‘What we really need to do is to turn away from extractive, winner-take-all growth to a fair and resilient economy based on distributed power, shared prosperity and democratic decision-making.’
I agree. And it would be nice. But this goes against all the instincts of those in power across the governing and corporate sectors. To arrive at the destination would require these people to sacrifice a lot of their power and wealth, which seems unlikely. They would have to be forcibly removed.
Clearly, the general public does not understand how central banks work. But, the even greater disconnect is how the highly-urbanized mass mind is unable to grasp that ALL civilizations – past and present – are based on a concentrated hierarchy of wealth, privilege, influence and power. All central banks exist primarily to insure the powers-that-be remain in place. In modern society the possession of vast amounts of money has taken the place of the hereditary nobility and aristocracy of old. Those who print and manage the money determine the pyramid of power. You can see it in action right now. The COVID-19 pandemic has pulled the curtain back to reveal the wizard. And, the masses of docile sheeple will do nothing. Nothing. The mass of civilized human beings do not want liberty nor freedom and they never have wanted them. What the mob wants is safety, security, predictability and a feeling of superiority (always based on a variety of illusions). What people can do who honestly want liberty and freedom is adapt their lives to changing conditions. First, and most important, accept the iron law that civilization is meant to be unfair and unequal with the many supporting the few. Lots of good people waste their life’s energy trying to hold back the tide of this truth. Generally, the more self-reliant you are the freer you become. And, the saner your close community, the happier your life. No one is going to give you liberty nor freedom. You have to create these virtues for yourself.
William MacDougall
4 years ago
Just think: we could close half the economy instead of a third, with 4m instead of 2m unemployed… What wonders that would do for capitalism and life????
Why is the government worshipping at the feet of the new God, Professor Neil Ferguson and his Imperial College acolytes? The hysterical outburst it has generated, will result in terrifying economic damage. This was recently brilliantly foretold by Lord Jonathan Sumption, but to no avail. Perhaps the answer lies with Dominic Cummings Esq? The Prime Minister’s intellectual ‘guru’. Despite reading History at Oxford, Cummings despises all Arts and Humanities studies, regarding them as trivial self indulgence. Instead he is an amateur devotee of Science, hence the ‘adoration’ of Ferguson and his ilk. However, perhaps with Machiavellian cunning, he is hoping for 7m unemployed to justify an unprecedented, reform of the Public Sector Finances? This should produce the greatest campaign of “slash and burn” in the Public Sector since Geddes Axe of the 1920’s. Bon chance!
Jon Bosart
4 years ago
And the first change has already suffered a blow by Covid-19, as we’d only just started on reshaping the/our system. By choosing UK self determination, the buck stops with us, here, at last.
Robert Davidson
4 years ago
A first simple step would be to modify the tax code to eliminate the tax deductibility of interest in stages over a few years. This would encourage firms to rebalance their capital structure with less debt and more equity. In return the governments will rebuild their financial position with the extra tax revenue, extracted from those companies that have done the most to destabilise and increase risk in the economy. Not the whole answer by any means, but an actionable step in the right direction.
Patrick Cosgrove
4 years ago
The problem with all the post-COVID scenarios being written about, attractive as they may be in their various forms, is that the necessary combination of intellectual calibre, wisdom and humility are in short supply amongst leaders of the major economies. Can you see Trump, Putin and Xi Jinping having this conversation?
perrywidhalm
4 years ago
While I understand the desire to keep trolls at bay, censoring every comment is one of the primary reasons citizens of the UK are so easily controlled by the State. Freedom of speech can be ugly, cynical and pejorative but those sharp blades are what make liberty possible. Perhaps its way past time for the British people to become active free citizens instead of passive subjects of the crown?
David George
4 years ago
Most will be asking what the problem is and to think, quite rightly, that the whole thing, the way it works, is a bloody miracle. That folk can basically d**k around in an office for a few hours a day, produce nothing of tangible value, and be rewarded with previously unimagined comfort and luxury. A warm dry house to live in, shops overflowing with goods, entertainment, light, heat and water at the flick of a switch, a month of paid holidays, health care and welfare if something goes wrong and so on.
Is it worth it to take the risk, to tip up the table, to take your chances with the “if it ain’t broke fix it till it is” geniuses answer to an apparently non existent problem.
There are real problems however, mostly social not economic. None of this is new; perhaps genuine consideration of the solutions within conservatism is warranted.
“As I try to show, conservative thinking has never been devoted to freedom alone. Nor has the agenda been about economic freedom, important though that was during the debates and upheavals of the twentieth century. It has been about our whole way of being, as heirs to a great civilisation and a many-layered bequest of laws, institutions and high culture. For conservatives our law-governed society came into being because we have known who we are, and defined our identity not by our religion, our tribe or our race but by our country, the sovereign territory in which we have built the free form of life that we share. And if there is another way of staying together in the world as it is today, I should be interested to hear of it.” Roger Scruton. Conservatism, an invitation to the great tradition.
Amy San
4 years ago
What is the economy anyway? It’s not a supernatural force. We (or they) created the damn thing. A maniacal man made machine that we allow to govern and control and enslave almost every facet of our existence. Yes, reshape our existence sounds like a good plan. Live for humanity not the dollar.
