OPINION So the era of ‘Quantitative Easing’ seems to be coming to an end. In time to come people will ask, “Did you really just turn on the printing press, and let it rip?” For too long people have viewed the financial system in the same way they view their computer – as an obscure black box that we interact with without understanding how it works. You can throw things at the black box, and you can lament its consequences, and you can shout at it, but this doesn’t fundamentally alter anything. What does it mean to be so alienated from civil society that none of the democratic structures available offer an outlet to articulate your anger and frustration? This is explored in Radical: My Journey from Islamist Extremism to a Democratic Awakening by Maajid Nawaz, published in 2012. It’s worth exploring this question now given the recent killing in Woolwich and the rise in prominence of the English Defence League. Real wages are falling at a near-record rate. Wednesday's figures show that they were 6% lower in April than they were in April 2008. This is the biggest five-year drop in real wages since 1921-26, and the second-largest fall since records began in 1855. Imagine a situation where your neighbour is a drunk man who comes home and beats his wife every day. You can hear her screams and unsuccessful attempts to fight him off and feel powerless. The police are unable to intervene and she carries on getting beaten and raped. Do you sit by and do nothing because it’s not happening in your house? I wouldn’t. This Friday, Green Party members across the country will face an immense dilemma – the choice between supporting our own minority Green council, or the hundreds of its refuse workers going on strike for a week against proposed pay reductions. In the midst of massive local authority cuts, the Greens are in office but seemingly not in power. At a time when the government is unpopular, the people who still plan to vote for them think that tackling child poverty is a priority by a majority of more than three-to-one. And 64 per cent of people think the government should be doing more. But instead child poverty is rising. Yesterday the TUC launched its Britain needs a pay rise campaign. We published research showing that, in real terms, Britain’s total pay packet has fallen by over £50bn since the end of 2007. The Guardian provided a good write up of the key findings. So I’m in a bar, speaking to this friend of mine, who we’ll call Bill. Bill’s a defence lawyer in Glasgow, deals with shoplifters, sticky-fingered junkies and pavement boxers, that kind of thing. He’s telling me about Mr S, who he’s just finished defending against a charge of fraudulent benefits claims. A poll by LabourList last week found that nearly half of all voters think Labour can’t be trusted with the economy. No one should find this surprising. What annoys me is the lazy (and ideologically driven) assumption that this is because Labour is not spelling out cuts it would make in 2015. |
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