Saturday, 1 June 2019

Brexit is a £1 trillion con job


Just over a decade ago the British state conjured up staggering amounts of money in order to save the City of London financial sector from insolvency.

This unprecedented tsunami of cash included £200 billion in liquidity support, £76 billion to bail out RBS and Lloyds, £40 billion to bail out Bradford and Bingley and the Financial Services Compensation Scheme, £280 billion in insurance cover for financial sector assets, and £435 billion in quantitative easing.

In 2010 the general public decided to punish Labour for having been in power during the financial sector insolvency crisis by replacing them with a Tory/Lib-Dem coalition (despite the fact that the Tories had been squealing for even more financial sector deregulation even right up until the financial sector meltdown was kicking off!).

The Tories and their despicable Lib-Dem enablers immediately began loading the cost of the bailouts onto ordinary British people via a ruinous programme of austerity fanaticism, unprecedented wage repression, devastating public service cuts, deliberate under-investment in infrastructure, and vandalism of the social safety net.

Meanwhile they continually lavished vast tax cuts and extravagant handouts on corporations and the mega-rich, as they raided the infrastructure budgets of Scotland, Wales, Northern Ireland, and northern England to further boost spending in already wealthier areas like London and the south east.

The consequences of these policies were absolutely dire. The slowest economic recovery in two Centuries, the longest period of real terms wage depreciation since records began, soaring child poverty and in-work poverty, unprecedented cuts to the education system, unprecedented cuts to local government budgets, catastrophically failing public services like the NHS, police & fire service, tens of thousands driven into early graves, the most unaffordable housing in history ...

And then David Cameron decided to gamble the entire nation's future in order to nick a few thousand UKIP votes at the 2015 General Election.

An environment of collapsing wages, insecure jobs, soaring poverty, failing public services, unaffordable housing, and an annihilated social security system was exactly what the Brexiteers needed in order to push Leave marginally over the winning line in the 2016 referendum.

All they needed to do was blame the consequences of these devastating domestic policies on immigrants and the EU, then watch the votes flood in as the Tories and Lib-Dems outright refused to admit the truth, that it was actually them to blame for the living standards collapse, not immigration or the EU.

The austerity fanatics and their vile austerity-enabling sidekicks couldn't counteract the lie without implicating themselves, so they just sat back allowed the lie to stand, and allowed Leave to win.

Britain has been in a state of constitutional chaos ever since, especially so after Theresa May decided to give the British public the chance to get rid of the Tories who created this Brexit chaos in the first place, and instead of seizing the opportunity we decided to intensify the chaos by keeping them in power but without a majority so that the government was beholden to the Northern Irish DUP sectarians and the ERG Brextemists in the Tory ranks.

Hence huge numbers of financial institutions simply giving up on all the chaos and uncertainty in the UK to seek economic refuge in the safety of the Single Market, taking £1 trillion in assets with them as they flee.

Dublin, Frankfurt, Paris, and Luxemburg being the main beneficiaries so far.

So that's £1 trillion in financial sector bailouts. The British people being forced to cover the cost of these bailouts through Tory/Lib-Dem austerity fanaticism. Then a furious backlash against collapsing living standards resulting in the financial sector pissing off out of Britain taking £1 trillion in assets with them!

The saddest thing of all is that millions of Brits remain absolutely incapable of seeing this con go on right in front of their eyes, and it's not just an inability to synthesise information without allowing the mainstream media propagandists to do their thinking for them that's causing people to completely miss the bigger picture, it's an extraordinary level of political forgetfulness.

Remainers flocking to support the Lib-Dems seem to have completely forgotten* all of the Lib-Dem lies, and their red-handed culpability in laying the groundwork for Brexit by helping the Tories wantonly trash our living standards for five devastating years.