‘What we really need to do is to turn away from extractive, winner-take-all growth to a fair and resilient economy based on distributed power, shared prosperity and democratic decision-making.’
I agree. And it would be nice. But this goes against all the instincts of those in power across the governing and corporate sectors. To arrive at the destination would require these people to sacrifice a lot of their power and wealth, which seems unlikely. They would have to be forcibly removed.
I posted my comment (above) before I read yours. Great minds! Maybe you and I should apply for the job.
Power never willingly cedes its control. Ever.
Clearly, the general public does not understand how central banks work. But, the even greater disconnect is how the highly-urbanized mass mind is unable to grasp that ALL civilizations – past and present – are based on a concentrated hierarchy of wealth, privilege, influence and power. All central banks exist primarily to insure the powers-that-be remain in place. In modern society the possession of vast amounts of money has taken the place of the hereditary nobility and aristocracy of old. Those who print and manage the money determine the pyramid of power. You can see it in action right now. The COVID-19 pandemic has pulled the curtain back to reveal the wizard. And, the masses of docile sheeple will do nothing. Nothing. The mass of civilized human beings do not want liberty nor freedom and they never have wanted them. What the mob wants is safety, security, predictability and a feeling of superiority (always based on a variety of illusions). What people can do who honestly want liberty and freedom is adapt their lives to changing conditions. First, and most important, accept the iron law that civilization is meant to be unfair and unequal with the many supporting the few. Lots of good people waste their life’s energy trying to hold back the tide of this truth. Generally, the more self-reliant you are the freer you become. And, the saner your close community, the happier your life. No one is going to give you liberty nor freedom. You have to create these virtues for yourself.
Just think: we could close half the economy instead of a third, with 4m instead of 2m unemployed… What wonders that would do for capitalism and life????
Why is the government worshipping at the feet of the new God, Professor Neil Ferguson and his Imperial College acolytes? The hysterical outburst
it has generated, will result in terrifying economic damage. This was recently brilliantly foretold by Lord Jonathan Sumption, but to no avail.
Perhaps the answer lies with Dominic Cummings Esq? The Prime Minister’s intellectual ‘guru’. Despite reading History at Oxford, Cummings despises all Arts and Humanities studies, regarding them as trivial self indulgence. Instead he is an amateur devotee of Science, hence the ‘adoration’ of Ferguson and his ilk.
However, perhaps with Machiavellian cunning, he is hoping for 7m unemployed to justify an unprecedented, reform of the Public Sector Finances? This should produce the greatest campaign of “slash and burn” in the Public Sector since Geddes Axe of the 1920’s. Bon chance!
And the first change has already suffered a blow by Covid-19, as we’d only just started on reshaping the/our system. By choosing UK self determination, the buck stops with us, here, at last.
A first simple step would be to modify the tax code to eliminate the tax deductibility of interest in stages over a few years. This would encourage firms to rebalance their capital structure with less debt and more equity. In return the governments will rebuild their financial position with the extra tax revenue, extracted from those companies that have done the most to destabilise and increase risk in the economy. Not the whole answer by any means, but an actionable step in the right direction.
The problem with all the post-COVID scenarios being written about, attractive as they may be in their various forms, is that the necessary combination of intellectual calibre, wisdom and humility are in short supply amongst leaders of the major economies. Can you see Trump, Putin and Xi Jinping having this conversation?
While I understand the desire to keep trolls at bay, censoring every comment is one of the primary reasons citizens of the UK are so easily controlled by the State. Freedom of speech can be ugly, cynical and pejorative but those sharp blades are what make liberty possible. Perhaps its way past time for the British people to become active free citizens instead of passive subjects of the crown?
Most will be asking what the problem is and to think, quite rightly, that the whole thing, the way it works, is a bloody miracle. That folk can basically d**k around in an office for a few hours a day, produce nothing of tangible value, and be rewarded with previously unimagined comfort and luxury. A warm dry house to live in, shops overflowing with goods, entertainment, light, heat and water at the flick of a switch, a month of paid holidays, health care and welfare if something goes wrong and so on.
Is it worth it to take the risk, to tip up the table, to take your chances with the “if it ain’t broke fix it till it is” geniuses answer to an apparently non existent problem.
There are real problems however, mostly social not economic. None of this is new; perhaps genuine consideration of the solutions within conservatism is warranted.
“As I try to show, conservative thinking has never been devoted to freedom alone. Nor has the agenda been about economic freedom, important though that was during the debates and upheavals of the twentieth century. It has been about our whole way of being, as heirs to a great civilisation and a many-layered bequest of laws, institutions and high culture. For conservatives our law-governed society came into being because we have known who we are, and defined our identity not by our religion, our tribe or our race but by our country, the sovereign territory in which we have built the free form of life that we share. And if there is another way of staying together in the world as it is today, I should be interested to hear of it.”
Roger Scruton. Conservatism, an invitation to the great tradition.
What is the economy anyway? It’s not a supernatural force. We (or they) created the damn thing. A maniacal man made machine that we allow to govern and control and enslave almost every facet of our existence. Yes, reshape our existence sounds like a good plan. Live for humanity not the dollar.