Posts Tagged ‘Loans’

Afshin Rattansi Asks What Boris Johnson Is Doing in South America

May 24, 2018

In this short clip from RT’s ‘Going Underground’, host Afshin Rattani raises the question of what Boris Johnson is doing in Chile, Argentina and Peru, and reminds his viewers of the atrocities committed by Chile’s bloody dictator, General Pinochet. Johnson began a tour of these countries yesterday. Rattansi describes all of these countries as allegedly America’s proxies, but particularly Chile. He tells how Pinochet was warmly supported by Johnson’s heroine, Margaret Thatcher. Pinochet overthrew the democratically elected Socialist president, Salvador Allende, in a CIA-backed coup. The dictator was responsible for the murder and disappearance of 40,000 people. There is a sequence, in which Raymond Peredes, the son of the head of the Chilean army under president Allende, describes what happened to his father. He had every bone in his body broken, and was burned with a flame thrower before finally being shot with 20 bullets. His killers, however, did not touch his head, because they wanted him to remain conscious.

Pinochet was arrested by the Labour government after he came to London, following a warrant put out by a Spanish examining magistrate, judge Baltazar Garzon, who charged him with genocide. There is also a clip of Jeremy Corbyn stating that Pinochet does not enjoy diplomatic immunity from the charges, which including hostage-taking, genocide and extraterritorial murder.

But the old brute was defended by Maggie Thatcher, here looking even more aged, decrepit and malignly insane than ever. Thatcher stated that he’d been a good friend and ally of Britain, but now, thanks to his arrest, his health had been broken and the esteem of Britain’s courts around the world damage. So, as you might expect from a Tory premier, who backed Fascists and Fascist death squads throughout Latin America, there’s plenty of sympathy for him and none whatsoever for the tens of thousands he tortured and murdered. After his arrest, he was released by Tony Blair’s government. Rattansi continues that today the country is in the grip of more neoliberal change, which the opposition claims will cause further poverty.

Rattansi goes on to cover Argentina, where he says that Margaret Thatcher arguably helped end one American proxy dictator after she won the Malvinas/Falklands War. However, he states that ‘the bad old days’ could be returning, because the country’s president, Macri, has just taken out a loan with the IMF. Rattansi goes on to report how the president of Peru, Martin Vizcarra, hasn’t been elected yet. He only took power after his predecessor was forced to resign in a corruption scandal. But he was first to welcome US vice-president, when he touched down last week. The clip ends with Pence stating that all Latin America’s problems are due to the president of Venezuela, Maduro.

From this it seems that Boris has gone to these countries, to wee what Britain can pick up once neoliberalism hits these nations once again. In return for loans, the IMF insists that countries approaching it for aid scale down their welfare spending and privatise their state industries, usually by selling them to the Americans. It’s been described as part of the international network of American corporate imperialism. My guess is that Johnson is hoping that we might be able to buy some of the privatised industries in Argentina and also Chile and Peru. And it’s always good to remind people just how nasty Pinochet was, as well as Thatcher’s deep affection for the butcher. This tells you exactly what kind of person Thatcher was, and what kinds of people those who continue to idolise her, like BoJo, are.

As for Blair’s arrest of Pinochet, that was hopelessly bungled. There was a question about it at the time on the Beeb’s News Quiz on Radio 4. Clive Anderson, who is a lawyer as well as comedian and broadcaster, stated that in situations like that, nations are supposed to issue warning notices that particular individuals will not be welcome in their countries and would be subject to arrest before they arrived there. Blair didn’t. Chile did help us during the Falklands War, which is partly why Thatcher defended him. But he was still a brutal dictator, responsible for horrific and indescribable crimes.

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Boris Blusters as Thornberry Tells Him to Resign

May 24, 2018

I’ve already put one piece up, commenting on how Boris ran from the chamber when Emily Thornberry rose to ask for the government’s comment about the Gaza massacre. Just as he also ran away from her in February, when she terrified him with a question about Northern Ireland. And in this short video from RT, she lays into Johnson again, over the case of Nazanin Zaghari-Ratcliffe.

