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The Next 20 Scandals. So You Won’T Be Shocked

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I’m going this week where I’m pointed by a tweet that I quoted last week from the political scientist Philip Cowley. There ought to be a phrase in the English language, he remarked, for the shock and indignation apparently felt when something already widely suspected is officially confirmed. Bears and woods, popes and Catholicism, peerages and party donations come to mind. I learnt about Cowley’s syndrome to my very great cost many years ago when I mentioned on Newsnight that Peter Mandelson was gay.

But today, instead of looking back, I shall look forward, pick the figure 20 from the air, and take you through (say) 20 things about modern Britain that millions of us know already that — when in the fullness of time each is finally and authoritatively confirmed — will fill the air with protestations of shock and moral horror.

4 Insider trading. It’s absolutely endemic. In many spheres and all sorts of ways within the financial world, nothing even approaching a free, fair or open market exists. The protection and enhancement of entrenched advantage is, to a far greater degree than capitalist competition, the key dynamic in many markets.

5 The stock exchange has all but lost its original purpose — the financing of new business — and become a turbo-charged, non-stop poker school for a huge, wealthy, essentially unproductive and largely parasitic class. Unfortunately for my argument, Britain makes a lot of money from this.

6 Which goes for another financial story. The slow, centuries-old corruption by greed of the insurance principle. Insurance has become an almighty racket, with millions of naive citizens parted from billions by the unscrupulous sale, often under the guise of independent, best-interests advice, of almost worthless policies. Most — not all — insurance is a con, in which thousands of middlemen collude as agents.

9 The easing of credit that ministers are now pushing so hard, coupled with bizarrely low interest rates, will — as we speak — be drawing millions of our countrymen into debts and mortgages that will strangle them when interest rates rise.

http://ruthdudleyedwards.wordpress.com/2011/07/16/higher-commonsense-from-matthew-parris-in-todays-times/

Edited by thecrashingisles

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'They' - either brainwashed themselves or "in on it" constantly say that

"Britain gets loads from the City Financials".

When they mention "Britain" they are talking about 5% of the richest, parasitical Londoners whose recent Greed ridden financial fekkups has COST the rest of Britain dearly.

Billions in lost opportunity, an economic meltdown, Company bankruptcy, 100's thousands skilled jobs blah de blah

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I think Matthew Paris has had enough. Good on him. I especially enjoyed this one:

19 Lawyers. This is a coming storm — coming, I do hope, in my lifetime. MPs have bitten journalists; journalists have bitten MPs; now judges, who hate the media, are about to bite journalists. Sooner or later comes biteback time. That the practice of law in England has for centuries been a stitch-up to enrich a professional monopoly at vast public and private expense is perfectly well known — not least by lawyers, who subliminally know that theirs is not quite a gentleman’s calling. Hence their rather desperate pomposity and self-regard. It must crack.

The law is not for the people it is there to enrich lawyers.

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I think this comes back to a point I made earlier, that the veil is slipping from many mainstream commentators eyes. Radicalism is in the air.

More like reality in a way. There was a time not so long ago that the average hack would pen a piece and they might get one or two letters in repsonse. Nowadays their papers are on the rack with sales dwindling year on year, the alternative media is growing exponentially in scope and and readership and basically the maintream are losing it. Look at pretty much any article onlne noawadays and there will be reams of comments with most not being backward and coming forward aand saying exactly what they think about the views of the writer - especially if it does not coincide with what we all know is going on in this economy. They are being outed very publicly and just towing the line is going to get ever more dispiriting if they dare read the replies. Expect more to break ranks.

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Fun, fun, fun. I'd like to add my own coming scandal: DIAMONDS

In the vast majority of cases diamonds are worthless little stones. They have very little intrinsic value (try selling one back to a jeweller) and their price is maintained at artificially high levels by a global cartel (led by de Beers) that would surely be illegal in almost any other industry. This cartel is aggressively promoted through marketing that goes unchallenged by the media. Diamond engagement rings did not become fashionable in the UK until after WWII (following relentless advertising). Eternity rings were invented to mop up a supply of Soviet Siberian diamonds that threatened to devalue these silly little rocks. The perceived value of diamonds is largely an illusion.

The latest ruse is the idea of 'blood diamonds' which effectively means diamonds not controlled by this cartel. They even make Hollywood films about this laughable concept. What is so squeaky clean about a cartel diamond? They were happy to take diamonds from Stalinist Russia or Apartheid South Africa. Do we have 'blood corn' or 'blood bananas'? What about all those 'clean' diamonds that go to get polished in Israel. Are these diamonds untainted by the political situation there?

The slightest investigation into the economics of the diamond trade reveals it to be a total sham.

