But the other is to break the power of the wealth accumulation that underpins the arrogance of neoliberal capitalism. There is more than £8 billion of financial wealth in the UK. More than 80% of that is in tax subsidised funds (ISAs and pensions) used by neoliberal capitalism to maintain its hold on wealth and to support the status quo. And none of it is used productively. Almost to the last penny it is used in socially useless ways, from sitting dormant in bank accounts to being the fuel for stock market speculation. This has to change. I am writing separately right now on that issue.
Of course, what he means is that you should not be allowed to save as you wish, but as Spud insists.
His latest being that all should invest in high coupon – by which he means 1% – bonds at a time of 9% inflation. Your pension’s going to do just great on that of course.
I’m more interested that there’s apparently £8bn of financial wealth in the UK. Thats about £114 for each person in the UK. We’re rich I tell you, rich!
This might be the clearest statement of the Scrooge Mc Duck economic fallacy I’ve ever seen.
No savings or pensions? I guess he’ll have to rely on all his friends then.
Foreign exchange reserves in China increased to $3.128 trillion in May of 2022
A few % of that is in Sterling. Quick, let’s get the Peoples Bank Of China to invest in green bonds which means taking money off them or if they don’t we’ll take money off them.
None of it is used productively?!?!?!?
Rilly??
He isn’t well, guys.
If money lies “dormant” in my bank account, why does the bank pay me to leave it with them? It must be of some productive use to them if they are willing to pay me to use it – otherwise how can they afford to pay me. If somebody is willing to pay me to temporarily possess my car, it must be because it is of some productive worth to them – otherwise how can they afford to pay me.
£8 billion of financial wealth in the UK
That looks way to small. Even a single low tier wealth management firm could have £8 billion under management. I’m thinking the number should be more like £2 trillion with £150 billion of that is ISA’s.
“That looks way to small.”
Please see headline. He’s the one asked for “one million dollars” …….
I couldn’t wade through his turgid prose in detail, but I did spot this.
“And the abuse of patents, royalties and copyrights is another such rent extraction mechanism, and is now the basis of much of the wealth in the so-called knowledge economy.”
Good to know how little regard the odious fvcker has for musicians, authors, inventors, scientists, engineers and product and software developers. Also why he so often steals and publishes other people’s IP “in the public interest”, something he has in common with the Chinese.
We all need to work on the land, down the pit or in metal bashing before he’ll be happy. Creative types can go fvck themselves.
CVNT
So putting capital to use in Glaxo and Astra Zeneca is socially useless? I beg to disagree.
Speaking personally, I regard producing food socially useful (also clothing, housing, healthy leisure pursuits …)
“tax subsidised”
So tax taken off me is used to subsidise me? How very noblesse oblige of him!
Socially useful? I shudder to think!
The word subsidy is often misused by those of a leftward persuasion. In reality it means taxpayers money being used to support something that the government thinks needs supporting. In lefty speak it means taxing something at a lower level that they think is appropriate.
“the arrogance of neoliberal capitalism … used by neoliberal capitalism to maintain its hold … none of it is used productively … socially useless … the fuel for stock market speculation”
He’s sounding more and more like a certain failed Austrian painter by the day, if you ask me. I know it’s a lazy analogy, but if the cap fits…
I can’t help feeling slightly sorry for the poor gullible sods that might take his daily drivel in any way seriously.
Pension fund speculation? I’ve been involved in managing pension fund portfolios ( albeit many years ago, but I don’t suppose it’s changed that much) Speculation in the sense that you’d rather prefer the portfolio gained value than lost. But the trustees would have kittens if you put up anything risky. Speculation is a gain/risk equation. And pension funds like to see the risk number low.
So looking at 1% nominal yield against 9% inflation, that’s a lot more risk than I’d like to sell them. Where’s the compensating gain opportunity?
“I can’t help feeling slightly sorry for the poor gullible sods that might take his daily drivel in any way seriously.”
Really? Scratch almost any leftist and you’ll find festering pus-bag of hatred, resentment and delusion. Spud’s brown-nosers are no exception.
Can’t you just buy US I-series bonds, currently yielding 9+%?
“So putting capital to use in Glaxo and Astra Zeneca is socially useless? I beg to disagree”
I wouldn’t say useless. I fear their Covid vaccines will prove to have been horribly destructive of human wellbeing. How long it will take for that to be widely appreciated I cannot tell. But at least two US life insurers seem to have noticed that something’s not right.
wqhat kind of mind can think that saving for your retirement is a bad thing?
Failed socialist accountant prefers failed socialist policies to capitalism.
Discuss.
Or, have a beer…
Effectively he’s basically advocating theft of assets – no real surprise there!
The socialist mindset is a curious state of affairs. It takes a weapons grade idiot to view the aggregation of economic activity between millions of different actors, nationally and internationally, and label it “immoral” because it doesn’t fit their particular ideal topography of how society should look.
Such is how totalitarian monsters are born, given the necessary tools.