Mike reported last week that the Iranians had added yet another trumped up charge to Mrs Zaghari-Ratcliffe’s list of spurious crimes, and increased her sentence. This time she has been charged with spreading propaganda. It’s sheer nonsense, of course, but it shows the arbitrary, despotic nature of the regime.

However, this woman’s plight has been compounded by the sheer, hamfisted incompetence of the current Foreign Secretary, Boris Johnson. The Iranian government claimed that she was really spying, and had been teaching journalism during her stay in the country. She hadn’t. She’d actually been taking her daughter, Gabrielle, to meet her Iranian family. Boris, however, decided to leap in with both feet, and claimed in a TV interview that she had indeed been teaching journalism, thus apparently confirming the Iranians’ charges.

There was naturally an outcry against Boris for so ignorantly making the situation worse. So Michael Gove decided to exercise his minuscule intellect, and appeared on television to defend BoJo. And he made matters worse, by stating in an interview that ‘we don’t know what she’s doing’. In fact, the government knew perfectly well what she was doing, and BoJo and Gove only had to look at the briefing papers. Neither of them appear to have bothered. This wouldn’t have surprised Ken Livingstone, who said that Boris often didn’t read them.

Mike in his article about the issue raised the obvious question of why Boris Johnson is still Foreign Secretary, considering all he’s done is make matters worse. He concluded that he is only there, because someone wants him there, not because he has any talent.

https://voxpoliticalonline.com/2018/05/21/innocent-brit-faces-more-years-in-iranian-jail-tory-who-failed-to-rescue-her-is-still-foreign-secretary/

In the video, Thornberry turns her attention to Mrs. Zaghari-Ratcliffe’s case, and asks how many times more times must Boris this happen? How many more times must he insult our international partners and damage our international relations, and imperil British nationals abroad, before Tweezer sacks him? And if she doesn’t, because she doesn’t have the strength or authority perhaps Boris himself should show a bit of personal authority that this job, where words have gravity and actions have consequences, is not for him.

BoJo then bounces up and starts blustering, stating that it is unfair to attack the Foreign Office, that have been working day and night so secure Nazanin Zaghari-Ratcliffe’s release. To which Thornberry simply mouthes ‘Just you’, pointing to the fatuous buffoon. He then goes on to claim that her comments are a distraction from the people, who are really responsible for Zaghari-Ratcliffe’s situation.

This then provokes heated remarks from both sides, with the Deputy Speaker crying for order.

Boris is right that the people really responsible for Mrs Zaghari-Ratcliffe’s imprisonment are the Iranians. But they’ve been assisted in this by Boris’ massive incompetence. It’s also very clear to me that they’re holding her as a political bargaining chip. When they first imprisoned her, Boris ended flying out to Tehran, and Britain mysteriously unlocked about £250 million of Iranian funds, that had previously been frozen in banks over here. Both sides claimed that this was unrelated to Mrs. Zaghari-Ratcliffe’s imprisonment, but it looks far too much that it was very much connected for the excuse that it was all coincidence to be at all convincing. The problem is that the Iranians have learned that all they have to do is retain Mrs Zaghari-Ratcliffe and add a few more years to her sentence, and the government will automatically try anything to secure her release. Try and fail, because she’s too big an asset for them to throw away now.

And I think that the fresh charges they’ve drummed up against Mrs Zaghari-Ratcliffe are not unrelated to the current crisis in American-Iranian relations. America has imposed sanctions on Iran, and has blocked them from using the dollar as their currency of international trade. Even third party companies, who are not American, are prevented from trading with Iran in dollars, if they wish to do business in America. This is intended to make it difficult for the Iranians to trade oil, as the Americans have made the dollar the international trade currency for it. This has the benefit, for the Americans, of boosting their economy. If the world stopped using the petrodollar, and switched to another currency, the American economy would be devastated. Hence one possible motive for the Americans’ overthrow of Colonel Gaddafi was because the Libyan dictator was planning to ditch the dollar, and set up the dinar as an alternative trade currency. Venezuela was also planning to ditch the dollar. And the Russians and Chinese have also made similar plans.
And the Iranians have gone through with theirs, and replaced the dollar with the euro. This has resulted in Trump and his colleagues going berserk, and threatening all kinds of reprisals against Iran and Europe.

