i-Politics: More Austerity For Britain

reblogged from i-thorts' i-Politics

An Extra Of Austerity 

Foreseen For Britain

Alongside the statement on Wednesday, the Chancellor's Autumn Statement on Wednesday, the Office for Budget Responsibility (OBR - the independent fiscal watchdog) are set to tell George Osborne that the Government's efforts to reduce borrowing are in danger.

The OBR are expected to warn this week that the Chancellor looks set to miss his target for bringing down Britain's debt mountain; raising the prospect of more austerity measures.

Unless the Chancellor puts forward further hardship measures, Economists - alarmed by just how difficult it seems for the debt-ratio to begin decreasing in the foretold timescale of 2014-15 and 2015-16 (which Mr Osborne set to reduce GDP) - warn that Mr Osborne's goal for reductions to the gross domestic product were totally underestimated. This means the Chancellor's duel debt-reducing targets are more at risk because of the low growth-estimates and their knock-on impact on the Treasury's revenues.

"When the OBR was established in 2010 I said that the evidence of its success would come when a Chancellor of the Exchequer wished it had never been set up. I think that moment is approaching..."

Sir Alan Budd, chairman of the interim OBR, Sunday Telegraph 02/12/12

As if things aren't bad enough! The outcome being an extra year of hardship is foreseen for British citizens .

Credit Crisis or Banking Conspiracy?

A follow up article to: 
« The Banks In Crisis - A World Bank is in Order »

Last week I said: "Some believe that the double-dip resession was the calculation of the banking fraternity to 'shear-off' money from the public. That the planned sudden shortage of money was designed to effect money markets across the word; that it was engineered to put people into debt. Thereby, obliging countless millions (who have nothing) to those who have the supply of money - banks and money funds. Surfdom by the backdoor, as it were."

I do believe there would be revolution if the people of this great nation understood our banking and monetary system. Some individuals even believe there is a secret cabal of Banks working against the best interests of people of the world.

In Britain at the moment there is a triple-dip scenario (this is the third recession of the credit crisis here). When, on 14/11/12 the Bank of England warned growth might not get back to pre-crisis levels until mid 2015. GDP (economic output) might only rise by 1% next year. Even so, there are still no prospects for the jobless millions.

Back in June, Robert Zoellick, the outgoing head of the World Bank Group, warned the G20 summit that Europe ran the risk of sparking a 'Lehman-style' global crisis - especially for developing nations - for whom consequences might be quite dire.

(The bankruptcy of Lehman Brothers in September 2008 proved to be the trigger for the deepest slump in the global economy since the 1930s. One we seem incapable of shaking free of.

"...prepare for the uncertainty coming out of the eurozone and the wider financial markets" Zoellick told G20 back in June. "Uncertainty in markets is now starting to increase costs for developing countries. The ripple effects are making everybody's life harder."

World Bank President, Robert B. Zoellick

During 2012 high-income country growth is expected to increase by 1.4%; while, growth in developing country is expected to slow to a measly 5.3%. (According to an update in the Bank's June 2012 Global Economic Prospects, the global economy is expected to increase by 2.5% by the end of 2012 and up to 3% during 2013.)

Zoellick said he was concerned that the prolonged crisis was starting to lead to pressures for protectionism and economic nationalism. (Since the financial crisis began, in 2008, the World Bank Group has committed more than $280 billion to its members.)

I feel he was right and that things can only get worse before thet get better.

"Bankers own the earth; take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again..."

- Sir Josiah Stamp, Director, Bank of England, 1940.

If there is a world conspiracy of Banks to keep poor-people poor and themselves rich, it would seem to be working.

Banks in Crisis - A World Bank Is In Order

Some believe that the double-dip recession was the calculation of the banking fraternity to 'shear-off' money from the public. That the planned sudden shortage of money was designed to effect money markets across the word; that it was engineered to put people into debt. Thereby, obliging countless millions (who have nothing) to those who have the supply of money - banks and money funds Serfdom by the back-door, as it were.

If this is so, then what of the banking crisis? More money manipulation? I hazard to think not.

Banking District (Photo credit: bsterling)

Decisions taken by administrative bodies, and their appointed delegates, and civil organizations, all employing a variety of methods, none of which give their customers an opportunity to vote "yes" or "no" for the outcome.

Bankers think they own the earth. Our plan is to take it away from them. The power to create money and control credit should be in the hands of the people; in the hands of a world government run to help the people, not harm them. I want nothing less than to create a world system of financial control in public hands, nothing less than the economy of the whole world.

Who's Afraid of World Government? (Photo credit: Truthout.org)

The power of the internet is so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that it encompasses everything. This world conspiracy of social media has been steadily growing. This conspiracy plays a definite recognizable role in most peoples' lives; and it will become the mainspring of every political movement during the 21st century. At last this extraordinary wellspring from the underworld of the geek has gripped the world's people by their hair and become the undisputed master of commerce. The growth of social media has made it possible to centralize the of world's economic control for the direct benefit of the people and not all current economic groups.

A world financial system dominated by the political system of each country but with a centralized head. Credit controlled by one fund, so everyone has the same chances.

Let Both Coalition Parties Do Battle

reblogged from i-thorts' i-Politics

Prepare for both coalition parties to commence battle.

At the Lib Dem conference (around the end of this month) the party will considers the proposals for wealth taxes. Earlier this months, Nick Clegg  attempted to shape that debate by floating the consideration of a new wealth tax (see Lib Dems Tax Unearned Wealth). 

Nick Clegg addresses the Conference Rally in Bournemouth. (Photo credit: Wikipedia)

Prime Minister David Cameron and Chancellor George Osborne are under growing pressure as their flagship austerity plan fails to stimulate growth.

Osborne is dismissive of Clegg's proposal. He says the top 1% of earners contributes the most. So he will monitor their debate with almost detached interest.

All sides are now spoiling for a fight. Let battle commence.

A Further Drop in High Street Sales

reblogged from i-thorts' i-Politics

British Supermarkets Suffers 

Drop in Consumer Sales

Consumer Spending (Photo credit: 401(K) 2012)

"Supermarket chain Morrisons has reported a dip in sales and profits, blaming the continued pressures on consumer spending...  Chief executive Dalton Philips said the figures reflected 'sustained pressure on consumer spending'." - Morrisons sales and profits fall BBC News.

Morrisons, being the 4th largest supermarket, isn't the only casualty recently hit by the UK Recession.

"Co-operative Group profits fall by a third"
Last updated Thu 23 Aug 2012-ITV NEWS - Tweet 8:07am, Thu 23 Aug 2012

The report by (ITV News a couple of weeks ago) that the Co-operative Group profits fell by one third - due to food sales suffering aggressive competition from other supermarkets - while the banking arm was also struck by the double-dip.