The 2008 global economic crash was catastrophic, sparking another Great Recession which resulted in increases in unemployment, suicide, far-right extremism & dangerous levels of societal polarisation, & decreases in institutional trust & fertility.
In Britain, it led to a decade of catastrophic #austerity which cost 330,000 lives & meant cuts to essential public services & various benefits, wage stagnation,
massive bail-outs of financial institutions, & new policies designed to prevent collapse of Global financial system.
Free-market extremists are the greatest threat to peace & humanity, & to nature & the planet. Failed neoliberal deregulatory policies have led to unsustainable use of finite natural resources, catastrophic climate change & other environmental problems, which have all accelerated.
Unbridled market forces leads to selfish competitive individualism & the breakdown of local, national. & global communities, & social cohesion.
Income from privatised public services which used to benefit everyone, now goes to already rich shareholders.
Neoliberal policies have led to dangerous concentration of ownership of media channels in the hands of grotesquely wealthy elites, & have demonstrably increased insecurity, mistrust, polarisation, & inequality in personal & national wealth, widening the gap between rich & poor.
The richest 1% now own 45% of global wealth. The richest 10% own 76%. Since beginning of pandemic the world’s 10 richest men doubled their fortunes, from $700bn to $1.5 TRILLION (a rate of $15,000/SECOND) & have accumulated more wealth than the bottom 3.1 billion people combined.
The new ideologically extreme & reckless changes UK Government Chancellor Jeremy Hunt is introducing will redraw the financial services rule book, including casting aside some of the safeguards explicitly designed to avoid a repeat of the 2008 crash!
Hunt argues some of the changes are only possible because of “freedoms” gained from #Brexit, but there will also be a relaxation of rules Britain introduced unilaterally after 2008 - changes that often went FURTHER than the EU - making the UK a riskier place to do business.
Regulators have privately expressed doubts about the government’s efforts to loosen the reins on banks, especially given the recession, & the Bank of England has unveiling plans to introduce a tighter version of new global banking capital rules than those being pursued in the EU.
And as if they aren't already sufficiently grotesquely wealthy, Jeremy Hunt is removing the cap on bankers’ bonuses during the #CostOfLivingCrisis, while rules intended to separate risky investment banking from retail operations will be 'relaxed' to help “retail-focused banks”.
The regime introduced to hold bankers responsible for infractions that happened on their watch will be reviewed, & City regulators will be given a new “secondary objective” of 'delivering growth & competitiveness', alongside ensuring financial stability & consumer protection.
Sir John Vickers, who chaired an independent commission on banking, says the secondary objective was either “pointless or dangerous”. Lord Adair Turner, FSA Chair after 2008, agreed: “It is a mistake to give the regulators of the finance sector a competitiveness objective.”
"But some of the reforms you are scrapping came after the financial crisis, & were considered for years before being implemented. Are there risks to removing them?"
Hunt insists there are not. He talks about the need to be careful not to unlearn the lessons of the 2008 crisis.🤪
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GB "News", which employs 75% of Reform UK MPs, is not a news channel - it's Reform's propaganda wing, co-funded by billionaire Paul Marshall and Dubai-based investment firm Legatum, who see it as an investment opportunity to help protect their wealth and interests.
@Ofcom
In the UK, since 1990, 'due impartiality' and 'due accuracy' have been fundamental components of broadcasting - especially for news and current affairs - and imho are essential for a well-informed citizenry and a fair-minded functional democracy.
GB "News" appears to disagree.
The first broadcasting standards in the UK emerged with the BBC in 1922.
Formal standards took shape with the Royal Charter in 1927, which mandated that the BBC provide information, education, and entertainment while maintaining impartiality and serving the public interest.
Voters need to know how right-wing populist nationalist politicians and radical/far-right nativist extremists construct their divisive discourse and rhetoric to exploit the anti-elite climate and fuel violence and division - and what to do about it.
So what can be done to counter divisive narratives and framing and to help Britain to become a more open, inclusive, fairer, less polarised and better multicultural society?
I make several suggestions in the above article, but make more below,
Countering the extreme right’s narrative of feeling "attacked" and needing to "defend" national identity requires a strategic, multi-faceted approach that challenges their framing while addressing underlying concerns and emotions.
The shameless lie that "Britain is lawless" is categorically false, as it contradicts empirical data on crime trends, rule of law metrics, and the functioning of UK institutions. Reform UK often use fearmongering exaggeration and selective framing to create a sense of crisis.
Official data from the ONS and Home Office indicate that overall crime rates in England and Wales have fluctuated but do not support the notion of a "lawless" state. The ONS reported a 7% decrease in total recorded crime (excluding fraud) from 2023 to 24.
#OnThisDay, 21 July, 1969, the Chicago Daily News published: The ‘love it or leave it’ nonsense, by Sydney J. Harris.
It began: One of the most ignorant and hateful statements that a person can make is “If you don’t like it here, why don’t you leave?”
I reproduce it, below.
Harris was born in London in 1917, moving to the US in 1922. A formidable journalist who established a distinct voice integrating incisive social commentary with wit and humour, his weekday column, ‘Strictly Personal’, was syndicated in 200 US newspapers.
The ‘love it or leave it’ nonsense, by Sydney J. Harris.
One of the most ignorant and hateful statements that a person can make is “If you don’t like it here, why don’t you leave?”
That attitude is the main reason America was founded, in all its hope and energy and goodness.
A few thoughts on Bob Vylan leading the #GlastonburyFestival crowd in chants of "Death to the IDF" (Israeli Defence Force), livestreamed by the @BBC, and the mischaracterisation of the chant by some MPs, news media, and activists.
In England, where #GlastonburyFestival is located, all of us have the right to freely express our criticism of anyone or anything - as long as there is no intent to provoke immediate unlawful violence or there is a reasonable likelihood it will occur as a consequence.
In England, free speech is protected under Article 10 of the Human Rights Act 1998. However, inciting violence is a criminal offence under several laws which attempt to balance public safety with free expression rights.
In many countries, especially since Musk bought Twitter/@X, underregulated online extreme content has been used to groom and radicalise vulnerable people.
Too many cowardly politicians are scared to speak up for fear of being branded 'anti-free speech'.