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Glyn G
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COMING ECONOMIC COLLAPSE GUARANTEES SOCIALISM - Egon von Greyerz - Matterhorn AM

It never ceases to amaze me the lack of irony with which people talk about impending collapse of capitalism, and then tell us we should be really scared of socialism. Here in Britain we have had 30-40 years worth of free market de-regulated capitalism since Thatcher. But everyone keeps telling us we should be scared of returning to the 1970s. Jacob Rees Mogg would have us return to the Georgian / Victorian era if he could. In the last ten years the UKs richest 1000 have increased their wealth by £274 billion whilst the rest have had public service draining austerity imposed. Our libraries have closed, our health service is collapsing, our schools are haemorrhaging disillusioned teachers by the busload, and use of foodbanks is growing exponentially. Part of the problem is that the rich are like a black hole in the economy. If you give so much money to people that they can't possibly spend it all, it disappears to the Cayman Islands (or into gold for that matter). One thing I'll say for giving people benefits. At least that money goes straight out into the economy again. I'm not a socialist. I can see what doesn't work about it. But Marx pointed out that socialism is little more than an inevitable result of capitalism. If you impoverish millions of people sooner or later they are going to realise they have been duped, they have nothing to look forward to, and if you are lucky they will vote in AOC or Jeremy Corbyn. If you are unlucky they will burn everything to the ground.

A disturbed young man smashed the plate glass windows of a bar in my local town last year seriously injuring several people. He was caught and restrained by people in the bar. It took the police nearly an hour to turn up by which time the young man had been badly beaten. This is green and leafy England we're talking about...not Venezuela. Austerity means there are no longer enough police to keep the peace. Should civil unrest occur the only other option is the army. Where poverty and austerity live...so does authoritarianism. We should be striving to make sure this doesn't happen. Fairer politics and economics are the only answer.

Commented 1801 days ago

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Beginning of the headline :How can a small clique of gold owners holding less than 0.5% of world financial assets be right? They are clearly a minuscule minority of obstinate goldbugs and contrarians who are living in the past. Or do these people see something that the majority of investors don’t? More than 99.5% of world financial assets are invested in other things but gold. That makes gold one of the least desired asset classes on the planet. Most professional as well as private investors would never consider gold as p... Read More

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