Tuesday, 19 February 2013

Cameron still allowing banks to run havoc with the economy

There is a fundamental malaise with the UK economy. It is dangerously overdependent on a financial sector whose influence essentially has our current crop of politicians in their pockets. The reason why there isn't widespread panic at our current state of affairs is that the figure for our national debt is at a number so large that most people cannot comprehend it. Even Cameron is having trouble coming to grips with it. He had promised to bring the national debt down and had the cheek to go on a conservative party political broadcast claiming to have done so. One can only guess that he holds
the intelligence of the UK electorate in such low regard that he had hoped we would confuse the deficit
(amount borrowed within the year) with the national debt. He was forced embarrassingly to apologise
for this error. It's an open secret in policy circles that economic policy under Osborne has been nothing
short of catastrophic. So what you may dare to ask is  Cameron betting on for the recovery?
Printing more money and his master plan is to allow the financial sector unfettered to carry on with it's
casino like tactics to balance the books. In short he is operating the U.K's economy the same way
Fred Goodwin ran RBS which together with the other major UK banks perpetrated the biggest
financial fraud recorded on the British people. the Long term solution is to start providing goods
that the expanding markets of the Far East require very much like Germany. Unfortunately the short election cycle and the fact that the BBC is complicit with the government by under reporting the extent
of the crisis means that the outlook is bleak. Our first task is to ensure, given financial services account for such a large part of our GDP, that Bankers are operating with the interests of their corporation rather than their personal fortunes. Panorama did an 'expose light' on Barclays showing that regardless of
performance their CEO was raking in £120 million in 6 years! This bonus basically is what dictated the fact that they wouldn't accept government bailout and they even went begging to Gaddafi to rescue them. They are still under investigation for having potentially bribed the Prince of Abu Dhabi Sheikh Mansur for rescuing them using his country's sovereign funds under his own name.
  Hence for recovery we must pressure the government to address this corrosive banking culture. It would be a good start to read and consider signing the petition below organised by the pressure group Avaaz.

Bankers are lobbying hard to keep their big bonuses at our expense. But the EU is trying to crack down. If we push George Osborne to stand by a sensible plan to cap bankers bonuses -- the very greedy payouts which crashed our economies -- we could finally beat the banker lobby! Sign the petition: 

Sign the petition! 
The banks crashed our economies, causing a wave of unemployment, evictions and cuts, but bankers are still raking in massive pay cheques. We have a chance to end this madness in 24 hours, but the British government stands in our way. 

Bankers run outrageous risks, driven by the lure of big bonuses. EU plans to stop bankers getting bonuses higher than their salaries are now being ambushed by George Osborne. Public pressure now can push our finance ministers to take a stand against the bankers’ greed that caused the crash in the first place! 

We have 24 hours -- the bankers’ lobby is massive, but our politicians know they can’t get re-elected if they favour friends in high finance while our jobs and services disappear. Sign the petition to George Osborne and other EU finance ministers now-- which we’ll deliver to Osborne's door and via the media on the day of the talks -- and share it with all your friends across the UK! 


Banks like Barclays keep paying out bonuses worth billions. Many politicians talk a good game about reining in the banks, but then fold as soon as bankers pressure them. The European Parliament has agreed proposals that would prevent banks paying bonuses that are more than their fixed salary, unless shareholders holding two thirds of the bank's shares attend a meeting and agree to override that. Tuesday will see a needle negotiation between the Parliament and EU government representatives. It’s behind closed doors, but right now the UK is trying to get other governments to side with it to block the bonus ban. 

Banks caused the financial crisis and have been caught out in scandals over interest-rate fixing, product mis-selling, and evicting people from their homes. It’s time to get the public policies we need to ensure these outrages can’t happen again. Banks threaten to move abroad if rules are tightened, but this is a bluff, as no global bank can afford to leave the EU. And UK banks say they are changing their culture -- changing their pay and incentive schemes is a necessary part of that. Other, more respected, professions trust their people to work hard without the lure of tripling or quadrupling their salary -- bankers can, too. 

We have just 24 hours to get George Osborne to back off the banking lobby and agree to bring sanity to bonuses. We'll deliver on the day of the meeting, when enough people have signed. Click below to add your voice: 


We’ve done it before - getting the EU to agree to put criminal bankers behind bars. Let’s now go further to tame bankers’ animal spirits.