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Fun, fun, fun. I'd like to add my own coming scandal: DIAMONDS

In the vast majority of cases diamonds are worthless little stones. They have very little intrinsic value (try selling one back to a jeweller) and their price is maintained at artificially high levels by a global cartel (led by de Beers) that would surely be illegal in almost any other industry. This cartel is aggressively promoted through marketing that goes unchallenged by the media. Diamond engagement rings did not become fashionable in the UK until after WWII (following relentless advertising). Eternity rings were invented to mop up a supply of Soviet Siberian diamonds that threatened to devalue these silly little rocks. The perceived value of diamonds is largely an illusion.

The latest ruse is the idea of 'blood diamonds' which effectively means diamonds not controlled by this cartel. They even make Hollywood films about this laughable concept. What is so squeaky clean about a cartel diamond? They were happy to take diamonds from Stalinist Russia or Apartheid South Africa. Do we have 'blood corn' or 'blood bananas'? What about all those 'clean' diamonds that go to get polished in Israel. Are these diamonds untainted by the political situation there?

The slightest investigation into the economics of the diamond trade reveals it to be a total sham.

For anyone who doesn't know about diamonds:

http://www.youtube.com/watch?v=i8A9JXLyRwc

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I think this comes back to a point I made earlier, that the veil is slipping from many mainstream commentators eyes. Radicalism is in the air.

Funny you should say that. Look at this from the Telegraph:

The credit crunch has exposed a similar process of how emancipation can be hijacked. The greater freedom to borrow which began in the 1980s was good for most people. A society in which credit is very restricted is one in which new people cannot rise. How many small businesses could start or first homes be bought without a loan? But when loans become the means by which millions finance mere consumption, that is different.

And when the banks that look after our money take it away, lose it and then, because of government guarantee, are not punished themselves, something much worse happens. It turns out – as the Left always claims – that a system purporting to advance the many has been perverted in order to enrich the few. The global banking system is an adventure playground for the participants, complete with spongy, health-and-safety approved flooring so that they bounce when they fall off. The role of the rest of us is simply to pay.

http://www.telegraph.co.uk/news/politics/8655106/Im-starting-to-think-that-the-Left-might-actually-be-right.html

Again, the Telegraph. There really are rumblings going on now...

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Funny you should say that. Look at this from the Telegraph:

http://www.telegraph.co.uk/news/politics/8655106/Im-starting-to-think-that-the-Left-might-actually-be-right.html

Again, the Telegraph. There really are rumblings going on now...

Still don't get it do they though? The market has failed, UK business is failing, jobs have been exported, the future affected very detrimentally.

You can get a business loan if you attach it to a houe that you could not afford to pay for, cannot in furutre pay for if you lose it or never will be able to pay for. Is this a situation that would encourage starting aup a businesses - putting it all on the line knowing damn well you;d loe the lot.

Not bloody likely apart from the feckless, or extremely confident - too big a risk for the majority to take - a ******ing huge lead weight round the economy as a whole as most new jobs come form thesmall busineses sector.

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I think Matthew Paris has had enough. Good on him. I especially enjoyed this one:

The law is not for the people it is there to enrich lawyers.

Sorry, lawyers have already been taken down. You're swallowing old propaganda. The takedown started in 1993, and the plan is working so well that we no longer have a public administration of justice. Nip down to your local court house to find out. The only cases open to the public are criminal prosecutions, and nobody really bothers to watch them. Most of the civil stuff, which is the real law, is done in secret, and the lawyers get paid quite poorly for what they do.

I understand people get stung badly for lawyers' fees in divorce, but that is not the norm.

And Parris wrote today in the Times that gubmint should throw any amount of money at the debt problem. Totally radical - unless you're a communist and regard it as a necessary progression.

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I read this as the next 20 sandals.

Talk about putting your foot in it.

I think Matthew Paris has had enough.

Him and me both.

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Still don't get it do they though? The market has failed, UK business is failing, jobs have been exported, the future affected very detrimentally.

You can get a business loan if you attach it to a houe that you could not afford to pay for, cannot in furutre pay for if you lose it or never will be able to pay for. Is this a situation that would encourage starting aup a businesses - putting it all on the line knowing damn well you;d loe the lot.

Not bloody likely apart from the feckless, or extremely confident - too big a risk for the majority to take - a ******ing huge lead weight round the economy as a whole as most new jobs come form thesmall busineses sector.

it was designed to fail,by manipuation.

..so that a communistic system would replace it(just as stated in marx's musings)

but marxism never turned into the utopia he dreamed of,it justturned into animal farm..as some of the animals became more equal than others.

capitalism is at least more honest about being unequal.

so really we need PROPER capitalism,with a conscience....where those who become miscreant have to learn to take their licks,not send for the whipping boy

NOT CORPORATISM

NOT COMMUNISM.

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...the real big one missed are the commissions taken by private pension companies ...this is a pit which needs sorting ... :rolleyes:

A thorough industry wide review of every personal pension plan sold in the.UK between 1988 and 1997 where the individual had access to an occupational pension scheme has already taken place.

The cost to the UK life and pensions industry of paying redress to affected individuals was in the tens of billions.

