Can We Really Trust Mark Carney to Run the Central Bank in a Way that Will Help the British People Leave the Recession?

When ex Goldman Sachs man Mark Carney was handed the leadership of the Bank of England, I am sure I was not the only one who had serious doubts over whether he was the right man.
The first reason being that ruthless investment banks were a major player in contributing to the financial crisis. In the lead up to the crisis, there was no investment bank bigger than Goldman Sachs.

Goldman Sachs had been a beneficiary in the trading of food products, whilst it caused prices to fluctuate un-realistically, causing food shortages and starvation in various parts of the world. This has recently been outlawed due to action taken out side of the banking system, by groups such as the World Development Movement. This trading has been outlawed, consequentially saving many lives and improving the life quality of many more.

Traders in Goldman Sachs had been taking home hundreds of millions of dollars annually, but oddly enough never high lighted  the problems that Goldman Sachs and the banks who had followed their lead such as J.P. Morgan, UBS and Barclay's, were inflicting on the poorer people of the world a few thousand miles from Wall Street and the City of London.- So that's my first reason for objecting to Mark Carney. His back ground is totally inappropriate. Are we really expected to believe his policies will give the U.K. stability when he has gained the experience he does have from a company who has made unjustified profits through it's ruthless trading which has caused suffering to innocent people around the world.

Can we really be expected to believe then that fiscal policies controlled by the Bank of England are going to be in the general public's interest? Or is it more likely that the policies and decisions made will be at our expense in order to help the big banks and the corporations they finance and burden with debt?

Currently, low interest rates are creating fuel for a boom in the merger and acquisition market- or the buyout business!
- Of course we are being told the low interest rates are there to help home buyers with their mortgages....But the acquisition and merger market has taken off. Billions of dollars is borrowed by big businesses, private equity firms and hedge funds from investment banks. Adding costs to big businesses in general which will be passed onto the customers of these businesses , if they can afford the increased prices. If not, the customer will lose out and the business may well collapse under it's debts. Large telephone companies, mining companies and pharmaceutical companiesaround the world are getting easy access to cheap credit. Whilst this happens, the investment banks put themselves on the 'payroll' of the business through interest payments they will receive their after on top of the mortgage payments on the debt.

Banks earn fortunes in setting up these mergers and buyouts. The fees will inflate wages and add to bonuses - Even if the bussneses they load with debt at a later date collapse under the load of debtthe banks burden the business with. Which at some stage will be affected by a surge in the rate of interest when the Bank of England raises the base rate.-The rise interest rates which we are continually warned of is going to come soon.

-Any way, I think this explains the current saga with the interest rates. I believe that the low interest rates have little to do with mortgages for homes. They can lend billions to the acquisition and merger deals without the need for retail banking branches. Hence we are hearing of announcements of closures of retail banks now on a regular basis. They don't need them for big investment deals. The big deals are therefore cheaper to do then what are relatively more tedious and time consuming, mortgages for homes.

Mark Carney has certainly not been clear on this. But then I wouldn't expect any one from his kind of investment banking back ground to be particularly clear on any thing where there is a conflict of interest between big investment banking deals and loans for homes.

The Bank of England's fiscal policies have little to do with home owners, though the BBC and much of the other media would have you believe otherwise.

The other concern I have with Mark Carney is that not only has he been given control of the bank of England, but he is also the chairman of the FSB - The financial Stability Board !
You might think that running the Bank of England would be a full time job, but you would be wrong. Regardless of this, there are serious questions which need to be asked of what the Financial Stability Board is actually supposed to do, for the following reason...

The findings of the FSB in a recent report into 'Shadow Banking' is worrying, - but the FSB appears to see no reason for concern......

First of all, what is 'shadow banking'?

What the banking industry's definition of shadow banking is and what it really appears to be, to  real people and genuine unbiased investigative journalists, are two different things. The term shadow banking being fairly appropriate in that it seems that there is a conscious decision that has been made by the regulated banking sector, not to shine too much light on it. Hence leaving it in the shadows!


To be continued....  

Russel Brand......The Right Wing Capitalist Controlled Media's Token '"Loony Lefty"!

Comedian Russel Brand has recently made a film encouraging the'bashing' of banks to go with his recently published book...."REVOLUTION"

 Russel Brand is probably one of Britain's most well known anti-capitalist and anti-establishment campaigners. But there is a reason for this. Campaigners, anti-capitalist, anti-establishment and any journalists who try to give backing to these, -what the right wing capitalists annoyingly refer to as 'leftys' or 'looney leftys' do not get their fare share of exposure by our predominantly capitalist corporation controlled media.

In fact I am sure that the capitalist main stream media use Russel Brand so they can portray the 'left' in the way that the controlling capitalists want the majority of the public to see it.........As the Looney Left!

....When it is merely a trick to confirm to any wavering right wingers, that the left are just a bunch of loonies,..Just as Russel Brand can often appear. This is made easy of course by the fact that he is or at least used to be a comedian.

Whilst the capitalist tabloids will portray statements he makes for example when he likened the current financial system with a vacuum cleaner that was malfunctioning during a BBC interview, which was great for the Daily Mail who recently decided to do some analysis on the interview. To the Daily Mail, it was just an opportunity to make leftys appear loony.

