Archive for January 16th, 2009

16
Jan
09

Palestine – Blaming the victims

The Israelis have now killed over 1,000 people during the current round of fighting in Gaza. Israel argues that they are responding to continued rocket attacks upon their citizens.

This sounds like a valid reason but Israel continues to expand settlements on Palestinians territory and operates racist policies to carry out ethnic cleansing of Palestinians in Jerusalem. It is difficult to argue that Palestinians should passively accept this.
In exchanges I have had with the Israeli embassy in London they are argue that Palestinian attacks would continue whether they carried out settlement activity or not. Perhaps but there is no way of knowing since Israel never stops expanding the settlements.

To my mind the root of the problem is that Israel considers itself as home to Jews and not to Palestinians. Palestinians, therefore, are considered second class citizens. Consider the use of live ammunition to control Palestinians during the first intifada and contrast this with the extreme care taken not to harm illegal Jewish settlers being removed from Gaza.

I am not claiming that Jews are somehow bad and Palestinians good but that if a society is constructed so that one group of people has all the power then they will abuse that power.

The Israelis consider Israel to be land given to them by God and they consider the Palestinians presence to be a problem. Thus they continue to steal land from The Palestinians while simultaneously blaming them for the conflict.

Now we hear that Israel is insisting that the isolation of Gaza be increased to prevent Hamas rearming as a condition for a ceasefire.

But will Israel also refrain from rearming during a ceasefire?

16
Jan
09

Sub Prime

Below is a link to a Powerpoint presentation with as good an explanation of the current financial mess as any.

sub-prime1

16
Jan
09

Gordon Brown backtracks once again

When this credit crisis really got going “Hank” Paulson, The United States Treasury Secretary created a US$ 700 Billion plan to buy up the “toxic debt”. The idea being that the U.S. government would take on the debt freeing the banks from the risk. The banks would then be able to resume lending. The U.S. government wouldn’t necessarily lose out as not all the toxic debt would default and they may even make a modest profit.

American congressmen didn’t like the idea of risking a lot of government money and it took two attempts to get their plan through congress.

Gordon Brown, the British Prime Minister, then started lecturing everyone about how what was really necessary was to inject liquidity into the banking system. His plan was to give the banks loads of cash so that they could start lending again. Brown postured that he was some kind of economics guru and strutted around telling the world that they should follow his lead. Without too much publicity The Americans changed tack and started giving the $US 700 Billion to the banks rather than buying up the bad debt.

On the 14th January The Daily Telegraph ran a story stating:

“The (UK) Treasury is understood to have asked the investment bank Credit Suisse to draw up a detailed plan for the logistics of creating a bad bank, in a bid to restore confidence in the sector and to kick-start lending to consumers and businesses.”

In effect Brown is admitting that, once again, he was wrong and he will now need even more money to start buying up the bad debt just as Hank Poulson had originally planned.

I am reminded of Gordon Brown’s boast that he had abolished boom and bust. Gordon Brown’s ego is only paralleled by that of Tony Blair. They both strut around the world telling everyone what to do and, infuriatingly, seem oblivious of the fact that everything they touch turns to shit.

The folk lore is that, though Brown is a hopeless buffoon, his one saving grace is that he understands economics.

HE DOES NOT!

It was Brown who helped screw our pensions, it was Brown who let property and stock inflation run out of control and it was Brown who dithered for months before bailing out Northern Rock.

He talks Bollocks and should step down.

But don’t stop there! Sign the petition on the Down Street web site:

http://petitions.number10.gov.uk/please-go/




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