UK prime minister Gordon Brown warned about a double dip recession (another dip just after slight recovery) - see Guardian article: http://www.guardian.co.uk/politics/2009/jul/06/gordon-brown-g8-leaders-recession.
A double dip recession is inevitable due to massive spending cuts and tax rises, whoever wins next UK general election, unless there is a socialist revolution! With £175 billion of borrowing predicted this year, excluding subsidies to the banks, a massive amount of money needs to be found from somewhere to come remotely close to balancing the books! There's probably a similar situation in many other countries, particularly the USA.
Trying to tax/cut heavily would face massive opposition from ordinary working and middle class people. A chance to change society!
Seen article in Guardian the day before yesterday: Tories planning to raise VAT to 20%. Would only bring in £5 billion and hit poor hard. They now deny even discussing this internally (probably a lie)...
Big profits from some banks. Robert Peston (BBC) said £1.3 trillion of subsidies to banks (in UK alone)! £3 billion Barclays profit small in comparison!
Those banks that did well did investing in markets not just high street activities, and profits from overseas operations. Big losses due to companies going under and people not being able to pay mortgages - despite high interest rates.
I got it wrong about Barclays going under it seems, but I could not predict £1.3 trillion subsidy from taxpayer!
Quantitative easing: another £50 billion on top of £125 billion already spent "printign money" - it seems that Bank of England/Labour worried about what will happen when this policy ends! Bonds won't sell?! Hyperinflation?! Who knows? [Nobody actually - free will is becoming dominant in the world, so economic forecasts and even things like the weather are becoming extremely inaccurate!!!]
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Steve Wallis (Manchester, England)
Preferred email address: revolutionarysocialiststeve@...
Super-blog: http://www.twitter.com/socialiststeve
Other blogs: http://groups.yahoo.com/group/steve-wallis-socialist-blog,
http://blog.myspace.com/galaxiasteve
My socialist website: http://www.socialiststeve.me.uk [Indian mirror: http://www.socialiststeve.in]
My pages at Facebook: http://www.facebook.com/socialiststeve, MySpace: http://www.myspace.com/galaxiasteve and Bebo:
http://www.bebo.com/SteveW519
Founder, Ethical Capitalism Network: http://www.ethicalcapitalism.net
Founder, Foundation for Proportional Representation-based Socialism: http://www.PRsocialism.org
Founder, Revolutionary Platform Network: http://www.revolutionaryplatform.net
My revolutionary socialist band, Galaxia: http://www.galaxiamusic.net,
Steve Wallis (Manchester, England)
Preferred email address: revolutionarysocialiststeve@...
Super-blog: http://www.twitter.com/socialiststeve
Other blogs: http://groups.yahoo.com/group/steve-wallis-socialist-blog,
http://blog.myspace.com/galaxiasteve
My socialist website: http://www.socialiststeve.me.uk [Indian mirror: http://www.socialiststeve.in]
My pages at Facebook: http://www.facebook.com/socialiststeve, MySpace: http://www.myspace.com/galaxiasteve and Bebo:
http://www.bebo.com/SteveW519
Founder, Ethical Capitalism Network: http://www.ethicalcapitalism.net
Founder, Foundation for Proportional Representation-based Socialism: http://www.PRsocialism.org
Founder, Revolutionary Platform Network: http://www.revolutionaryplatform.net
My revolutionary socialist band, Galaxia: http://www.galaxiamusic.net,
http://www.myspace.com/galaxiamusic, http://www.facebook.com/pages/Galaxia-a-revolutionary-socialist-band/84310120180, http://www.bebo.com/galaxiamusic.
My socialist band, Red Day: http://www.red-day.net, http://www.myspace.com/reddayband, http://www.facebook.com/pages/Red-Day/27468311341
Author, "Revolution Destroyed? Have I ensured that a world socialist revolution will never happen?": http://www.revolutiondestroyed.net
For discussion of 9/11 conspiracy theories, go to http://www.revolutionaryplatform.net/forum/index.php?board=89
My socialist band, Red Day: http://www.red-day.net, http://www.myspace.com/reddayband, http://www.facebook.com/pages/Red-Day/27468311341
Author, "Revolution Destroyed? Have I ensured that a world socialist revolution will never happen?": http://www.revolutiondestroyed.net
For discussion of 9/11 conspiracy theories, go to http://www.revolutionaryplatform.net/forum/index.php?board=89
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