[p2p-research] It's the Economy, Stupid—But Not in Britain

[Michel Bauwens]

As John Robb says, we have reached stage 2 of the post-meltdown period,

1) phase 1: banks bail-outs with public money leading to huge public
deficits

2) phase 2: a 'sea of sovereign defaults'

Neoliberalism was a catastrophe, i.e. wage and income stagnation since 1980,
but extreme neoliberalism will be a magnitude greater .. drops in living
standards from 20 to 40%, our greek brothers and sisters are showing the
way, The era of corporate welfare begun in 1980 is now going to life
support, and emergency services are very very expensive ...

Michel

On Wed, Apr 28, 2010 at 2:00 AM, Ryan <rlanham1963 at gmail.com> wrote:

> "London the most unequal city it the world"
>
>
>
>  Sent to you by Ryan via Google Reader:
>
>
>  It's the Economy, Stupid—But Not in Britain<http://bigthink.com/ideas/19820>
> via Big Think <http://bigthink.com/> by seddonm at verizon.net (Mark Seddon)
> on 4/27/10
>
> Here then is the hidden truth that none of the established political
> parties will tell the electorate in this, the penultimate week in what is
> fast proving to be one of the most unpredictable General Elections in modern
> times. Whichever party is elected, or whatever coalition may have to be
> assembled, the respected and independent Institute for Fiscal Studies say
> that deep public expenditure cuts—of between £47 Billion to £56 Billion—will
> have to be made over the next four-year cycle.
>
>
> Loosely translated, this means that Britain is about to enter into a period
> of austerity not witnessed since the OPEC-induced economic meltdown of the
> 1980s. But Britain will enter this new age of austerity with add-on
> handicaps. For one, the gap between rich and poor has not been this great
> since Victorian times. London is now the most unequal city in the Western
> World. Yes, that means London is more divided and unequal than New York. To
> this may be added the unpalatable truth that our manufacturing base is
> wizened, and our industrial base virtually disappeared. And just before we
> move on from this cocktail of gloom, Britain’s North Sea Oil is about to run
> out, and the banking crisis has left the de-regulated City of London reeling
> like a Highland dancer.
>
> In the heads and hearts, most Britons know this to be true. They also
> understand that they, rather than the greedy bankers or many of the
> tax-avoiding, money-laundering super-wealthy, are about to catch it in the
> neck. Not surprisingly, the main political parties who are keen to paint
> themselves as representing “hope over fear” have manifestly misread the
> national mood, which veers from contempt to outright fury.
>
> Hence the fluidity in the polls, most of which have some pecuniary
> attachment to a vested interest allied to various press barons. Although
> there has been at least a degree of consistency over the fact that the first
> televised debate put the least unsullied of the political leaders, Nick
> Clegg and his Liberal Democrats, in the lead. But overall the Conservatives
> just have it, followed by the Liberal Democrats, with Labour—the ruling
> party—in third place, potentially facing a squeeze.
>
> Since the main parties have only one more week of trying to keep the lid on
> the great debate that should have been taking place—the economy—my guess is
> that the Conservatives will claw back some support, as voter begin to fret
> over what a “hung Parliament” and a coalition Government of back door deals
> might mean in practice. My prediction, for what it is worth, is that the
> Conservative will achieve a small overall majority, Labour will be reduced
> to its heartlands, the Liberal Democrats will do well and there will be some
> major local upsets, not least in Buckingham where I live. Here the Speaker
> of the House of Commons, sullied by his expense claims could yet go down in
> flames.
>
> But if I am wrong, and no overall party emerges the winner, then it could
> be partly due to the fact that all three will have ignored that famous
> dictum from President Bill Clinton: “It’s the economy, stupid!”
>
> Topics: Politics & Policy
>
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-- 
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