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https://uk.reuters.com/article/uk-britain-politics-davos-labour/labour-partys-finance-chief-to-attend-davos-summit-spokesman-idUKKBN1EZ26D

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The British opposition Labour Party’s finance chief John McDonnell will attend the World Economic Forum in Davos this month to set out his vision for an alternative to the current model of capitalism

Does anyone know, specifically, what John's plan is for an alternative to the current model of capitalism?

Edited by A.steve

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9 hours ago, A.steve said:

https://uk.reuters.com/article/uk-britain-politics-davos-labour/labour-partys-finance-chief-to-attend-davos-summit-spokesman-idUKKBN1EZ26D

Does anyone know, specifically, what John's plan is for an alternative to the current model of capitalism?

Presumably he's going to Davos to get briefed on it!

Edited by Fence

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45 minutes ago, Pitchfork said:

Labour have become the nasty party and no longer have my vote.

<Any> have become the nasty party and no longer have my vote!

What we have is an institutional rather than party problem.

Edited by Fence

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9 hours ago, A.steve said:

https://uk.reuters.com/article/uk-britain-politics-davos-labour/labour-partys-finance-chief-to-attend-davos-summit-spokesman-idUKKBN1EZ26D

Does anyone know, specifically, what John's plan is for an alternative to the current model of capitalism?

Higger taxes.

 More public sector workers. Nationalised trains.

He's really not a big thinker.

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1 minute ago, Freezer? Best place for it said:

He's not Tory or Nu-labour - so whatever it is, it is an improvement over this abortion.

He's an over aged Sixth form Marxist.

He's actually worse than all of the above.

And hes a tnuc.

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24 minutes ago, Freezer? Best place for it said:

He's not Tory or Nu-labour - so whatever it is, it is an improvement over this abortion.

I can see how people may think it can't get much worse but it could. The problems the west has run far deeper than what political party is in power. Demographics, monetary system, globalisation and technology destroying jobs faster than new ones can be created. 

I don't care who you put in charge they can't come up with a plan to create a land of milk and honey for the majority.

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1 hour ago, Errol said:

Perhaps he should suggest actually implementing Capitalism, as what we have currently does not resemble capitalism in any way.

Free market capitalism failed in 2008. The central bankers have spent a decade trying and failing to resurrect its corpse. McDonnell will hopefully demonstrate to them the absolute folly of this ambition.

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5 minutes ago, zugzwang said:

Free market capitalism failed in 2008. The central bankers have spent a decade trying and failing to resurrect its corpse. McDonnell will hopefully demonstrate to them the absolute folly of this ambition.

Thats one point of view.

The other would say that rates where too low then also plus entities such as fannie mae and freddy mac are not i any way free market entities.

https://www.investopedia.com/articles/economics/08/fannie-mae-freddie-mac-credit-crisis.asp

I distinctly remember a rate cut here in about 2004 when the housing market was starting to correct under its own weight.

Without state support these bubbles would not get so large.

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1 hour ago, doomed said:

I don't care who you put in charge they can't come up with a plan to create a land of milk and honey for the majority.

I agree with your sentiment, the system is very broken and cannot be repaired, but the current lot are dishonest and corrupt.  It can have worse in charge, for example I just listened to Broadbent yesterday on the radio, the distance of him from reality was astounding.  We could even have a mad, reality television "star" in charge.

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7 minutes ago, Freezer? Best place for it said:

I agree with your sentiment, the system is very broken and cannot be repaired, but the current lot are dishonest and corrupt.  It can have worse in charge, for example I just listened to Broadbent yesterday on the radio, the distance of him from reality was astounding.  We could even have a mad, reality television "star" in charge.

The system does seem broken but lets hope we can repair it otherwise I suspect it will spell BIG trouble for most of us; rich or poor.  However Broadbent's comments were sickening and it does make me wonder if there is any chance left of fixing this mess.

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2 hours ago, spyguy said:

He's an over aged Sixth form Marxist.

He's actually worse than all of the above.

And hes a tnuc.

This. 100%. Unbelievable that in 2018 he's even got air time. Speaks volumes of some people and their understanding of even basic economics. 

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1 hour ago, Errol said:

Perhaps he should suggest actually implementing Capitalism, as what we have currently does not resemble capitalism in any way.

Precisely!

3 minutes ago, zugzwang said:

Free market capitalism failed in 2008. The central bankers have spent a decade trying and failing to resurrect its corpse. McDonnell will hopefully demonstrate to them the absolute folly of this ambition.

After years of manipulating low interest rates, Free market capitalism failed in 2008.

There was a really interesting edition of Money Box yesterday with Ben Broadbent Deputy Governor of the Bank of England taking calls and answering questions on the actions of the BoE and the reason for QE. I could not believe some of the utter tosh this handsomely paid (by us!) official came out with...

http://www.bbc.co.uk/programmes/b09kq1cg

To quote at 8:30;

Quote

"We created the money and bought government bonds, let me explain how we think it worked"

So in effect we don't really know what we're doing.....

To quote at 10:10;

Quote

This money didn't go to banks, we didn't give it to them....

Really!!

It's worth a listen, but what he's really saying is we can't have free market capitalism. The end game of that will be a currency collapse to my mind...

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17 minutes ago, Freezer? Best place for it said:

I agree with your sentiment, the system is very broken and cannot be repaired, but the current lot are dishonest and corrupt.  It can have worse in charge, for example I just listened to Broadbent yesterday on the radio, the distance of him from reality was astounding.  We could even have a mad, reality television "star" in charge.

Glad someone else agrees, it was just staggering some of the nonsense this guy was peddling...

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37 minutes ago, zugzwang said:

Free market capitalism failed in 2008. 

What we had in 2008 wasn't 'free market capitalism' in any way.

Edited by Errol

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38 minutes ago, zugzwang said:

Free market capitalism failed in 2008. The central bankers have spent a decade trying and failing to resurrect its corpse. McDonnell will hopefully demonstrate to them the absolute folly of this ambition.

No it didn't, state backed monopolies failed.

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2 hours ago, zugzwang said:

Free market capitalism failed in 2008. The central bankers have spent a decade trying and failing to resurrect its corpse. McDonnell will hopefully demonstrate to them the absolute folly of this ambition.

Because bank bailouts are free market capitalism. 

One might argue that had it been left to the free market then any feckless wastrel banks would have not taken quite the level of risk they did and we wouldn't be in this mess now. 

Capitalism works. There are market failures and these are well known and addressed by government. 

Socialism doesn't work very well. 

Communism not at all. 

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  • 407 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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