This makes sense, yes

And this matters, enormously. The whole essence of shareholder capitalism is that there should be appropriate checks and balances so that the shareholder’s interests are protected. But when the real owner of an entity is literally unidentifiable by the entity itself, and also by that real owner – and that is now the norm- then this logic fails, completely. Not only is there no accountability by corporations, but the real shareholders do know that they can, or should, hold the entity to account. The whole logic of shareholder capitalism fails.

Therefore the entire economy should be run by some bloke in Ely by civil society.

Most amusing

Graham says:
January 19 2020 at 6:52 am
Keynes asked what do you do when the facts change? What facts have changed to turn remainers like May and Javid into hard leavers? Johnson has no principles so no mystery there. But the others, are they all simply opportunists devoid of all integrity?

Richard Murphy says:
January 19 2020 at 8:37 am

And the facts did not change

Their career opportunities did


The Observer on money

They never do quite seem to get it:

and Tesla’s value neared 27.2 times its earnings, according to Bloomberg. For comparison, General Motors trades at a multiple of 2.6 and Ford at 2.3.

Don’t think so. Revenues perhaps, but not earnings. Ford had sales of $160 billion perhaps, with a market cap of $40 billion.

Sure, we can mutter that earnings is what is earned and thus is indeed revenue but that’s not how the words are used in matters financial, is it?

And the idea that a car company should be at 27 times revenues……

Who knew Brenda could be so arch?

English English is it’s own little language. It’s something of a surprise still to find those writing the English newspapers not quite getting it:

In a rebuff to critics of her granddaughter-in-law, the Queen added that she was “particularly proud of how Meghan has so quickly become one of the family”.

I take that as Brenda being very arch indeed. That is, this is not a compliment.

El-Twatto on the weekend

There is, then, to be a hard Brexit. Any pretence to the contrary has gone.

It is exceptionally difficult to understand Javid. What he is saying is that although the world is now very obviously dominated by just three markets, with the standards of at least one of which business has no choice but comply if it is to compete on an international stage, the UK is to go it alone with its own standards which will not comply with those of any of these markets.

Lessee now.

So, British standards will be different. That means that any foreigner wanting to sell here must abide by British standards. Which most won’t bother with because a tiny market. Which means that most foreign competition will now be removed from the British market as it doesn’t meet our standards.

Snippa complains about this presumably?

Such a surprise

Like 130,000 or so other Britons this year, Brian Buller, 37, has gone vegan this January. His motivation to sign up for the so-called Veganuary was the supposed health benefit of a meat and dairy-free lifestyle. However, more striking that any pounds being shed on the scales has been the pounds being taken from his wallet.

“My usual bi-weekly food shop would’ve cost me around £45,” Mr Buller a student at the University of Manchester, said. “My latest shop was just over £64 and didn’t include that much fresh produce, either.”

You might even think that animal products were a cheap source of protein and fats.

Nick Griffin was correct then

No, obviously not about everything. But about one specific thing:

A senior police officer admitted that his force ignored the sexual abuse of girls by Pakistani grooming gangs for decades because it was afraid of increasing “racial tensions”, a watchdog has ruled.

After a five-year investigation, the Independent Office for Police Conduct (IOPC) upheld a complaint that the Rotherham officer told a missing child’s distraught father that the town “would erupt” if it was known that Asian men were routinely having sex with under-age white girls.

The chief inspector is said to have described the abuse as “P*** shagging” and to have said it had been “going on” for 30 years: “With it being Asians, we can’t afford for this to be coming out.”

Memory is not what it could be, but didn’t Griffin say this on TV once – Question Time? – and get roundly slagged off for having done so? I’ve even some vague thought that they were talking about this back in 2004/5.

Fair enough Mr. Farron

The conclusion: nothing is certain, and there must be a future path back to a non-Tory government. This will involve luck, but also a decent amount of design.

Two main obstacles block that path.

First: the “Scottish problem”. The last Labour government held 41 Scottish seats; today the party has one. The SNP’s rise has helped the Tories in two ways. Tory opposition to independence detoxifies them for “unionists”; and more importantly, the SNP’s strength in Scotland blocks a UK Labour majority. The Tory trump card is that the only alternative to a Conservative majority is a ragtag Labour-led coalition, with the nationalist tail wagging the dog and demanding the dismantling of the UK.

And why should the English be ruled by the Scots?

Independence now therefore.

This is great

We’ve spent a long time trying to tell each other that skin colour, sex (or gender) don’t matter in vast areas of life. Including who governs. Apparently this is incorrect:

Sanders is the most progressive and revolutionary candidate on the merits, these folks argue, so the fact that Warren is a woman – and similarly progressive – can’t matter. The insistence that an elderly white man’s socialist revolution will better address my 21st-century black feminist gender concerns is textbook white liberal paternalism. How will Sanders white masculinity affect and inform how he governs? This is a question that we should get to ask. Being progressive doesn’t mean that one’s race or gender ceases to matter in one’s leadership style and prerogatives, especially not in a world where gender and race are always presumed to matter for how women and people of color will govern.

Oh, so gender (or sex) and skin colour do matter when governing. Therefore we should be taking both into account when we elect someone.

So, far I’ve just repeated what she’s said. Not changed it at all.

But what’s the implication of that? That the way birds and melanies* will govern is different precisely because they are birds and melanies. Which does mean that we’re all now allowed to not vote for them, to deliberately vote against them even, on the grounds that we don;t want to be governed the way that birds and melanies would.