The FSA regularly orders the industry to conduct reviews of products where it was suspected those products were sold with anything less than the client's best interest.

Edited by nmarks

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Art trade. Manipulated Ponzi of sorts. I dont really care because its sommewhat out of my financial class to be involved.

Intra Company Transfers - tax breaks and loopholes make it cheaper for someone from the subcontinent to come over to UK and sit in the seat of a previously employed native - and get PAID THE SAME NOMINAL SALARY.

Used to be that we were competing on the price of labour, now you can't even do that.

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capitalism is at least more honest about being unequal.

so really we need PROPER capitalism,with a conscience....where those who become miscreant have to learn to take their licks,not send for the whipping boy

NOT CORPORATISM

NOT COMMUNISM.

Communism would work just fine if everyone in the society was equally altruistic, but human nature being inherently greedy, smart and/or unscrupulous people will always find a way to manipulate the system for their own ends.

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Art trade. Manipulated Ponzi of sorts. I dont really care because its sommewhat out of my financial class to be involved.

Bit difficult to swallow that one, what with Mrs Quiff being in the art trade. You're dealing with items that have intrinsic value, coveted by owners and potential owners alike for their uniqueness, provenance, beauty, utility and status-enhancing properties. How is this anything like a ponzi scheme?

Top end stuff makes good headlines when the oligarchs bid the prices up, but most of the art market is much more humdrum.

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Art trade. Manipulated Ponzi of sorts. I dont really care because its sommewhat out of my financial class to be involved.

Intra Company Transfers - tax breaks and loopholes make it cheaper for someone from the subcontinent to come over to UK and sit in the seat of a previously employed native - and get PAID THE SAME NOMINAL SALARY.

Used to be that we were competing on the price of labour, now you can't even do that.

Some rules devised and paid for by the corporate lobbyists, which the politicians are only too happy to put in place and continue.

Also anti-competitive as smaller companies cannot / will not / do not want to participate in this sort of scheme.

If ast any time you hear a politican crying crocodile tears about unemployment amongt the youg (or elsewhere) remeber that all colours of the same political arsehole put their own population well behind the intersts of their crony backers.

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I think Matthew Paris has had enough. Good on him. I especially enjoyed this one:

The law is not for the people it is there to enrich lawyers.

I wouldn't be so sure. Lawyers are very well entrenched and enjoy formidable protection.

People have been predicting the imminent exposure of their racket for a very long time. To take just two examples, Charles Dickens in the 1850s and W.S. Gilbert in the 1860s/1870s spring to mind. Things have changed since their days, most notably for the worse as legal aid introduced a lot of new public money to the trough. But anything positive only ever happens on the margins.

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Fun, fun, fun. .../...

The slightest investigation into the economics of the diamond trade reveals it to be a total sham.

:D

The slightest investigation into the economics of the diamond PROPERTY & MORTGAGE trade reveals it to be a total sham. "Prices" are UTTERLY FALSE -- and largely FIXED by Moneylenders - who, long ago, realised that the "prices" paid by 99.8% of people are simply set by how much they lend:

Lend £10k - and THAT would be the price;

Lend £100k - and THAT would be the price;

Lend £300k [via a LIAR LOAN] - and THAT is about the average price for a very basic & ordinary property here in the UK - which, only 12 yeas ago, would have been around £90k.

Edited by eric pebble

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Fun, fun, fun. I'd like to add my own coming scandal: DIAMONDS

In the vast majority of cases diamonds are worthless little stones. They have very little intrinsic value (try selling one back to a jeweller) and their price is maintained at artificially high levels by a global cartel (led by de Beers) that would surely be illegal in almost any other industry. This cartel is aggressively promoted through marketing that goes unchallenged by the media. Diamond engagement rings did not become fashionable in the UK until after WWII (following relentless advertising). Eternity rings were invented to mop up a supply of Soviet Siberian diamonds that threatened to devalue these silly little rocks. The perceived value of diamonds is largely an illusion.

The latest ruse is the idea of 'blood diamonds' which effectively means diamonds not controlled by this cartel. They even make Hollywood films about this laughable concept. What is so squeaky clean about a cartel diamond? They were happy to take diamonds from Stalinist Russia or Apartheid South Africa. Do we have 'blood corn' or 'blood bananas'? What about all those 'clean' diamonds that go to get polished in Israel. Are these diamonds untainted by the political situation there?

The slightest investigation into the economics of the diamond trade reveals it to be a total sham.

Very good observation, but I doubt it will ever become a 'scandal'. Diamonds are pretty useless, and industrial diamonds are cheap enough to to most practical jobs. The same things are true of gold; it has some uses, but a small amount of gold will go a long way.

It's the bimbos who are fascinated by shiny baubles that get ripped off. Their own silly fault.

Diamonds are fascinating things; born in the hearts of volcanoes - but so is granite. It is carbon with intrguing qualities, but I find coal with fossils in it far more interesting.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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