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.
The creation of major asset bubbles exemplified by the rising costs of housing, is a consequence of deliberate Tory government policy geared towards satisfying the asset diversification needs of the super rich rather than meeting the human need for homes for ordinary people to live in. In other words, the key motivating factor shaping government housing policy is not to end the housing crisis, but to bolster the investment opportunities of the rich which will make it worse.
The gradual privatisation of social housing has turned Britain’s housing market into a postcode lottery that unfairly marginalises those who can least afford it. Successive UK governments have applied free market economic principles which have decimated our communities. This week on Renegade Inc we are joined by filmmaker, Paul Sng, and author and sociologist, Lisa McKenzie, to discuss how to stop the great British housing slump.
Contrary to political group think it was actually access private debt not public debt that brought the economy crashing down. But today private debt is again raging and nobody seems to want to address the issue. On the 10-year-anniversary of the Global Financial Crisis, anthropologist and author, David Graeber and former chairman of the now abolished Financial Services Authority, Lord Turner sits down with co-founder and presenter, Ross Ashcroft, to discuss what is preventing us from talking about the taboo that is Britain’s private debt problem.
Central banks are meddling behind the scenes, artificially reflating companies that have not ever made a penny of profit, floating for eye-watering sums. When everybody is thinking the same thing, it is likely that no one is really thinking at all. Co-founder and presenter, Ross Ashcroft interviews investor, hedge fund manager and author of Planet Ponzi, Mitch Feierstein.