The stock market is completely divorced from the economy and is run by machines.
Everything seems to carry on as normal, as if we are not on the brink of systemic collapse because of manufactured ignorance.
Corbynomics: Osborn is doing loads of cuts. Corbynomics is a resistance to class-based austerity/cuts.
Labour is learning how to deal with systemic economic issues. This is not a direction they’ve had historically, but they have good advisors. Democracy has moved the labour party away from Blairism.
How should we address the crisis? Nationalising the RBS has not helped because politicians are treating it as if it were still private. Politicians must treat this as a political problem. Limits on capital mobility may help deal with the interconnectedness of international banks.
The creation of credit and interest rates must be regulated, which requires measures to prevent flight of capital.
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[Missed a bit going to the loo].
Institutions have a lot of freedom. Technocrats should not have the last say over policy. This is not a way to deal with bad politicians.
Islamic banking is what mutual savings accounts used to be like. It’s hard to manage this because the bank must have capital. The western model is more profitable, which disadvantages Islamic banks.
Osborne is very political and doors not necessarily understand economics. If he delegates cuts to councils, they get the flak.
Corbyn is very popular in the labour party, but less so in the general public. He cannot be or saviour. We must make the case to the general public regarding labour policies. We must speak outside our bubble.
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We must come up with a simple ask to organise a global movement.
Faith groups must work against manufactured ignorance.
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We need a system based on values. Or system is detached from ethical values. The concept of usury must return.
‘Moderation in spending is half of livelihood.’ The problem with the GDP is that it measures only spending.
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Corbyn should re-frame the debate. Osborn has moved away from the city of London to the public sector. We still talk more about the public sector rather than banks. The problem is not the public sector. The finance industry’s dominance threatens all of our security.
