Socialism for the rich

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.

Dear Catalans – A message from the Chairman

Dear Catalans, You are not allowed to secede from Spain. The EU ‘owns’ Spain, and Spain ‘owns’ you. Catalonia is a wholly owned subsidiary of Spain. Spain is a subsidiary of the EU. And the EU is non-negotiable. Vast amounts of capital went into this project; if it fails it will bring down the global banking system.

Jared Bernstein & the cost of not understanding sovereign currencies

Former chief economist to Vice President Joe Biden, Jared Bernstein claims Republicans are hypocrites about the federal budget deficit, pretending to care when the Democrats hold power, shrugging it off when Republicans pass tax cuts for the wealthy. The truth is Republican elites haven’t cared about the deficit for decades, Democrats would do well to do the same and stop claiming to be the Party that “really cares” about the deficit. That politically attractive pose is not simply dishonest and financially illiterate, it is also a trap.

BitCoin will not be our saviour

JP Morgan Chase chief executive, Jamie Dimon, ironically claims that crypto-currency, BitCoin, is a “fraud” that should only be invested in by criminals. Takes one to know one. The financial services giant has spent decades defrauding its customers, and it didn’t need a new currency to do it. Not that it has stopped them from trying to develop one anyway. Dimon is right, in a sense. BitCoin will not be our saviour. But not for the reasons he claims.