The left has been so spectacularly unsuccessful at countering the pernicious effects of neoliberalism, it has allowed its adherents to ride roughshod over history from the 2008 global financial crisis all the way back to the Great Depression.
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.
People in minimum wage jobs today are doing much worse, relative to the well-off, than they were 50 years ago. Recently, one of our readers wrote in to ask us to explain why minimum wage rates have been allowed to stagnate. Steven Hail delves deeper and shares a few reasons why…
If positive social and political change worked top down, we wouldn’t have to make this programme. Sadly, it doesn’t. So at a time when the political class is out of ideas and the corporate class is out of excuses for its behaviour, the job of finding new perspectives and insights and ideas falls to the independent media. As a busy year draws to a close we look back at those people who have inspired and enlightened us in 2017. This is the first of two shows that are a whistle-stop tour around the thinkers, writers, doers and Renegade types we met over the last 12 months.
The original wizard of Wall Street, W.D Gann was a finance trader and wealthy speculator that spent decades investigating cyclical trends in equity market pattens and found that prices could be predicted long in advance. He successfully predicted the crashes in the 1929 and Dot-Com stock market bubbles. And according to his analysis, the US stock market is due for another crash in 2020.