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July 10, 2019


Ralph Musgrave

“Healthy capitalism requires a biggish state not only to provide subsidies to banks…”. Not true.

Certainly the existing and chronic bank system under which banks are allowed to borrow short and lend long, a ploy guaranteed to end on disaster at some point, needs taxpayers to pick up the pieces when disaster does in fact strike.

But as Positive Money, Irving Fisher, Milton Friedman, Mary Mellor and others have explained, there’s no need to continue with the existing bank system. That is, it is perfectly possible to have a system under which those who fund bank loans pay the price when they allow their money to be loaned out in silly ways. That way it’s impossible for banks to fail. The latter system is known as “full reserve” banking.


Anybody acquainted with the work of SUNY Stony Brook economist Stephanie Kelton is aware that the history of austerity programs in government has been the triggering a recession. Recessions are far more devastating for those at the lower end of the household finance hierarchy than it is for the wealthy. Thanks to US fiscal policies, I am far wealthier today than I was in 2007.

It does not take a PhD to reason that Brexit will trigger a UK-wide recession. It is difficult to envision an alternative outcome. Brexit looks far dumber than re-electing Donald Trump in the US, but Boris replacing Theresa seems like essentially the same thing.

Any thoughts that the US "special relationship" will cause the USA to come to the UK's rescue is NAIVE in capital letters. Trump lies to win his "deals." He and the US Billionaire class cannot wait to move in like the vulture capitalist they are to pick the UK clean.

The late writer Hunter Thompson was correct, fear and loathing enables fascism.

David Campbell

Brexit is based on Cargo Cult Capitalism, not on Disaster Capitalism. The Consevative Party firmly believes that they have only to ask, and the rest of the world will start sending Cargo to feed, clothe and amuse the British people. The Conservatives also believe that if they shout loud enough and find the right form of words and the right man to say them, then even the EU will agree to start sending Cargo again.

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