You know there’s something deeply wrong with the state of the global economy when American venture capitalist, Nick Hanauer, reaches consensus with Jeremy Corbyn, that if capitalism doesn’t change fundamentally, it will destroy itself.
Havana is a city of dreamers and dreams; of myths and fantasies, where “anything is possible”. But it is also a city that cannot escape a present guided by the dark forces of its past. In essence, Havana is a contradiction that represents the antithesis of the kind of nightmares imposed on it by its superpower adversary 90 miles away.
The principal objective of the UK tax system, in which the poor pay a higher proportion of tax than the rich, is not to improve the collective well-being of society, but to funnel cash – largely through tax cuts – to the corporate elite. This isn’t free-market capitalism in the formal sense, but socialism for the rich – a form of state capitalism – no different in principle to the old statist economies of the former Soviet Union.
Former Greek finance minister, Yanis Varoufakis, claims capitalism is making itself obsolete thanks to the technologies it has produced. He argues that because companies like Google and Facebook are powered by social production, the private means of production are becoming obsolete. He says that Artificial Intelligence will be capitalism’s downfall. If wishing made it so…
It may only have been a fraction of a percent but make no mistake, last week’s interest rate increase was a big deal. It signalled the Bank of England has given up on reviving the economy, having already inflated the assets of the already rich through its dangerous game of monetary policy. Bank and Treasury economists (aided and abetted by the OBR) are guilty of defeatism. They argue that despite their powers, there is nothing to be done.