Category Archives: Banking and finance
Media 68: social media militarising the young and pacifying the attacked: ‘a vital tool for the armed forces’
AKA Hell’s kitchen?
The blurb: “Social media has become an increasingly vital tool for the armed forces in the 21st Century.
“Not only in order to reach out to a wider and younger audience globally for recruitment and information purposes but as a new front in warfare. What soldiers, airmen and sailors post online can be crucial to winning the hearts and minds of local populations, weakening the enemy’s narrative and as an instrument in the proliferation of cyber warfare”.
The SMi PR group held its 6th Annual Social Media Within The Defence and Military Sector in the Holiday Inn, Bloomsbury earlier this week.
- to present the latest concepts and ideas on how to enhance the outreach of the military in the digital sphere,
- the integration of social media activities within the whole spectrum of operations conducted by the military both at home and abroad,
- to hear from some of the leading voices of social media within the industry and NATO and allied militaries,to focus on the effects of social media on and off the battlefield through training and application,
- to learn from the commercial sector on how to create an effective social media strategy,
- to learn from the military about how they are utilizing digital media channels to project their activities to a wider audience,
- to discover how social media is intertwining with other aspects of warfare to create a multi-levelled war zone both in the real world and the virtual one
- and to discover how popular social media brands operate with militaries in a defence environment
The only named sponsor: Thales, the French multinational company that designs and builds electrical systems and provides services for the aerospace, defence, ground transportation and security market.
COMING SOON, SMi CONFERENCES ON MORE OPEN OPPRESSION
Future armoured vehicles – used to quell dissident or invaded populations
And military airlift and air to air refuelling – to facilitate bombing them
Following the summary of yesterday’s article by the Times’ Jenni Russell, a second analysis is made by John Wight in the Huffington Post article. He writes:
“The liberal order has collapsed and no one should mourn its demise, for on its tombstone is engraved the disaster of Afghanistan, the murder of Iraq and Libya, and the unleashing of an upsurge in global terrorism and religious fanaticism on the back of the destabilisation wrought across the Middle East in the wake of 9/11. Married to a refugee crisis of biblical dimension and the closest we have ever been to direct military confrontation with Russia since the Cold War, these are the fruits of this liberal order abroad.
“Meanwhile at home its moral and intellectual conceit has produced obscene levels of inequality, alienation, and poverty, exacerbated by the worst economic recession since the 1930s and the implementation of that mass experiment in human despair, otherwise known as austerity, in response.
“Tony Blair, Barack Obama, and Hillary Clinton epitomise this failed liberal order – leaders who perfected the art of speaking left while acting right, presenting themselves as champions of the masses, of ordinary working people, while worshipping at the altar of the free market, cosying up to the banks, corporations, and vested interests”.
- Are Brexit and Donald Trump ‘unleashing the dogs of racism and bigotry’ as John Wight fears?
- Is hope in Jeremy Corbyn lost? Wight thinks he failed to understand the danger posed by Brexit and mounted a dispassionate and lacklustre nature of the campaign.
- Was the manner in which Bernie Sanders folded his tent after Hillary Clinton won the Democratic Party nomination in decidedly dubious circumstances was tantamount to a betrayal of the passion, commitment and hope that millions across America had placed in him?
He emphasises that politics is not a mere parlour game and says that both Jeremy Corbyn and Bernie Sanders are fully deserving of criticism for taking positions and an approach which has suggested that for them it is, continuing:
Agreed, but there are better prescriptions than those he outlines in his final paragraphs.
Jenni Russell sees ‘the anguished question’ as being how to remedy the acute problems of inequality, while keeping the engines of capitalism working.
Should we instead try the engines of co-operation, peacebuilding, mutuality and increasing self-provision?
Via John Wight’s Twitter account we saw a link to an article by Saurav Dutt, novelist, independent film producer, playwright, screenwriter, graphic design illustrator, accomplished author and writer. After James Landale, BBC diplomatic correspondent -amongst many others – reported David Cameron’s description of Afghanistan and Nigeria as corrupt, Saurav Dutt asked if anyone is contending that the UK is not corrupt?
”What the City and the tax havens are up to isn’t anything as morally defensible as corruption – it’s that good old fashioned criminal act of “receiving”. It gives corruption a bad name . . . There isn’t a lot of corruption in the UK, well, not in cash . . . “
The well-filled envelope type of corruption is common in some countries. How people laughed at Neil Hamilton when it was alleged that he received money in this way – British corruption is less obvious but now well realised by the general public. When will we protest like the Indian people?
As noted in the earlier post, readers send many links to news about the revolving door, rewards for failure, the political influence wielded by the corporate world and lucrative appointments for the friends and family of those with political influence; this is the British way.
