Bankers cost each one of us £8.40 for every £1 they produce, study shows
EXCLUSIVE by Gary Anderson 11/12/2011
Rich bankers can today be exposed as a huge drain on society… costing the rest of us £8.40 for every £1 they produce.
A study by think-tank the New Economics Foundation found the average banker destroys £42million a year in value while creating just £5million.
Meanwhile hospital cleaners on £6.26 an hour are worth £10 for every £1 they cost because they prevent superbugs, saving the economy a fortune.
The shock figures fly in the face of claims that bankers like Barclays boss Bob Diamond – paid £4.4million in 2010/11 – are worth vast bonuses because of their contribution to the economy.
Their drain on the country is caused by the cost of bailing out banks brought to their knees by the credit crunch and the devastating impact of the crisis their recklessness caused.
NEF found that tax accountants who help the rich cut their bill were even worse value, costing us £47 for every £1 they create.
Meanwhile low-paid public sector workers like nursery workers and bin men were found to more than earn their wages.
Helen Kersley from the NEF said: “We get a huge tax contribution from the City but it pales into insignificance next to the damage from the financial crisis in terms of unemployment, bailing out banks and leaving us with a massive public debt.”
ITS THE BONUS DRIVEN CULTURE THAT CREATED THIS RECKLESS DEBT. BUT NO-ONE IS TRYING TO FIX THIS PROBLEM… SO ITS JUST CONTINUES
“Economists and workplace consultants regard it as almost unquestioned dogma that people are motivated by rewards, so they don’t feel the need to test this” …”It has the status more of religious truth than scientific hypothesis”
Cash bonuses contributed to the financial crash,because traders had little motivation to ensure thier companies long term survival.
Stock-option bonues where blamed for the collapse of Enron and other corporate scandals.
“In many cases the top executives simply lied and cheated to make the stock price go up so they got huge bonuses” Edward Deci ,University of Rochester ,New York state.
Most bonus schemes are poorly designed says Malcolm Higgs of the School of Management at the University of Southhampton in the UK.
IF WE LET THESE BONUS DRIVEN IRRESPONSIBLE AND UNPROFITABLE BANKS FALL THINGS WILL IMPROVE
Iceland Is No Ireland as State Free of Bank Debt, Grimsson Says
Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued.
“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”
BUT POLITIONS AND THIER CIVIL SERVANTS ARE CORRUPT AS BANKERS AND WILL SELL THE PUBLIC AS DEBTORS SLAVES TO PRIVATE BANKING INTERSETS AND WILL DRAIN THE PUBLIC OF THIER WEALTH AS WELL
UK debt is ‘twice as much as we thought’
12 July 2010, 7:37am
The true scale of the national debt is £2 trillion – more than twice the official figure, an alarming study shows.
Burden: Paying for civil service pensions will swell UK debts.
The black hole in the public accounts equates to £78,000 for every household in the country.
The ‘real’ state of the national finances is exposed in a study published today by the Centre for Economics and Business Research, which warns of a series of mammoth debts that aren’t revealed by the official figures.
MEANWHILE THE RICH GET RICHER AND THE POOR GET THE PICTURE
Number Of Billionaires Soars Despite Downturn
The number of billionaires in the UK has increased to 32, with the Duke of Westminster Gerald Cavendish Grosvenor again named the country’s richest man
Despite the property slump, the 59-year-old landowner increased his worth to $13bn – but still only managed 57th on the Forbes global rich list.
Despite the global economic downturn, the Forbes 25th list of the richest people on the planet saw the number of billionaires increase by 214 to a record 1,210.
Global poverty doubled since 1970s: UN
GENEVA — The number of very poor countries has doubled in the last 30 to 40 years, while the number of people living in extreme poverty has also grown two-fold, a UN think-tank warned Thursday.
THE SYSTEM WE HAVE IS STATE CAPITALISM
State capitalism has various different meanings, but is usually described as a society wherein the productive forces are controlled and directed by the state in a capitalist manner, even if such a state calls itself socialist. Corporatized state agencies and states that own controlling shares of publicly-listed firms, and thus acting as a capitalist itself, are two examples of state capitalism
OF COURSE THIS IS JUST FASCISM!!
Fascism should more appropriately be called corporatism because it is the merger of state and corporate power.
Benito Mussolini, fascist dictator of Italy (1922-1943)
ONE SIDE LIKES BIG GOVERNMENT (LEFTWING AUTHORITARIANS) THE OTHER BIG BUSINESS (RIGHTWING AUTHORITARIANS). THEY BOTH HAVE THE SAME LOBBY GROUP BACKERS. WE ONLY GET TO VOTE FOR THE CHEERLEADER!!
THIS UNDEMOCRATIC SYSTEM PUTS PSYCHOPATHS AND SEXUAL PREDATORS AND DEVIANTS IN POSTIONS OF GREAT POWER
Study: Politicians share personality traits with serial killers
Kouri notes that these criminals are psychologically capable of committing their dirty deeds free of any concern for social, moral or legal consequences and with absolutely no remorse.
“This allows them to do what they want, whenever they want,” he wrote. “Ironically, these same traits exist in men and women who are drawn to high-profile and powerful positions in society including political officeholders.”
IF VOTING COULD CHANGE ANYTHING THEY WOULD BAN IT! THAT IS WHY WE DO NOT HAVE A DIRECT DEMOCRACY AND NO POLITION WILL EVER MENTION IT ON MSM!!!…CAN YOU IMAGINE A POLITION VOLUNTERILY GIVING UP POWER?
