try to understand the relationship of London to rest of England but the fact is that London is part of England - it is part of the English national accounts.

The two are not currently seperable. That is a reality not a misconception.