After the Storm

With the financial storm looking like it’s blowing over I wonder whether the wrath of Scotland’s new found Nationalist favour will punish Brown yet. With Lloyds absorbing HBOS, Alex Salmond was quick to hit the media with his rallying against the ‘London practices’ which saw Scotland’s second most successful business come to an end after its 313 years of existance.

Having overturned a 13,507 Labour majority in July at Glasgow East, the question reminds whether the SNP be able to harness the recent turn of events as a stick to beat the 10,664 majority in Glenrothes and herald a new premiership.

Hegonomy of Pragmatism

With financial chaos and leadership challenges in the air the labour party has been called on to greater assert their ideologies more than ever before, with a battle to realign to the left or readjustment the third way. I read a great article recently by Kieran Brett, ‘Against Ideology', published in Prospect’s August edition (I know I’m slow on the up take) http://www.prospect-magazine.co.uk/article_details.php?id=10322 that argues ideologies are bankrupt in the face of the true modern idea of pragmatism.

I’m inclined to agree with Brett’s theme of pragmatism as the greatest modern ideology, one that best guide us in what is an ever increasingly complex society, where being adaptive is key to achieving what’s best for all.

But I can’t help feeling stumped as to why has the age of great ideas become a chapter in the history books. For the beginnings of being literate man has etched out his reason for being, morals and ideas for centuries, in a rich tapestry of philosophical thought, from Socrates to Kant and beyond.

But the 21st Century has as of yet brought any reconciling of reason, knowledge and idea to the contemporary world - there is no true philosophical narrative for our age. In a globalized world with a greater fusion of ideas and information how come we have become philosophically bankrupt?

Make It Happen

Having just watched Clegg deliver ‘Make It Happen’ at the Liberal Democrat Conference on the Daily Politics show I baffled at how the old crowd aren't getting (or is it not supporting) the new cut tax mantra.

As it seems to me Clegg’s promising to cut taxes on the poor and raise them to50p to the £1 on the rich, as well as saving money along the way by cutting government waste. Straight forward really.

It was surprising to see the crowd un-reacting on the new tax cutting mantra, and cheering at the good old opposition baiting and new green economy promotion.

Is this political postering to under-cut the Tories? A direct attack to unseat Labour? Or the end of Cameron-Lite and the emergence of a real contender for Premiership?

A Swan Song for Modern Finance?

What a perfect first year anniversary gift to the credit crunch, the collapse of one of the oldest and largest investment banks in the US.

Originally ‘nationalising’ Freddie Mac & Fannie May to protect US home owners from further battering, the US government’s decision to let go of Lehman’s has resulted in a media blizzard of metaphors from ‘toxic debt’, ‘black holes in accounts’, ‘earthquakes in the market’s, and the ‘tectonic plates of finance shifting’ heralding a new era of depression.

In the belief that the markets were ready to deal with the consequences of their actions, the US government refused to sweeten a deal for a Lehman’s buyout. With the financial markets so out of control many are wondering what exactly can our leaders do regain control of the economy?

Maybe the first steps would be to ask themselves some questions and I’ve suggested a few to get them started: Why are banks able to create money out of thin air in the form of debt, earn huge profits from this in the form of interest and trade it globally as ‘collateral’? How has our economy arrived at a point when only 3% of money is in the form of notes and coins?

The Monopoly game that high street banks are playing was fine as long as it wasn’t negatively impacting the ‘real’ economy: but with rising inflation, house price crashes a possible 2 million unemployed and an economy nearing in recession is it time for monetary reform?