Monday, 17 October 2011

Who are the Money Changers?

The occupation of St Paul's Churchyard by this ridiculously named Occupy group poses a question which is difficult to answer. What can be done with people who are persuaded to take this kind of action based on a quarter truth? They state that the global financial crisis was caused by the banks. In truth it is the politicians who must bear the biggest share of the blame. Politicians like Clinton, Blair, Brown and Ed Balls. Clinton because he changed the law in the US not only to allow but also to insist on sub-prime lending and Blair, Brown and Ed Balls for ramping up debt to a truly criminal degree. When local politicians allow their local authority to undertake unauthorised expenditure they are surcharged to recover public money. Unfortunately the same restrictions do not apply to the national government but this is not something that even appears in the charter Occupy have issued today. We also know that if the Occupy members vote they will vote Labour or Green. There will not be one Tory amongst them. They say they will not tolerate making any payment to bail out the banks. Fair enough as I agree that one of the stupidest things Brown did was to bail out the banks. Banks must be allowed to fail and our taxes should have been used to compensate those who would have otherwise lost money as a result of their bank going bust. However we have democratically had to swallow the bank bail out policy of the Labour government and much against my wishes Osborne is prepared to pay more to the IMF to support the eurozone. Unless we cut somewhere else we simply do not have the money and will not be treated as serious about reducing our deficit unless we refuse any request from the IMF. I understand Osborne's dilemma but when someone is drowning do you jump in the water with him and put yourself in danger or do you try to save them from the bank? I guess it depends who is in the water but who came to rescue us when we were in difficulties in the ERM? Nobody and that is why we got out. It did us no harm afterwards and should be a course of action we advise the PIIGS and probably France to take. What to do about Occupy? Make sure that the costs they will otherwise add to Londoners' local taxes for the action they are taking is billed to them and otherwise to point out at every opportunity how ridiculous their so called demands are.    

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