MOST OF OUR POLITIONS WOULD BE IN JAIL IN A DIRECT DEMOCRACY!!
IF GOVERNMENTS ARE SO IMPORTANT AND COST EFFECTIVE ,WHY DON’T THEY EVER GO ON STRIKE AND PROVE THIS!?!?
MAYBE BECAUSE ,AS BELGIUM ICELAND AND ARGENTINA PROVES, THAT IF GOVERNMENTS DID GO ON STRIKE THE ECONOMY WOULD IMPROVE AND SO WOULD SOCIAL FREEDOMS!!!
Some streak: Belgium marks 250 days with no government
• Street parties held to lampoon politicians
• No workable coalition since June elections
The country is prosperous and well-run bureaucratically. The caretaker Leterme government has just accomplished a smooth and much-praised presidency of the European Union.
So does it matter?
“Everything goes on in the same old way,” said Cocquyt. “It’s better not having a government.”
With endless coalition negotiations thoroughly bogged down since last June, the Swiss model was proposed at Ghent University – turning the country into a “Belgian Union”, a confederation of four parastates – Brussels, Flanders, Wallonia, and the small German-speaking area in the east.
BELGIUM HAS JUST ECONOMICALLY OUT-PREFORM EVERY EUROPEAN COUNTRY …INCLUDING SWITZERLAND!!!
ITS NOT THE ECONOMY…ITS THE GOVERNMENT STUPID!!!
WE HAVE BEEN HERE BEFORE , PLEASE TAKE ANDREW JACKSONS ADVICE!
“Never take counsel of your fears.”
The Jacksonians opposed government granted monopolies to banks, especially the national bank, which was a central bank known as the Second Bank of the United States. Jackson fought to end the government monopoly to the Bank and got great opposition from Nicholas Biddle, the bank chairman. Biddle first dismissed Jackson efforts, but as the initiative gained popular support, he got more concerned. There was an attempt to murder Jackson at that time but the pistols failed. Jackson would later claim that he had proof the bankers were behind this attempt. Jackson was able to gain popular support because the Bank money manipulations and inflation had created a big recession, and it had inflated land prices, benefiting big land owners and stopping economical development. In a last attempt to stop Jackson, Biddle burst the bubble his inflationary policies had created, and brought about a deflationary correction. This put pressure on Jackson, but after a year of recession, the economy was clean by the deflationary correction, and the Bank was out of “ammunition”. Jackson had won the battle. The Bank continued his operations as a state bank, but had to close years after. Once retired, everytime Jackson was asked what was his biggest achievement as president he answered: “I killed the Bank”.
ANDREW JACKSON was the ONE president that CLEARED AMERICAN DEBT ,when faced with financial ruin How did he manage it?
“The Bank is trying to kill me, but I shall kill it!”
ANDREW JACKSONS VIEW OF THE BANKS….NO BAILOUT.
“You are a nest of vipers and thieves, and by the grace of the almighty God, I will root you out!”
ANDREW JACKSON’S VIEW ON CORPORATIONS
Corporations have neither bodies to kick nor souls to damn.
ANDREW JACKSONS VIEW ON THE BRIGHTEST AND THE BEST
Hemans gallows ought to be the fate of all such ambitious men who would involve their country in civil wars, and all the evils in its train that they might reign & ride on its whirlwinds & direct the Storm– The free people of these United States have spoken, and consigned these wicked demagogues to their proper doom.
NO BAILOUT ,ARREST CRIMINAL BANKERS AND POLITIONS.
THERE IS NO REASON PAST OR PRESENT WHY WE SHOULD BE BAILING OUT UNPROFITABLE BANKERS!!
A LESSON FOR THE BRIGHTEST AND THE BEST. CAPITALISM EXPLAINED its not that difficult , so you see we do not need the brightest and the best.
1.Availability of credit allows money to flow between savers and borrowers.
2.Resources and funds are allocated to various projects or investments during a boom phase.
3.Eventually borrowing becomes excessive and leads to malinvestment,
4.At this stage, adherence to free market theory would allow for an efficient cleansing period and a healthy recovery period. How? Irresponsible and unprofitable businesses fail. Bad debts get liquidated. Excess resources go on sale, flow into more stable ventures and pool together with more profitable resources controlled by healthy corporations or entities
FINANCIAL NEWSFLASH WESTERN BANKERS ARE CRAP AND CRIMINAL!!
UK , US ,Dutch and Icelandic banks found to be IRRESPONSIBLE AND UNPROFITABLE!!!!! Therefore they get liquidated and thier assets go on sale. Bankers go for re-education and find a new PRODUCTIVE job . May I suggest street sweepers as bankers seem to be used to handling large amounts of rubbish! No offence meant to the tireless individuals that keep our streets clean!
FINANCIAL SPOKESPERSONS RESPONDS
Financial Spokesperson No.1
“ROOLS?!?! We don’t need no stinkin ROOLS!!!”
Financial Spokesperson No.2
“OK everybody , just give us the money and no-one will get hurt!!!”
THESE ARE THE PEOPLE WE ARE HANDING OVER OUR PENSIONS AND OUR FUTURES TOO!!!!
DIRECT DEMOCRACY TODAY!!!!
END THE ELECTED DICTATORSHIP OF CORRUPTION!!