It's just four years since the Coalition ended, yet huge numbers of people have apparently already forgotten how appallingly the Lib-Dems behaved, and we're somehow back to trusting them again, despite all their betrayals, despite their austerity-collusion, despite the fact that their entirely unrepentant leader Vince Cable wilfully served as George Osborne's austerity hatchet man at the treasury for five years, and despite the fact he defrauded the UK taxpayer of hundreds of millions by selling off the Royal Mail property portfolio at a fraction of its true value.

If people can't even remember four years ago, what hope is there of them remembering how the very same financial sector that's scarpering with £1 trillion in assets today were the beneficiaries of £1 trillion in bailouts 11 years ago?

So what are the lessons here? 

  • Brexit is a chaotic and ongoing economic disaster.
  • There's nothing patriotic about supporting the diminishment of your own nation.
  • Capitalism has no national loyalties, even to the extent of scarpering just a decade after being lavishly bailed out at the public expense.
  • People are apparently so forgetful the bankers' bailouts are ancient history to them, and they're even back to trusting the Lib-Dems again!


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OR

* = Well, either they've forgotten, or they were actually perfectly fine with ruinous austerity fanaticism all along because they were socially and economically insulated from it. So they've either somehow forgotten it all in the space of four years, or they're a bunch of horrible "I'm alright Jack" wankers who simply didn't mind austerity malice at all because the dreadful consequences always fell on other people, meaning they're exactly the kind of insufferably aloof and uncaring metropolitan elitists their opponents always claimed that they were.

7 comments:

Anonymous said...

I think they're about to do it again. Have you seen this? UK Nat Debt was at $2.2T on the World Debt Clock just before Christmas. Take a look at it now! https://www.usdebtclock.org/world-debt-clock.html

Anonymous said...

The E.U demanded more of Greece's self imposed austerity in exchange for the bailouts. The austerity put in place shrunk the Greek economy each time yet the E.U demanded austerity measures each time

Additionally the E.U bailed out the banks in 2008 a d continue to do so (though obviously not on such a scale). It does seem incredibly likely that the 75% remain parliament is loathe to leave the E.U because they have so much in common with it!

Anonymous said...

Great research - reblogged here: https://truthaholics.wordpress.com/2019/06/06/corporatocracy-austerity-foxesrunningthehenhouse-brexit-is-a-1trillion-conjob/

Gary said...

Thank you. I know it's a small point in the scheme of things but pointing out that the DUP are a party of sectarian extremists is something that is NEVER done, neither in the mainstream press nor on blogs.

For ANY mainstream party to have these thugs onside is truly shocking.

Imagine if the Labour Party did a deal with Sinn Fein?? This would feed into the whole Corbyn/Terrorist Sympathiser smear. Yet the DUP are no better, they just sympathise with DIFFERENT terrorists. Ian Paisley was once interviewed on the radio at the head of an ARMED nigh time march by an organisation which was proscribed within months of the interview. He had no qualms about supporting terror and neither did any of the others. Yet, weirdly, the DUP has never been described as 'the political wing of [insert terror group here]' in the way Sinn Fein was.

May HEAVILY miscalculated when she thought she could 'negotiate' ANYTHING with these thugs. They're used to the bully boy tactics involved in their local politics, not back room negotiations. I've never been a Conservative supporter but May threw away any credibility she may still have had by joining with them.

With this alliance and, in Scotland, with the VERY heavy emphasis on the word 'Unionist' in their name, there has been an attempt to bring sectarianism into British Mainland politics (certainly in Scotland where Sectarianism IS a problem)

This has allowed the Tories in Scotland to take Labour votes they'd never otherwise have gotten. In Scotland we have a problem with sectarianism second only to Northern Ireland. These actions have attracted the votes of the extremists in The Orange Order to the Conservative Party. Whereas Scottish Tories tended to be a bit milder than their English counterparts this influx of extremists is now taking the party further into the mud, and everyone else with it.

With the current political situation I can't see ANY political party winning an outright majority at the next GE and it would be difficult to imagine the LibDems going into another coalition after the last debacle made them unelectable. So would the Tories be stupid (or reckless) enough to do this again??

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