Which isn’t what she wants to say at all, I’m sure, even as she is saying don;t vote for Bernie ‘cuz he’s white and a man.

*Those endowed with the superpower of extra melanin


I struggled to see themes in this morning’s news that were initially worthy of comment. Then I realised that is almost certainly deliberate.

Because Snippa’s a bit slow this morning it must be a conspiracy

The UK is set in course to leave the EU in two weeks time. No one has ever successfully explained why we are so desperate to depart the single market and customs union, most especially given that the former was Margaret Thatcher’s creation, which is a point the Tories seem keen to forget.

Because we want to have free trade with everyone, not just with the countries of Europe. That means being outside the tariff barriers that the EU imposes.

There’s no damn mystery here

Putin’s new PM Mikhail Mishustin accused over unexplained wealth

There’s nothing unexplained about it at all.

The new Russian prime minister became mired in corruption allegations after less than a day in the role when newly discovered documents showed that his wife has acquired a substantial fortune and that the couple live in a luxury property near Moscow.

Mikhail Mishustin, a previously obscure tax official, was hand-picked by President Putin and voted in by the Russian parliament yesterday.

According to papers published by Alexei Navalny, a critic of the Kremlin, Mr Mishustin’s wife, Vladlena, declared an income of almost 800 million roubles (£9.9 million) over the past nine years, despite not appearing to own a business or have a job.

Mr Mishustin, 53, who has been a civil servant since 1998, was named head of the tax service in 2010, a post he held until he was unexpectedly promoted to prime minister. Most Russians had never heard of him.

What’s there to explain? He’s been the head of the tax service for a decade, he’s rich.



The Bank of England has urged City firms to accelerate their efforts to abandon the scandal-ridden Libor financial benchmark and threatened to use its powers against them in an attempt to hasten the overhaul.

Companies have been given until the end of next year to stop using the rate and the Bank and the Financial Conduct Authority said yesterday that “the time to act is now”.

What in buggery’s it got to do with the FCA?

Sure, this other rate might be better, look at this one we’ve prepared for you over here. But legal insistence that it must not be used?

Sod off Matey, sod off.


For growing numbers of people the weekend is an emotional wilderness where interaction is minimal and social life non-existent. What can be done to break this toxic cycle?

We English had a solution to this. Then the morons killed them off with smoking bans and they’re restaurants now, not the same thing at all.

Pretty much

“About people like Weinstein and the casting couch and all of that,” she says, “I have a confession. In my day, if you went up to a guy’s hotel room, you knew exactly why you were going and in those days it was consensual. Times were different,”

Rather what my basic – base perhaps – analysis has been all along.

Leave aside what should be. The actual problem here is that we did have a set of rules. No matter how good or bad they were, a set of rules that all knew and which were abided by at that cost of social ostracism if they weren’t. Note again, this is not to say that they were good – or bad – rules. Just that they existed and were known.

Those rules are now in flux. We’ve a number of claims about what the new rules should be. And we’ve most certainly not come to a general societal agreement about what these new ones are.

Which is what the general problem is.

Now, to get back to what the rules should be. I go for capitalism and free markets because that’s, to my mind, the best way of dealing with and harnessing people as they actually are. Sure, socialism sounds fun, us all working altruistically for some greater good, it’s just that homo sapiens sapiens doesn’t do that. Socialism is for some other species, bees, ants maybe.

Rules about sex? Think that whatever the rules are should run with what human nature is. Sure, constrain the bad bits – as markets constrain the greed of capitalism – and promote the good. And entirely willing to agree that effective contraception/DNA tests etc change what the rules need to be even as they’ve not changed a couple of hundred thousand years of how we got here.

So, for example, virginity just ain’t what it used to be. And isn’t as we can all observe out there. But that people will trade what they’ve got for what they want hasn’t gone away – just as an example.

Well, yes, obviously so

Free bus travel for Waspi women ‘discriminates against men’

How can this not be true?

Women living in County Durham who have been affected by the rise in their state pension age will be entitled to free bus passes, in a controversial project that has been criticised by experts.

Durham County Council’s cabinet approved a scheme yesterday to give free bus passes to around 3,000 women who could be facing financial troubles due to the equalisation of retirement ages between men and women.

Weird to be agreeing with Rebecca Long-Bailey

Rebecca Long-Bailey’s Labour leadership bid risked being derailed by a row on abortion, as it emerged that she objected to the current law on late terminations.

Labour MPs accused the pro-Corbyn candidate of holding “absolutely toxic” views after she said she disagreed with the exemption allowing abortions on disability grounds after the 24 week limit for healthy foetuses.

Quite apart from anything else it seems to breach the Disabilities Act*.

We’re not allowed to discriminate – either for or against – those in wheelchairs for example. Except we can kill those who might need a wheelchair because of spina bifida when we can’t kill those who might not. Sure sounds like discrimination to me.

*Or whatever it’s called.

Coming soon to a pharmacy near you

*Oi! Fattie! Yer pills are ready!”

“Whatchu need dem for? Can’t get preggers as no one’s going t’shag a whale like you.”

“Rennies sir? If you ate less you grossly obese pig then you’d not need antacids.”

Chemists should tell shoppers to lose weight, cut their alcohol intake and quit other unhealthy habits, new NHS guidance says.

The guidance from the National Institute of Health and Care Excellence says pharmacists should have a much stronger role in getting the nation in shape.

Pharmacists are being told to start conversations with shoppers about topics like weight loss when they pick up their prescriptions, or buy over the counter products.

“Johnnies? You’ll need a mirror to put those on matey, no way can you see over that gut.”