Dutt says that corruption comes from the ‘top’ down and is endemic in Western society: “In a fiscal sense it is the banks, financial institutions and ‘big business’ with acceptance from politicians (who also get their cut one way or another) and moves on to a more moral sense with the Police and the legal professions”.
An All-Party Parliamentary Group on Anti-Corruption was established in November 2011 to raise awareness of the impact of international corruption and to enhance and strengthen UK anti-corruption policies and mechanisms. Could they answer Dutt’s questions?
- How many MPs voted for health legislation when they have interests in private health care?
- Why does Cameron appoint Ministers to the education department who have a direct interest in academies that their companies are involved in?
- Why does this government give honours to people who have given their party money?
- Why does this government pass legislation that directly benefits their donors?
As Dutt says “The Transparency International corruption index shows we have some way to go before we reach the dizzy heights of Denmark, and a short stroll down the slippery path to the likes of Qatar and the UAE”.
Anne sends a link to the ‘shameful’ news that the 50 biggest US companies have more money stashed offshore than the entire GDP of Spain, Mexico or Australia, collectively keeping about $1.3trn (£0.91trn) in territories where the money does not count towards US tax, according to a new report by Oxfam.
Several readers have sent material about the Panama Papers but until now they have not been mentioned on this site – because, as Žižek writes: “The only truly surprising thing about the Panama Papers leak is that there is no surprise in them:
“Didn’t we learn exactly what we expected to learn from them?”
He highlights the ‘shameless cynicism’ of the existing global order and our shame for tolerating their power. In Vox.Com Tara Goshan elaborates:
“Corruption is not a contingent deviation of the global capitalist system, it is part of its basic functioning . . . The papers demonstrate how wealthy people live in a separate world in which different rules apply, in which legal system and police authority are heavily twisted and not only protect the rich, but are even ready to systematically bend the rule of law to accommodate them”.
She points out that, after many years of pressure on Swiss banks to reveal information about rich Americans who hide their money offshore, the U.S. is resisting new global disclosure standards; wealth management experts are now helping the world’s rich move accounts from places like the Bahamas to Nevada, Wyoming, and South Dakota. Goshan quotes Peter A. Cotorceanu, a lawyer at Anaford AG, a Zurich law firm, in a recent legal journal:
“How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour. That ‘giant sucking sound’ you hear? It is the sound of money rushing to the USA.”
The Labour Leader Jeremy Corbyn responded to the prime minister’s statement to the House of Commons about his tax affairs:
“I’m honestly not sure Mr Speaker that the Prime Minister fully appreciates the anger that is out there over this injustice.
“How can it be right that street cleaners, teaching assistants and nurses work and pay their taxes yet some of those at the top think the rules simply don’t apply to them.
“The truth is, is that the UK is at the heart of the global tax avoidance industry. It’s a national scandal and it’s got to end”.
Anne comments on the focus away from this international scandal, sending a link to the news that today the Security Council holds an open debate on counter-terrorism.
Will the attention of the 99% once again be successfully distracted by the political-corporate alliance?
Parliament’s own website heads the summary of the Committee of Public Accounts report on Revenue and Customs: “HMRC still failing UK taxpayers”.
Its lamentable eprformance in simple tasks such as answering the telephone is on record and its failure to collect a reasonable amount of offshore tax evaded was published in November. It spoke of 11,000 job cuts since 2010 & 40,000 since 2004. Read the summary by the chair, MP Meg Hillier, here: http://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/news-parliament-2015/hmrc-performance-report-published-15-16/
“HMRC must do more to ensure all due tax is paid. The public purse is missing out and taxpayers expect and deserve better.
“We are deeply disappointed at the low number of prosecutions by HMRC for tax evasion. We believe it is important for HMRC to send a clear message to those who seek to evade tax that the penalties will be severe and public. It’s also important that the majority who play by the rules, paying their tax on time and in full, see that those who don’t will face the consequences.
“Tax avoidance also remains a serious concern. Too many avoidance schemes run rings around the taxman, operating legally but gaining advantages never intended by Parliament. If tax law is to be improved then HMRC must as a priority provide Parliament with comprehensive details of avoidance. HMRC must also rapidly improve its customer service, previously described by the PAC as abysmal and now even worse – to the extent it could be considered a genuine threat to tax collection.
“It beggars belief that, having made disappointing progress on tax evasion and avoidance, the taxman also seems incapable of running a satisfactory service for people trying to pay their fair share.”
- Report: HMRCs performance in 2014-15
- Report: HMRCs performance in 2014-15 (PDF)
- Inquiry: Report: HMRCs performance in 2014-15
The FT reports that people of Crickhowell agree: the town’s traders have submitted tax plans to HMRC, using offshore arrangements favoured by multinationals. They hope that their ‘tax rebellion’ will spread to other towns forcing the Government to tackle how Amazon, for example, paid £11.9million tax last year on £5.3billion of UK sales. Their rationale: High street coffee shop owner Steve said: ‘I have always paid every penny of tax I owe, and I don’t object to that. What I object to is paying my full tax when my big name competitors are doing the damnedest to dodge theirs.’
