Europe - No longer Fertile & Vibrant says the Pope

BBC: Juncker reveals giant EU investment plan

"European Commission President Jean-Claude Juncker has given details of a €315bn investment plan to kick-start Europe's economy. At the heart of his five-year agenda is a new €21bn fund, which would be used as seed money, to entice private backers to "pitch in" most of the rest. Only €8bn of the original money would come from the EU budget itself". Meanwhile, the details that have emerged in the so-called Luxleaks documents have put Mr Juncker in an uncomfortable position - but who cares, as long as the cronies get their cash and the proles get more austerity - so what? If anyone complains, give them a free Kim Kardashian app....

Posted by alan @ 10:30 AM 7 Comments

Firing those loose cannons

Counterpunch: Trotsky at the IMF

Firing (terminating) loose cannons is one way of keeping wealth flowing upwards and workers in their place. Eliot Spitzer, then governor of NY, wrote an editorial exposing the collusion between the Treasury, the Fed and Wall Street in deregulating the banks (in the guise of regulating them). A month later he was 'fired' for a sex thing. Dominic Strauss-Khan, the IMF CEO, gave a speech opposing austerity - 'market discipline', 'fiscal consolidation' and 'labour flexibility' - and advocating full employment, wealth sharing, public investment, collective bargaining and taxing financial activities as means of achieving economic stability and prosperity. A month later he was 'fired' for a sex thing. As the Americans say, 'go figure'.

Posted by icarus @ 10:23 AM 5 Comments

The Recovery - Latest

Telegraph: UK GDP growth powered by consumer spending as business investment contracts

"Economists raise concerns about rebalancing as growth figures show UK expansion powered by higher consumer and government spending, while business investment contracts" ."The UK economy grew by 0.7pc between July and September, following growth of 0.9pc in the second quarter, the Office for National Statistics (ONS) confirmed".

Posted by alan @ 10:19 AM 1 Comments

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