Tag Archives: Social Welfare
This week on Facebook: Perhaps the worst consequence to the global pandemic introduced by Covid-19, is that having spent all that inflationary money to combat the pandemic it ends not with a bang but with a whimper. The pandemic has produced, for the most part, common political solutions involving inflationary measures to boost their economies. As I remarked in my post last week (Global Covid-19), there will be a recovery from this pandemic (for some of us) leading to a global scramble for growth. This recovery will lead to the internal economic measures (a euphemism for austerity) and external beggar thy neighbour policies introduced by the pubic administration.
This week on Facebook: Covid-19 is very much a global political and commercial pandemic and I am posting political and economic articles related to Covid-19¹², known globally as the coronavirus. My reprise posts on the fiscal crises that the world finds itself in post the introduction of fiat money in 1971 — the advent of global deficit financing and a global fiscal deficit are covered by this global pandemic.
A financial and economic crisis will tend to arise from a fiscal deficit if government debt levels contribute to a loss of market confidence in a national economy, reflected in turn in instability in currency and financial markets and stagnation in domestic output. A political and social crisis will tend to arise if both the fiscal deficit itself and the necessary corrective measure implemented to eliminate that deficit result in further losses of employment and output, falling living standards, and rising poverty. Britannica — Fiscal Crises
This week on Facebook: In England the Statute of Labourers was issued in 1351 after the Black Death had reached England. Full employment¹ was welcomed by those labourers left alive, often leading to increases in salary and freedom from serfdom for some.
And because many sound beggars do refuse to labour so long as they can live from begging alms, giving themselves up to idleness and sins, and, at times, to robbery and other crimes-let no one, under the aforesaid pain of imprisonment presume, under colour of piety or alms to give anything to such as can very well labour, or to cherish them in their sloth, so that thus they may be compelled to labour for the necessaries of life. Statute of Labourers (1351)
This week on Facebook: The UK 2010 State of the nation¹ reported on poverty, worklessness and welfare dependency in the UK that: “Over the past 10 years we have seen more and more money spent on the benefits system in an attempt to move people from below the 60% poverty threshold to above it. Expenditure on child-related benefits alone has almost doubled. Yet despite this expenditure, the figures in this document show that this approach is failing.
Income inequality is at its highest since records began; millions of people are simply parked on benefits with little hope of ever progressing into work. high levels of family breakdown, educational failure, addiction and health inequality are having a severe impact on outcomes for both adults and children.” [sic¹] Read more of this post
This week on Facebook: Perhaps the first question raised is, Who are the elites? They have always been a feature of all societies and have always been instrumental in suppressing the will of the people for a universal franchise¹. If Arrow’s impossibility theorem is correct in that it is generally impossible to assess the validity of a common good, then a social elite theory is also valid. But who are these elites² in a secular, urban and industrial modern society?
Although political science borrows heavily from the other social sciences, it is distinguished from them by its focus on power—defined as the ability of one political actor to get another actor to do what it wants—at the international, national, and local levels. Political Science
This week on Facebook: When I was at school we were taught that global power was achieved by the alliance of forces that militarily superior States could muster and little has changed militarily since then. While the politics of governance has been changed by universal suffrage it has done little to change this state of military affaires. I hold the view that any existing global governance, in what Lord Mandelson called the post democratic age, does not lead to a global government other than through an epistocracy. Read more of this post
Writing The Thunberg Effect prompted next week’s post on Global Government, something that I fear Greta Thunberg and her fanatical supporters would advocate to save the world. Being a fan of sic-fi films, which are mostly dystopian, like Greta Thunberg I hold a pessimistic view on the future of humankind. However, I’m sure that I hold different views on global government than Thunberg.
The reason: Global warming is not about science, but about politics — that is, about expanding the power of elites using the coercive instruments of government to control the lives of people everywhere. Just as the governing class embraces ineffective Keynesian stimulus spending to justify expansion of government, they now extol AGW as the basis for increasing their power to rule over the rest of us. The Goal Is Power: The Global Warming Conspiracy
This week on Facebook: I am still being asked, “Who is it that this debt is owed to“. The examples of public debt that I referred to last Sunday appear’s to be of little concern to an electorate who assume that economic growth can continue unabated. The electorate’s assumption appears to be that the distribution of this perceived economic growth will be used to support the State’s spending on a social welfare programme. It ignores the history of their public administration’s attitude to debt and particularly to austerity. It was Germany that adopted the earliest modern social welfare programme under the aegis of Otto von Bismarck in 1889 (3).
This week on Facebook: Last Sunday I tried to show the inflationary effect of fiat money that was introduced at Bretton Woods in 1971. While I think it was something that I failed to do successfully, I may have indicated how difficult it is to arrive at a figure for inflation that is not subject to government fiscal policy. Read more of this post
¯This week on Facebook: The ascendancy of unconstrained finance has always been a feature of wealth and poverty, exacerbated in 1981 (and since) by the cost of a social welfare programme. With deficit financing used to increase the inevitable shortfall in government budgets and the cost being borne by a fiscal policy that is an increasing burden on the taxpayer already burdened with government financial errors.
State prediction of economic growth have not been realised and the general public have, of recent years, mostly been subjected to austerity. This austerity is created by debts encouraged by The City and low incomes encouraged by State fiscal policy.
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