Also, while many Iranians are probably quietly in favour of better relations with the West, official Iranian ideology demonises both America and Britain. America is ‘the great Satan’, while Britain is ‘the little Satan’. And there is much popular suspicion and hatred of Britain as the country’s former colonial master. The country was never formally incorporated into the British Empire, but we owned their oil industry and interfered many times in their politics from the 19th century onwards. The Qajar shahs were overthrown and replaced with the Pahlavis because they took out loans with us for modernisation, which they could not repay. And we overthrew their last, democratically elected president, Mossadeq, because he nationalised the Iranian oil industry. The Iranians therefore have a saying, ‘If there’s a pebble in your path, it was put there by a Brit.’

The Iranian dissident, Shirin Ebadi, has said that so great is this popular hatred of Britain, America and the West, that it is actually harmful for them to support Iranian dissident movements. When that is done, the Iranian authorities try to undermine them by claiming that these are subversive movements working against Iran with the country’s colonial enemies.

It therefore seems clear to me that the Iranians are keeping Zaghari-Ratcliffe as a possible bargaining chip in case of further confrontations with America over their switch from the petrodollar to euro. As well as Trump withdrawing from the nuclear treaty Obama signed with the Iranians. And the Iranian authorities are probably also keen to exploit the propaganda value of continuing Zaghari-Ratcliffe’s imprisonment, while Britain impotently pleads for her release.

Boris is right that the real villains in this are the Iranians. But they’ve been assisted by his and Gove’s massive incompetence. Thornberry is right. It’s long past time Johnson was sacked. Not just because of Zaghari-Ratcliffe, but because of all the other stupid mistakes he’s made, which have threatened our international relations, business interests and the welfare of our citizens abroad.

But Mike’s right. May won’t sack him, because he’s too dangerous to her outside the cabinet. So he will continue in his post as foreign secretary for as long as she’s in power.

Which means that, if we want to do something to improve diplomatic relations and free Mrs. Zaghari-Ratcliffe, they’ll both have to go.

The Nazis, Capitalism and Privatisation

November 9, 2017

One of the tactics the Right uses to try to discredit socialism is to claim that the Nazis were socialist, based largely on their name and the selective use of quotes from Hitler and other members of the Nazi party.

This claim has been repeatedly attacked and refuted, but nevertheless continues to be made.

In the video below, Jason Unruhe of Maoist Rebel News also refutes the argument that the Nazis were socialists by looking at the economic evidence and the Nazis’ own policy of privatising state-owned industries and enterprises. He puts up several graphs showing how the stock market rose under the Nazis, as did the amount of money going to private industry. Indeed, this evidence shows that the Nazis were actually more successful at managing capitalism than the democratic, laissez-faire capitalist countries of Britain and the US.

Then there is the evidence from the Nazis’ own policy towards industry. He cites a paper by Germa Bel in the Economic History Review, entitled ‘Against the Mainstream: Nazi Privatisation in 1930s Germany’. In the abstract summarising the contents of the article, Bel states

In the mid-1930s, the Nazi regime transferred public ownership to the private sector. In doing so, they went against the mainstream trends in Western capitalistic countries, none of which systematically reprivatized firms during the 1930s.

He goes further, and makes the point that the term ‘privatisation’ actually comes from Nazi Germany. It’s the English form of the German term reprivatisierung.

I am very definitely not a Maoist, and have nothing but contempt for the Great Helmsman, whose Cultural Revolution led to the deaths of 60 million Chinese in the famines and repression that followed, and unleashed a wave of horrific vandalism against this vast, ancient countries traditional culture and its priceless antiquities and art treasures.

But Unruhe has clearly done his research, and is absolutely correct about the capitalist nature of German industry under the Third Reich. Robert A. Brady, in his The Spirit and Structure of German Fascism (London: Victor Gollancz 1937) also described and commented on the privatisation of industry under the Nazis.

