In May 2023, when the British Office of National Statistics (ONS) released the March-quarter national…
This is my Wednesday no blog day. I am working on various written pieces today. But I did stray on some anti-Brexit material overnight (thanks to all who sent it through), which shows how far the British Labour Party has to go before they can even pretend to be a progressive voice in politics. They are sounding very much like a European social democrat/socialist party on this issue and we know what happened to that lot across various elections over the last year. I have a few words to say about that in what follows.
I will write more about this in due course. But Buzzfeed News has attracted attention yesterday (January 30, 2018) with its report – This Leaked Government Brexit Analysis Says The UK Will Be Worse Off In Every Scenario.
The Report, which I haven’t read in full yet, apparently covers all options and concluded that “the impact of Brexit says the UK would be worse off outside the European Union under every scenario modelled”.
The operative part “under every scenario modelled”.
Give me a conclusion and I can model it for you, with as much data and econometric firepower as you desire.
I also read a document that was released yesterday – Busting the Lexit Myths – which was published by Open Britain and written by a host of Labour Party politicians, including one with the curious name Lord (John) Monks.
I wonder what the derivation of the middle name (John) is. I haven’t seen it before. Perhaps something from the C18th or something! The same Lord was the General Secretary of the Trade Union Council for a decade from 1993. Workers need a bit of Lordship oversight obviously. And he is a Labour politician – part of the problem.
Open Britain is the “Labour Campaign for the Single Market” – yes, the same market that bans capital controls and tilts the playing field in favour of corporations and against workers.
Anyway, I will have more to write about this in due course.
But to give you a teaser about tomorrow’s blog, the “Lexit Myths” document (don’t you just love the way this faction in the British Labour Party is trying to construct Brexit as a plot by the Left to deceive) is full of howlers.
As an aside, if Brexit was a Left putsch, then it would make Britain a very socialist-leaning nation – given that 52 per cent voted to leave.
The authors claim that “it is time to agree on the facts”. Okay, evidence is good. Evidence is fact and fact is reality (in the eyes of the constructor, of course).
In the first Chapter – entitled Austerity – which was written by Catherine West MP for Hornsey & Wood Green (who was born and raised in Sydney) who seems to have acquired expertise in Chinese politics, a very suitable grounds (not!) for making informed assessments about ‘austerity’ and fiscal matters.
Anwyway, this is the confusion that she puts into the debate.
She has a section – The Reality – and the following graphic depicts it – (quicker than typing it out):
In the main body of her argument she writes:
1. “There is a crucial difference between those countries in the Eurozone, and those outside – like the UK or Norway … [is that they] … don’t use the Euro as currency.” That is a reality.
2. “In the Eurozone, monetary policy and interest rates are set by the European Central Bank and member states have signed up to sanctions within the Stability and Growth Pact, which limits the size of a country’s budget deficit.” Another reality as long as the European Commission doesn’t turn the blind eye (as it did in Spain recently) for political reasons and let fiscal balances go beyond the rules.
3. “None of this applies to the UK or Single Market member Norway – which are not members of the Eurozone, are not subject to any enforcement mechanisms under the Stability and Growth Pact, and can set whatever overall level of taxes, spending or borrowing they wish.” Yes, a very correct statement.
Which then reflects on her Reality claim that:
Leaving the Single Market and Customs Union will cause an economic loss which will reduce tax receipts and therefore risks an extension or intensification of austerity.
Even if tax revenue fell (for whatever reason) why for a nation that “can set whatever overall level of taxes, spending or borrowing they wish” does that mean an “intensification of austerity”?
It doesn’t, which is the point.
Her reality is just myth and her attempt (with her Europhile Labour colleagues) to pretend they are adopting the higher ground of reality against those evil Leftist Leavers is pitiful in the extreme.
More on that later.
Musical accompaniement …
This is what I am listening to while working today. It is one of my favourite post-minimalist tracks – Embers (in Cm).
It is from the 2002 album – Memoryhouse – by pianist/composer Max Richter, which was his first album.
You can hear the whole (excellent) album HERE.
MMT University Logo competition
I am launching a competition among budding graphical designers out there to design a logo and branding for the MMT University, which we hope will start offering courses in October 2018.
The prize for the best logo will be personal status only and the knowledge that you are helping a worthwhile (not-for-profit) endeavour.
The conditions are simple.
Submit your design to me via E-mail.
A small group of unnamed panelists will select the preferred logo. We might not select any of those submitted.
It should be predominantly blue in colour scheme. It should include a stand-alone logo and a banner to head the WWW presence.
By submitting it you forgo any commercial rights to the logo and branding. In turn, we will only use the work for the MMT University initiative. It will be a truly open source contribution.
The contest closes at the end of March 2018.
That is enough for today!
(c) Copyright 2018 William Mitchell. All Rights Reserved.