- Published on Friday, 02 August 2013 08:43
Fred Harrison who wrote The Traumatised Society has released a powerful video explaining the link between economic cycles and private property speculation which could be easily eliminated by capturing the full surplus value of land. Henry VIII was the original culprit in seizing land for personal gain and patronage; a practice continued by the rich and powerful ever since and today, vested interests maintain the status quo.
Treason Part 1: Casino Capitalism (30 minute video)
Harrison suggests next boom in 2020 will be followed by yet another bust but there are other factors which may bring collapse much sooner . The economic system is consuming itself because there is insufficient demand. One last credit fuelled boom may be possible but given the current levels of personal debt and declining or stagnant incomes, it is hard to see how. Should interest rates start to rise, many will go to the wall.
Meanwhile, Fabrice Tourre has been found liable for defrauding investors in a complex subprime mortgage deal that left them nursing $1bn (£756m) in losses when the financial crisis tore through the housing market, while his employer Goldman Sachs, the architect of the Abacus fraud in question, settled with the SEC by paying a fine of $550m - a cost of doing business. Goldman Sachs has subsequently been manipulating commodity markets, most recently in aluminium. The rich and powerful are rarely held accountable for their crimes.
Former Goldman banker Fabrice Tourre defrauded investors, US court rules
Former vice-president found liable after complex subprime mortgage deal that led to $1bn losses
Hat tip to Maggie for this
Finally, the July edition of the Runneymede Gazette is out.