tag:blogger.com,1999:blog-2579189847356587096.post4628469438072810030..comments2024-02-14T11:30:29.227-08:00Comments on Facts For Working People: Momentum, Corbyn and the Labor Party. Opportunity for British WorkersRichard Mellorhttp://www.blogger.com/profile/00997976754939725087noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2579189847356587096.post-4527281209766642742017-07-08T06:04:14.395-07:002017-07-08T06:04:14.395-07:00One issue I take is the definition of 'The Est...One issue I take is the definition of 'The Establishment'. As far as I see it, a Corbyn led social democratic government is not a real threat to the 'Establishment' as was. (I.e. royalty, the aristocracy, church and judiciary.) The threat is posed to what has replaced it - corporates.<br /><br />Northern European, or Scandinavian countries have succeeded with social democratic governments and, without the constraints of our imperial controls, we could be equally as successful! <br /><br />The issue is the Nuevo Imperialists, multinational corporations, who have no national allegencies. The bourgeoisie of old have been subsumed into the neoliberal ideology having had it forced upon them, just as it has the rest of us! <br /><br />Corporatism is the new name for fascism! And it's all cloaked in 'trade deals'. <br /><br />Since Thatcher thrust Hayek's book onto the cabinet table and declared that "this is what we believe!", the doors opened to the demise of democracy. The crushing of unions, deskilling of our labourforce, haemorrhaging industries and the fragmenting of society, not to mention the revocation of the post-war agreement through the dismantling of the NHS and the welfare state, the goal of neoliberalism was to end democracy! <br /><br />Our struggle is to reign in the power of the corporates. Make democracy count again. And yes, it is almost like starting again from scratch! Psychjimhttps://www.blogger.com/profile/05076312140391964156noreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-68317884646706477162017-07-07T10:16:51.491-07:002017-07-07T10:16:51.491-07:00I think we really need to be calm and sensible abo...I think we really need to be calm and sensible about shifts in currency exchange rates. They aren't about shadowy conspiracies to destroy democratically elected governments. They are simply a market assessment that the UK may become less of an ideal place to store wealth. If we get a shift in the exchange rate then we need to take it on the chin and see it as an oportunity to rebalance our economy towards exporting goods and services to buy the imports we need rather than using capital inflows to fund our imports. Afterall countries such as Japan and Switzerland actively depress their currency exchange rates because they value jobs and building expertise. stonehttps://www.blogger.com/profile/16420341212847543229noreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-91003421579708853802017-07-07T10:16:00.583-07:002017-07-07T10:16:00.583-07:00This comment has been removed by a blog administrator.stonehttps://www.blogger.com/profile/16420341212847543229noreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-38868838865094110462017-07-07T05:17:37.298-07:002017-07-07T05:17:37.298-07:00But there is no linear relationship between moneta...But there is no linear relationship between monetary expansion and Fx depreciation. If there was, then monetary expansion would result in predictable Fx movements which it doesn’t. For example, the monetary expansion under the BoE QE program was announced in advance and yet there was no predictable change in the sterling Fx rate . There is in fact no data showing that monetary expansion results in Fx depreciation.<br /><br />In any event, imports are generally paid for in the currency of the importing nations so it’s the seller who largely takes the hit on Fx depreciation of the currency they receive in payment. And the currency issuer can always afford anything which is for sale in the currency it issues including imports, regardless of the Fx rate. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-23374278697083388892017-07-05T12:11:20.721-07:002017-07-05T12:11:20.721-07:00But no, there can still be a run on it. The issue ...But no, there can still be a run on it. The issue is not sterling supply but price. Brennerhttps://www.blogger.com/profile/16923211946400245529noreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-17752477746139285382017-07-05T12:07:13.182-07:002017-07-05T12:07:13.182-07:00I think the comment above misunderstands the condi...I think the comment above misunderstands the conditions affecting sterling - not constraints on supply but risk that the price falls - against other currencies and against other commodities, hampering imports and causing inflation. That's where index fixed wages, popular engagement in calculating real cost of living rises and where necessary price controls might come inBrennerhttps://www.blogger.com/profile/16923211946400245529noreply@blogger.comtag:blogger.com,1999:blog-2579189847356587096.post-91698532015311900672017-07-02T03:56:34.508-07:002017-07-02T03:56:34.508-07:00A Corbyn led government will no doubt face huge re...A Corbyn led government will no doubt face huge resistance from the capitalist class as outlined. However one problem such a Left government won't face is a shortage of sterling. Britain is the money issuer of a floating currency and therefore faces no financial constraint within that currency. The UK doesn't need to tax or borrow in order to obtain it's own currency. It spends sterling into existence and then taxes it back out of circulation in a continuous process of money creation and destruction. And the UK issues government bonds as mechanism to control the interbank interest rate, not becasuse it needs to borrow it's own currency from private sources. At a macro currency issuer level the currency is simply a tool to measure and allocate the real resources produced by the working class through its labour.Anonymousnoreply@blogger.com