He states that the organs set up by the Nazis to ‘coordinate’ the industrial and agricultural sectors were specifically forbidden from giving any advantages to the state sector rather than private industry, and that state industry was handed over to private industrialists.

The same picture holds for the relations between the National Economic Chamber and the organs of local government. As Frielinghaus has put it, “The new structure of economics recognises no differences between public and private economic activity….” Not only are representatives of the various local governments to be found on both the national and regional organs of the National Economic Chamber, but it is even true that local government is co-ordinated to the end that economic activities pursued by them shall enjoy no non-economic advantages over private enterprise.

The literature on this point is perfectly explicit, being of a nature with which the general American public is familiar through numerous utterances of business leaders on the “dangers of government competition with private enterprise.” Under pressure of this sort the Reich government and many of its subsidiary bodies have begun to dispose of their properties to private enterprise or to cease “competition” with private enterprise where no properties are at stake. Thus the Reich, the states and the communes have already disposed of much of the holdings in the iron and steel industry (notably the United Steel Works), coal and electric power. Similarly, support is being withdrawn for loans to individuals wishing to construct private dwellings wherever private enterprise can possibly make any money out the transactions. True, the government has been expanding its activities in some directions, but mainly where there is no talk of “competition with private enterprise”, and with an eye to providing business men with effective guarantees against losses. (Pp. 291-2).

There is a serious academic debate over how far Fascism – both in its Nazi and Italian versions – was genuinely anti-Socialist and anti-capitalist. Mussolini started off as a radical Socialist, before breaking with the socialists over Italian intervention in the First World War. He then moved further to the right, allying with Italian big business and agricultural elites to smash the socialist workers’ and peasants’ organisations, and setting up his own trade unions to control the Italian workforce in the interests of Italian capital.

Ditto the Nazis, who banned the reformist socialist SPD – the German equivalent of the Labour party – and the Communist party, and destroyed the German trade unions. Their role was then taken over by the Labour Front, which also acted to control the workforces in the interests of capital and management.

As for Hitler’s use of the term ‘socialist’ and the incorporation of the colour red, with its socialist overtones, into the Nazi flag, Hitler stated that this was to steal some of the attraction of the genuine socialist left. See the passage on this in Joachim C. Fest’s biography of the dictator. The incorporation of the word ‘socialist’ into the Nazi party’s name was highly controversial, and resisted by many of the party’s founders, as they were very definitely anti-socialist.

Brady himself comments on how the Nazis’ appropriation of the term ‘socialist’ is opportunistic, and disguises the real capitalist nature of the economy. He writes

the principle of “self-management” does appear to allow the business men to do pretty much what they wish. The cartels and market organisations remain, and have, in fact, been considerably strengthened in many cases. These are the most important organisations from the point of view of profits. The larger machinery is, as previously indicated, primarily designed to co-ordinate police on threats to the underlying tenets of the capitalistic system. The fact that the new system is called “socialism,” and that “capitalism” has been repudiated, does not detract from this generalisation in the slightest. The changes made to such as worry compilers of dictionaries and experts in etymology, not economists. For the realities of “capitalism” has been substituted the word “socialism”; for the realities of “socialism” has been substituted the word “Marxism”; “Marxism” has,, then, been completely repudiated. By reversing the word order one arrives at the truth, i.e. “socialism” in all its forms has been repudiated and capitalism has been raised into the seventh heaven of official esteem.

And the structure of Nazi Germany, where there were very close links between local and state government and industry, and where private industry and big business were celebrated and promoted, sounds extremely similar to the current corporatist political system in Britain and America. Here, political parties now favour big business over the public good, thanks to receiving donations and other aid, including the loan of personnel, from private firms, and the appointment of senior management and businessmen to positions within government. While at the same time pursuing a policy of deregulation and privatisation.

