[A-List] Islip Political Newsletter for June 2010
Midhurst14 at aol.com
Midhurst14 at aol.com
Tue Jun 15 03:37:06 MDT 2010
Islip Political Newsletter
Phone & Fax
020 7229 5831
All the Islip lists are merged to provide a daily news analysis plus a
monthly news letter.
To finance this, a minimum monthly payment of £1can be sent to Alliance &
Leicester Sort Code 72-50-06, Account 54525382
Payments will be acknowledged
Hard copies can be sent for a minimum of £5 a year (an amount never
increased since Islip's inception in December 1990)
Thanks to the conjunction of local council voting with the parliamentary
voting, on May 6th, which is always higher, usually advantageous to Labour,
there were considerable gains in the borough councils for Labour, which
gained 415 seats since the last election, increasing its number of
councillors to 2,945 - its best performance since the party's landslide victory in
Labour has also gained control of 17 councils across the country, 10 of
which are in London, bringing the total number of local authorities under its
control to 40.
Most notably in Barking and Dagenham where the BNP were totally wiped out,
restoring a 100% Labour council, Islington where Labour gained a 24 seat
majority and Camden gaining a 30 seat majority.
This is a good base for the fight back to restore Labour to victory at the
next general election, given of course they have a leader totally
committed to ditching the New Labour project; that unfortunate episode, losing the
Labour Party five million votes nationally.
Whatever Chou en Lai meant when asked about the impact of the French
Revolution, he replied “It is too early too say”, it has certainly had a current
response in the minds and writings of the supporters of the “acceptable
face of capitalism”.
For example, the historian Simon Schama revealed his thoughts on the
conundrum in the Financial Times of May 22nd.
The world teeters on the brink of a new age of rage, he wrote, Historians
will tell you there is often a time-lag between the onset of economic
disaster and the accumulation of social fury. Objectively, economic conditions
might be improving, but perceptions are everything and a breathing space
gives room for a dangerously alienated public to take stock of the brutal
interruptions of their rising expectations. The stock epithet of the French
Revolution gave to the financiers who were blamed for disaster was "rich
egoists". In the France of 1789, the erstwhile nobility became regular citizens,
ended their exemption from the land tax, made a show of abolishing their
own privileges, turned in jewellery for the public treasury; while the
clergy's immense estates were auctioned for La Nation.
So we face a tinderbox moment; a test of the strength of democratic
institutions in a time of extreme fiscal stress.
For instance, he went on, The best way to understand the US Tea Party, is
to see it as akin to the Great Awakenings and the Populist furies of the
end of the 19th century. These radio demisers are pitch-perfect orchestrators
of hatred for listeners in bewildered economic distress, he concluded.
These thoughts echo my own as I follow the events in Thailand and Greece,
the latter which I see as a dress rehearsal for revolution, and similar to
the events in Russia in 1905.
In the same day issue of May 22nd the employing class worries and open
concerns were revealed on three different subjects.
For instance, The Palais de Tokyo director advised the thieves who stole
five paintings worth €100mn, "You cannot do anything with these paintings;
return them” Sadly this is not the case. Art is frequently used as collateral
for drugs, weapons and money laundering. One of the most pristine examples
of a free market is the black market
Next, this time on selling short. Politicians hope to prop up the markets
when they attack short sellers, and the evidence from history suggests there
can be short-term gains.
But in the long run, short-selling bans do nothing to stop markets
Short sellers are in the business of betting on falling prices; they
borrow and sell shares they expect to fall in price, hoping to buy them back for
Historically, bans have come and gone since1609, when the Dutch East India
Company complained about short sellers-just seven years after it became
the first listed company.
This week, Germany, banned "naked" short selling in 10 local financial
For the first time it also banned naked shorts and credit default swap
positions on sovereign debt, a way of betting that bond prices will fall.
Yesterday the Netherlands called for similar limits. More may follow.
Finally, When the Senate and House versions of the US finance bill are
finally mashed together, the probability of another crisis will not fall one
jot from where it will always be; 100%. New legislation never works because
it is invariably backward looking-no one knows from what quiet corner the
next monster will emerge. It is a pity US politicians have wasted so much
effort doing the wrong things.
So as I contemplate revolution, and see Cameron and Clegg canoodling on
the front bench for the benefit of all when in fact they have less in common
than they have a mutual interest. Osborne for instance worked in the Tory
head office at the beginning of his political career on developing strategies
to destroy the Lib Dems. I therefore view their antics as window dressing.
as Cameron tries to re-introduce “one-nation Toryism”, and see this only
as a temporary setback to the advance to Socialism, along with our European
allies, here in Britain.
And I shan’t be turning to nitwits employed by Harvard University for
guidance either, since one such luminary can make statements like the one
The ideology of communism is long gone-Joseph Nye-University Distinguished
professor at Harvard.
Almost as bad as Philip Stephens, senior leader writer for the Financial
Times “Anybody but Livingstone” remark and repeated several times.
Another such gem, this time in the field of climate change, in the book,
Turned Out Nice; How the British Isles Will Change as the World Heats Up- by
Marek Kohn, also promising future Britons an apocalypse described as, An
exploding population will lead, for many, to “superdense” living of the
sort experienced in the poorer tenements of Naples or Marseille. Especially
blighted areas will be occupied by climate refugees who work as servants for
the propertied classes. And other such horrors, in an Observer book review
of May 23rd.
All of course against the background of an economy which as The Observer of
May 30th reminded us could be a repeat of the Great Depression.
The bull market on Wall Street began in 1923 and led to an unprecedented
period of share trading.However, by 1929 there were signs of instability.The
bubble finally burst on 24 October 1929. A then record 13mn shares were
traded, with losses as high as $5bn. Worse followed on 28 October when US
markets went into freefall and the contagion spread around the world and the
market recorded $14bn in paper losses. July 1932 reached the lowest point of
the Great Depression. Global unemployment rose for years and it took 23
years for the US market to recover.
It’s also currently about the elephant in the room that is Europe, now
seen in an alarming light by Europhile Will Hutton.
Europe has just six weeks to save the euro from complete collapse.The
future of Europe is in the balance.Europeans need to become more German and if
they don't they should leave the EU.
So we move into a new situation, characterised by yours truly in a May
30th message to Jeremy Corbyn, fellow optimists and MPs who then had yet to
decide on who to nominate for Labour leader.
After a mere 24 days since the General Election, the Laws resignation must
mean the beginning of the end for the coalition. Along with the collision
between the left and right in the Tory party over the Capital Gains Tax,
Cameron must now be finding it difficult to hold the coalition together. The
front running Miliband twerps offer only a continuation of Blairism and the
New Labour Project.
Only the other three candidates, Abbot, Balls and Burnham offer an
opportunity for a break with the past. Let us therefore campaign in the three arms
of Labour Party voting, the unions, constituencies and Labour MPs to make
the best choice.
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Size: 29751 bytes
Desc: not available
More information about the A-List