The comment Russel made was when asked for a comment on the financial system..."If my vacuum cleaner went nuts and forced me to live in economic slavery, I wouldn't roll my eyes and say "Oh well!", and humbly do it's bidding. I'd turn it off and f*** it out the window!"

The daily mail apparently brought in an economist to analyse Russel's comments. Professor Chandran Kukathas from the London School of Economics....

The economist's expert knowledge brought the following response to Russel's Vacuum cleaner comment.....
"Is the industry really like a vacuum cleaner?
 How does one turn it off?
 Or throw it out the window?"

I feel that any one with only basic knowledge of economics and finance could have come up with a more in depth response.

How did the idea that the banking system has been sucking in money from every individual on earth in various ways, such as...........................

       i)Through the banks bail outs through the taxes we pay
       ii) Through our losses in property values and other assets. These values were sucked out due to the failure of the system.
       iii)Through cuts to services which are a result of taxes being used for bank bail outs instead of the public services we thought we were paying fo

                                                    ....................go straight over Professor  Chandran Kukathas's head?

It's a shame that for the price of his education he isn't able to see that........

The financial system that is operating today is the same one that failed us. The economic damage it did when the crisis surfaced is simply being ratcheted up and the suffering of the bottom half of economy at the very least is still increasing. And there is no sign of any let up.....and no sign of the U.K., U.S. or the European governments finally recognizing that a plan B needs to be rolled out......As wacky as the capitalists at the Daily Mail and the BBC want him to appear, Russel Brand pretty much hit the nail on the head.

Now, going back to the London School of Economics which is where the daily mail found their economist!

The problem with the London School of Economics, is that where an individual has been educated at this university, you may find that you want to use the word economist in quotation marks. This is because economists who are influenced by LSE may not be what they appear to be on the tin. Although most are unaware of it, including most disapointingly, the students being educated there, The London School of Economics is as supportive of 'free markets' capitalism to pretty much the same degree as the other L.S.E. -The London Stock Exchange. Any comments which you will see which originate from 'economists' from the London School of Economics, at least those comments that make it to the media are almost certain to support the current system.....relentlessly.... religiously!..........

.......Yet most would imagine the London School of Economics to be a place where alternatives are examined. Where young people could be nurtured into a kind of Mother Teresa of the economics world and could eventually create a system which rewarded people for solving food shortages, the problem of immigration and the for ever growing problem of inequality. From what I can gather, the London School of Economics is simply a place where genuine open minded students go to get educated. Probably in the hope, they can make a difference one day in the future. But what actually happens is they are brain washed into believing that the failed 'free markets' system is the only way and there is no genuine alternative.

What the London School of Economics does then, is provide an endless supply of  waffle to back up the biased capitalists who influence our main stream media. This gets used against any supporters of left wing policies which the right wing media choose to give publicity to.......Which is as explained, not very often.

So the right wing press and media only give publicity to 'left wing' activists when they think it suits the right wing capitalists.
-This means that any person who can give a more clear and convincing picture of the state of this and the over all world economy, -the right wing press are likely to give them a wide berth. Although the right wing press are happy to quote Russel Brand's comments on economics in bold black letters, they will be far less willing to do the same with activist and journalist Owen Jones. If the right wing press had given more time to people like Owen Jones in the past, well the simple fact is we would not have a press and media that is dominated by the right wing capitalists,- and that is what they are afraid of!

The corrupt capitalist's biggest threat are people like Owen Jones, who are able to explain the problems we all face in a way we can all understand. The day that people of the likes of Owen Jones  attract the publicity they deserve, will be the time that the new students of the the London School of Economics will begin to realise the choice between the right wing capitalist system and the left wing socialists, is simply a difference of the truth & sustainability.... against deceit and lies backing greed and 'free markets' system which uses fraud to increase wealth within banks, corporations and individuals within governments.

Although the capitalist media may use Russel Brand a representative of the 'loony leftys' he is a supporter of Owen Jones. They have similar views on many issues such as the current dismantling of the NHS by the Tories. But you are probably less likely to see Owen Jones treated in the same way. Owen Jones is definitely no loony. It's probably easier for them to just ignore him and pretend he doesn't exist which is what most of the right wing media tries to do most of the time.

I haven't yet read "Revolution" by Russel Brand, but if you are open minded about the possibilities of an alternative, you might have your views expanded by "The Establishment", the latest book by Owen Jones....

This book clarifies the state of the British media, the way it has been abused for corporate and political benefits and the appalling influence it has had on our country. As well as just about every other problem which has contributed to the current crisis we are in! . If I was to use one word to describe  the picture of the political, corporate and media situation it describes, as being the past few decades to the present in the U.K., the only word I could use is 'devastating.'

I must have read going on for 100 hundred books on economics, finance etc. I think this may be the very best of the bunch. When I get some money together I think I'll buy a few thousand copies and stand out side Eton College and the London School of Economics and give them to all the students free! The students will get a free education and it should pretty much solve all our problems for the future!

Good luck to Owen Jones and To Russel Brand in hoping that their books will inspire others to follow them and discover the truth that many of us are already aware of!