So much has happened this past week… and there’s more to come. The following post is a reflection on recent events. I am aware that much of what h

Banks as Collateral Damage in a Class War - System Change

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2023-03-22 13:00:09

So much has happened this past week… and there’s more to come. The following post is a reflection on recent events. I am aware that much of what has gone on is expressed in arcane and often inaccessible language. If readers have specific questions about the current financial turmoil they want me to address, please post your questions in the comments. And don’t be shy. You probably know and understand more than many presiding over the current upheaval...

After tightening Bank of England monetary policy and raising rates in February, 2022, the £575,000-a-year BoE governor, Andrew Bailey, was asked whether he wanted to inflict more pain on workers? His answer was direct:

"Broadly, yes - in the sense of saying: we do need to see a moderation of wage rises. That's painful - I don't want to in any sense sugar that message, it is painful."

Earlier in December, 2021 the TUC outlined the context in which Mr. Bailey argued for futher cuts in the real wages of workers. British workers were already enduring

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