And this is without discussing the murderous Social Darwinism of the Reaganite/ Thatcherite parties, including Blairite New Labour, which has seen the welfare safety net gradually removed piecemeal, so that hundreds of thousands in Britain are now forced to use food banks to survive, and around 700 desperately poor, and particularly disabled people, have died in misery and starvation thanks to the regime of benefit sanctions and the use of pseudo-scientific procedures by ATOS and Maximus to declare seriously and terminally ill people ‘fit for work’.

The Blairites, Tories and their Lib Dem partners have set up a system of secret courts, in which, if it is considered ‘national security’ is at stake, individuals can be tried in secret, without knowing what the charges against them are, who their accuser is, or the evidence against them. Cameron and May, and indeed Tony Blair, followed Thatcher’s lead in trying to destroy the unions, and have put in place progressively stricter legislation against political protests.

Meanwhile, under the guise of combating ‘fake news’, internet companies like Google and Facebook are trying to drive left-wing, alternative news networks and sites off the Net.

The Code Pink and Green Party campaigner, Vijay Prashad, gave a speech in Washington, where he stated that Trump could be the last president of the US. If he doesn’t destroy the world, the political processes that are operating under him could result in him being the last democratically elected president, should the elites get tired of democracy.

Trump’s regime is certainly Fascistic, particularly in the support it receives from racist, White supremacist and openly Nazi organisations. If the business elites bankrolling the two parties do get tired of democracy – and due to their pernicious influence Harvard University has described the current American political system as an oligarchy, rather than democracy – then the transition to real Fascism will have been completed.

And where the Republicans go in America, the Tories over here in Britain duly follow.

Vox Political On the Bitter Injustice of the BHS Collapse and Philip Green’s Third Yacht

April 26, 2016

Mike over at Vox Political has also put up a piece about the most bitter part of the collapse of BHS: its chairman, Philip Green, was a serial tax avoider, who took £400 million out of the company. He bought himself yet another yacht, to add to the two he owned already. The company collapsed, throwing 11,000 people out of their jobs, and with £571 million black hole in its pension funds.

Mike urges its employees who voted Tory to take a long, hard look at what this says about the treatment of employees under David Cameron. It says that corporate bosses can get away with keeping their wealth, while their workers get nothing.

The bitterest part of the BHS collapse: Philip Green’s third yacht

This isn’t the first company that’s collapsed through lack of investment thanks to free trade economics. There have been others, and the economic thinking behind it is the first target in Han-Joon Chang’s 23 Things They Don’t Tell You About Capitalism.

The Russian Anarchist, Peter Kropotkin, also had a few choice things to say about the businessmen of his time, who deliberately limited production to keep the profits from their products high, which is similar to Green starving his company of funds for his own enrichment. In his essay, ‘Anarchist Communism: Its Basis and Principles’, Kropotkin wrote:

But the figures just mentioned, while showing the real increase of production, give only a faint idea of what our production might be under a more reasonable economical organisation. We know well that the owners of capital, while trying to produce more wares with fewer ‘hands’, are continually endeavouring at the same time to limit the production, in order to sell at higher prices. When the profits of a concern are going down, the owner of the capital limits the production, or totally suspends it, and prefers to engage his capital in foreign loans or shares in Patagonian gold-mines. Just now there are plenty of pitmen in England who ask for nothing better than to be permitted to extract coal and supply with cheap fuel the households where children are shivering before empty chimneys. There are thousands of weavers who ask for nothing better than to weave stuffs in order to replace the ragged dress of the poor with decent clothing. And so in all branches of industry. How can we talk about a want of means of subsistence when thousands of factories lie idle in Great Britain alone; and when there are, just now, thousands and thousands of unemployed in London alone; thousands of men who would consider themselves happy if they were permitted to transform (under the guidance of experienced agriculturists) the clay of Middlesex into a rich soil, and to cover with cornfields and orchards the acres of meadow land which now yields only a few pounds’ worth of hay? But they are prevented from doing so by the owners of the land, or the weaving factory, and of the coal-mine, because capital finds it more advantageous to supply the Khedive with harems and the Russian Government with ‘strategic railways’ and Krupp guns. