No, of course the UN isn’t left wing. Nor Ding Ding Loonie, not at all

These developments were the result of nearly 40 years of free market economics and what is increasingly seen as the depredations of “hyper-globalisation”.

In the now all-consuming British debate over Brexit – a rupture with the EU caused in part by austerity – it is important not to lose sight of the bigger picture. The catastrophic collision between Anglo-American de-regulation, the crash in the financial markets it engendered, and the strictures of German and Eurozone austerity sent a firestorm through southern European economies that should never have been allowed to join the single currency in the first place. And it has helped fuel populist movements on both left and right.

Despite some of the EU safeguards, hyper-globalisation has encouraged an explosion in debt, a continued fixation with short-term profit, and a failure to invest in long-term productive manufacturing – all largely to the benefit of the top 1%, today’s greedy and gross super-elite. Not only do we know that the catastrophic collapse in the Anglo-American financial markets resulted in precisely not a single banker being held accountable – but today it is still largely business as usual for the banks. Ironically, EU competition law that largely prevents state bailouts or nationalisation, was suspended in the case of the banks, who had trillions thrown at them or which were nationalised, courtesy of the taxpayer.

A report published by the United Nations Conference on Trade and Development next month identifies some of these corrosive trends and suggests ways of reordering the world economy.

Err, yes.

Mark Seddon is a former UN correspondent for Al-Jazeera English, and speechwriter for the UN secretary general Ban Ki-moon

12 comments on “No, of course the UN isn’t left wing. Nor Ding Ding Loonie, not at all

  1. but today it is still largely business as usual for the banks. Ironically, EU competition law that largely prevents state bailouts or nationalisation, was suspended in the case of the banks

    2× “largely” = broad assumptions that suit my argument and I’m too idle to check.

  2. WTF? Southern Europe is the fault of the Euro. Has nothing to do with Anglo American financial deregulation.

  3. Whenever you read something with the word “economy” in it, re-read with the word “weather” in it and see if it still makes sense. “economy” is the result of trading interactions between people just as “weather” is the result of meteorolgical interactions between air and water. Trying to “run” the economy is in a similar category as trying to “run” the weather.

  4. This makes almost as much sense as something written by Snippa or DBCR. Brexit caused by austerity? WTF!!!!!

  5. ‘It also needs new leaders of the calibre of Delors. He was a wise man, an instinctive social democrat and an internationalist’

    That anyone can write this defies anyone’s ability to satirise it – I have to take my hat off to Tim – you have found someone who makes Aditya Chakrabortty look like Peter Bauer. Just beyond tin foil hats…. Barking – absolutely barking.

  6. ‘Anglo American financial deregulation’

    The Lefttards always call re-regulation DEregulation.

  7. ‘It also needs new leaders of the calibre of Delors. He was a wise man, an instinctive social democrat and an internationalist’

    It is the last part they are most interested in. Despise your own culture and instead yearn to be part of some sort of ‘other’, the more ill-defined the better. Brexit was more a reaction to this than ‘austerity’.

  8. So in one paragraph he mentions forty years of free market economics.

    In the next he mentions the fact that a recent change had been Anglo-American de-regulation (sic – deregulation is a word in itself – didn’t the Guardian used to have a style guide?).

    So during that forty years, there was regulation.

    So therefore this was not a free market economy, because there was regulation of the market, even if this was then withdrawn – and even the withdrawal could have effects that would not have occured in a free market.

    Guy can’t even put together a coherent argument. I think I can happily ignore him.

  9. “a continued fixation with short-term profit,”

    And when Amazon invest all its profits to ensure long term growth they complain that it hasn’t paid any tax.

    Anyone who complains that we in the west, especially the Anglo-Saxon countries, are in an economic mess needs to be dropped in to the middle of Africa without money or technology.

  10. Dear Mr Worstall

    This is the same “corrosive” economy that has helped thousands of millions of people lift themselves out of abject poverty in the last few decades, an achievement that the UN itself has singularly failed to do throughout its entire existence.

    Instead it:

    “… identifies some of these corrosive trends and suggests ways of reordering the world economy.”

    In the style of Venezuela?

    Doubt the greedy UN elite would suffer anything more than dyspepsia.

    DP

Leave a Reply

Name and email are required. Your email address will not be published.