Tuesday, 11 February 2020

Lazy rich rent-seekers



Asset-Price Inflation and Rent Seeking https://michael-hudson.com/2019/10/as...

4 comments:

  1. Mexico Is Showing the World How to Defeat Neoliberalism
    Ellen Brown Feb 06, 2020

    https://www.truthdig.com/articles/mexico-is-showing-the-world-how-to-defeat-neoliberalism/

    "While U.S. advocates and local politicians struggle to get their first public banks chartered, Mexico’s new president has begun construction on 2,700 branches of a government-owned bank to be completed in 2021, when it will be the largest bank in the country. At a press conference on Jan. 6, he said the neoliberal model had failed; private banks were not serving the poor and people outside the cities, so the government had to step in."

    ... a good read

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  2. The Great British Mortgage Swindle – [1:43:15]

    https://www.youtube.com/watch?v=hr3I-5OnXj8

    "Set in Nottingham, Newcastle, Leeds, Coventry, Edinburgh and London, The Great British Mortgage Swindle is a coruscating, shocking and utterly compelling documentary feature film about the nature and effects of institutionalised mortgage fraud and the state-sanctioned brutality of genocide by eviction.

    Eight years in the making, the film chronicles the extraordinary, harrowing, yet ultimately uplifting struggles of five pioneering lay litigants, as they battle to save their homes from being violently repossessed under the purported authority of entirely fraudulent mortgages and void court orders; whilst the officers of the banks responsible for these crimes enjoy the protection of a judicial system that is obviously rigged in their favour.

    What makes TGBMS a must-see documentary is that it shockingly demonstrates that virtually every one of Britain's 11.2 million registered mortgages is illegal, void and unenforceable because it was either signed without a loan having taken place, or without a witness being present at the moment of execution; which entitles every one of Britain's void mortgagors to be compensated by the Land Registry, for every penny they have paid out under false pretenses.

    The incendiary film by the Michaels of Bernicia and Deira has a relentlessly compelling narrative, which culminates in a genuinely uplifting finale, when, against all the odds, David slays Goliath in her majesty's courts and a grass-roots movement to end institutionalised mortgage fraud and genocide by eviction is born."


    Rentier Britain: All the rent goes to the 1%

    https://www.rt.com/shows/renegade-inc/464180-britain-rent-capitalism-economy/

    "There are three fundamental issues that lie at the heart of our current economic malaise: the first is unearned income and wealth from land rent, the second is the creation of money by privately owned banks, and the third is rent-seeking that is used to juice profits out of intellectual property through copyright and patents.

    But the political class, supported by lobbying, continues to avoid addressing these issues. So monopolies grow larger and larger, and as they do, more and more people are excluded from the economy.

    To really address the root causes, why don’t we start by calling out the rentier economy as a structural issue that no progressive society can actually afford?
    Host Ross Ashcroft is joined by economist, author and co-founder of Basic Income Earth Network, Professor Guy Standing to discuss rentier capitalism and reclaiming the commons."


    Renegade Inc. with Ross Ashcroft + guests

    https://www.rt.com/shows/renegade-inc/

    ...there are quite a few good shows at the link

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    Replies
    1. Mortgage lending statistics - December 2019

      https://www.fca.org.uk/data/mortgage-lending-statistics

      "Latest findings

      The outstanding value of all residential mortgage loans was £1,486 billion in 2019 Q3, 3.9% higher than a year earlier.

      The value of gross mortgage advances was £73.3 billion, broadly unchanged in comparison to 2018 Q3.

      The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 1.1% higher than a year earlier, at £73.8 billion."

      Think of the profits made from the creation of money that the banks are engaged in. We should pay the banks a commission for doing the paperwork and managing the account and with the interest set at an amount the does not punish savers, the interest collected on the loans could be used to reduce or eliminate Income Tax or fund health care

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  3. (((He))) became a director of the Bank of England in 1907 and during World War I he was a financial advisor to government departments. He was appointed Deputy Governor in 1917 and he became Governor in 1920. Under Norman, the bank underwent significant change. He was a supporter of the gold standard, which he called “knaveproof”, but nevertheless in 1931 the United Kingdom permanently abandoned it, at which point the bank's foreign exchange and gold reserves were transferred to the British Treasury.

    Norman was a close friend of the German Central Bank President (((Hjalmar Schacht))), who served in Hitler's government as President of the Reichsbank and Minister of Economics between 1934 and 1937. Norman was also so close to the Schacht family that he was godfather to one of Schacht's grandchildren. Both were members of the Anglo-German Fellowship and the Bank for International Settlements.

    While in the past Norman's role in the transferring of Czech gold to the Nazi regime in March 1939 was uncertain, careful investigation by historian David Blaazer into the Bank of England's internal memos has established that Norman knowingly authorized the transfer of Czech gold from Czechoslovakia's No. 2 account with the Bank for International Settlements to the No. 17 account, which Norman was aware was managed by the German Reichsbank. Within ten days the money had been transferred to other accounts. In the fall of 1939, two months after the outbreak of World War II, Norman again supported transfers of Czech gold to Hitler's Germany. On this occasion His Majesty's Government intervened to block Norman's initiative. He retired from the bank in 1944.

    https://en.wikipedia.org/wiki/Montagu_Norman,_1st_Baron_Norman

    ReplyDelete