Profile picture
QuantumChoices #FBPE #ABTV @tfoale
, 19 tweets, 19 min read Read on Twitter
@wehden07 @pete_at_tweet @DeborahMeaden Adam, let me present you with some comparative economics, and then you tell me whether ANY Tory (and I was one) has your interests at heart. I'm going to compare the UK with our partners in Europe. Firstly, we WERE the fifth largest world economy. Remember that.
@wehden07 @pete_at_tweet @DeborahMeaden Despite that, we have one of the highest levels of poverty in Europe.
@wehden07 @pete_at_tweet @DeborahMeaden Wealth is the LEAST equally distributed. By a very long way.
@wehden07 @pete_at_tweet @DeborahMeaden Where does all of that wealth go? Well, the UK has the highest property prices and rents in Europe. The Tories would love you to believe it's due to immigration, but the truth is that we are strictly average in the number of immigrants per head, and those states cope.
@wehden07 @pete_at_tweet @DeborahMeaden The truth is rather nastier. The Tories strongly represent a class of income-earners called rent-seekers. Adam Smith, one of the fathers of modern economics and free markets, said...
@wehden07 @pete_at_tweet @DeborahMeaden Rent seekers like income that comes from owning property, not doing work, and includes finance. As soon as rent-seekers have dominance they have the perverse incentive to limit the supply of housing to drive up rents and house prices.
@wehden07 @pete_at_tweet @DeborahMeaden This diverts capital from growth-creating production businesses, because people can earn more from owning property. This leads to underinvestment in R&D and automation. We are below average in industrial robots per head, for example. This leads to the UK falling behind.
@wehden07 @pete_at_tweet @DeborahMeaden We have declining productivity compared to the rest of the G7 - the northern Europeans could take Friday off and still produce more per week than a brit, the rest of the world (particularly Asia) is catching up fast, and this leads to the lowest wage growth in Europe.
@wehden07 @pete_at_tweet @DeborahMeaden We also have the worst pensions. So it doesn't look like the EU is the source of the UK's problems, does it - when every other EU nation is better off? Could it be our own government that is to blame, of which JRM is one of the most self-interested?
@wehden07 @pete_at_tweet @DeborahMeaden Adam Smith showed, in his book "The Wealth of Nations", that all wealth is created by production, by companies and people like Deborah risking their money to invest in them.
@wehden07 @pete_at_tweet @DeborahMeaden In a normal country there can't be more rents than there are production profits and workers wages to pay them. However, we are not a normal country. We invented the offshore tax haven and trust fund system, a product of anglo-saxon law.
@wehden07 @pete_at_tweet @DeborahMeaden The City of London became what it is from managing wealth, not creating it. It manages wealth on behalf of companies and individuals around the world. Mostly legally, because of our EU anti-bribery and anti-money-laundering laws.ec.europa.eu/info/policies/…
@wehden07 @pete_at_tweet @DeborahMeaden However there is a link between the City and the seamier side of these offshore trusts that is exposed in the documentary "The Spider's Web", spiderswebfilm.com, which is available on Amazon, free on Prime. And it links all of the pieces of Brexit together very nicely.
@wehden07 @pete_at_tweet @DeborahMeaden Offshore tax havens now look after around $50Tn in assets in secret trusts. Fifty thousand billions. Now if the City earned just 1% for managing that money that would be $500Bn. Easy money, no need to worry about workers.
@wehden07 @pete_at_tweet @DeborahMeaden This offshore system attracts tax avoiders, money launderers and despots (did you know that Africa owes 200bn but African despots have almost a trillion in offshore funds while their people starve? If you want to reduce immigration, give the African people their money back).
@wehden07 @pete_at_tweet @DeborahMeaden So that is the link between all of the key players in Brexit. They all benefit from offshore secrecy. Farage, Arron Banks, the ERG group of MPs, Putin and his oligarchs, US billionaires, UK media moguls. The British public has been fooled by some extremely rich, very toxic people
@wehden07 @pete_at_tweet @DeborahMeaden Now those people have persuaded you that we need to build a commerce wall around the UK to keep out those nasty EU types with their regulations, despite it being very easy to prove that this is an EXTREMELY bad idea.
@wehden07 @pete_at_tweet @DeborahMeaden This is based on a very fundamental misunderstanding of economics. They are cargo-cult economists, having belief in 'free markets' with no understanding of how they really work. Not that Labour, or even classically-trained economists, are any better.
@wehden07 @pete_at_tweet @DeborahMeaden So please, recognise that these old Etonians are NOT acting in your interests, the Tories are NOT the party of business and fiscal probity, and the UK is being cut adrift without a rudder to make a few rich ex-pat and foreign right-wingers even richer, at YOUR expense.
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to QuantumChoices #FBPE #ABTV
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!