As Glasgow’s Daily Record put it: “Cameron had no good answers and looked like a PM finally being held to account for the all damage his policies are doing. It really was an absolutely terrible day at the office for David Cameron. And quite possibly the day when Tories started taking Jeremy Corbyn seriously”.
As even the right-wing press salutes Jeremy Corbyn’s questions in Wednesday’s PMQs, two of the Telegraph’s journalists – hopefully their worst – pounce.
- One is Dan Hodges, who describes himself as a ‘tribal neo-Blairite’.
Dan has been a parliamentary researcher, a Labour Party official, GMB official, and as director of communications for Transport for London under Ken Livingstone. He left the party in 2013 after the government lost a crucial vote in the House of Commons which was designed to pave the way for a military intervention in Syria. Nice guy.
He writes: “The Lords are in open revolt. Caesar has been brought low. Or George Osborne, who has a haircut remarkably similar to Caesar’s, has been brought low. The barbarians are at the gates. Jeremy Corbyn has finally had a decent PMQs, using the tax credits issue to back David Cameron into a corner”.
He later refers to “Jeremy Corbyn’s besting of David Cameron at PMQs”
Reading around one gathers his attempted ‘downing’ of Osborne and Cameron is due to his support for Boris Johnson, first shown when he voted for him in the London Mayoral elections.
- The other is Angela Epstein, a columnist for the Jewish Chronicle and some right-wing British publications
Under the title, ‘Jeremy Corbyn is too thick to be Prime Minister’, she focusses on his exam results and lack of what she calls ‘natural talent’. It appears that she is a person whose disapproval amounts to an accolade. Read this devastating analysis of her mindset by Kate Smurthwaite, comedian.
Attacks by such people only highlight Corbyn’s decency and the popular welcome for the Labour Party’s policies for building a fairer society and redeeming Britain’s besmirched international reputation.
Compare Jeremy Corbyn’s record with that of the many ‘highly educated’ psychopaths in and out of power. They have successfully connived at the deaths and destruction in so many countries of late – whilst increasing their fortunes by their alliance with subsidised arms traders, multinationals who have taken over most of Britain’s energy, health, water, financial, communications and transport services and those who periodically attempt to make the struggling taxpayer accept mass medication (fluoride, statins, the polypill) GM technology, nuclear power stations, polluting incinerators and fracking – totally disregarding the welfare of the 99%.
The title reference is to an article by Matthew C Klein, a contributor to the FT’s Alphaville: ‘daily news and commentary service giving finance professionals the information they need, when they need it’ – retweeted by Paul Gosling.
Klein (right) says that if Jeremy Corbyn becomes leader of the UK Labour Party, one positive consequence will be ‘the ensuing discussion of the monetary policy transmission mechanism’:
The existing monetary policy tools have the ‘unseemly property’ of appearing to work mainly by making the rich richer and hoping that some of the extra wealth gets spent.
To rebalance the economy, “moving towards the high-growth, sustainable sectors of the future, the Bank of England could be given a new mandate to upgrade the economy to invest in new large scale housing, energy, transport and digital projects”.
Quantitative easing for people instead of banks? The bulk of the British economics commentariat erupted but Klein deems the core idea sound, possessing ‘an impressive intellectual pedigree’.
Corbyn’s plan to have the Bank of England fund government-directed investment in infrastructure could work – in 2011, American economist Adam Posen (left) supported something similar when he was on the Monetary Policy Committee of the Bank of England, except that he focused on small businesses.
Posen thought that private lenders weren’t providing credit where he believed it was needed and recommended creating new public investment banks that could originate and secure loans into bonds that could then be purchased by the Bank of England, thereby funding new business investment.
Corbyn wants specialised “green” investment banks, housing authorities, and local governments to be able to finance infrastructure investment with funding support provided by the Bank of England. Klein comments on the Posen/Corbyn proposals: “We fail to see a significant difference”.
Nicholas Watts in the Guardian reports that Richard Murphy, Tax Research UK, who drew up the people’s quantitative easing plan for the Corbyn campaign, points out that we will get near the Bank of England’s inflation target of 2% only when we have established people with higher wages and increased productivity and the economy is “humming along nicely”. He adds that once you have people back in work on decent wages, you have to turn QE off because continuing at that point would be inflationary.
Quantitative easing for people instead of banks?
Klein agrees that if Corbyn’s preferred investments prove to be productive, they would help to restore some lost ground and lead to higher real wages for Britons and goes further, predicting that the expanded capacity due to extra investment spending may avoid inflation.
Corbyn, also quoted in the Guardian article, “It is in the long-term interest of the UK to rebuild a resilient industrial base . . . with its people, energy, land and water . . . ”.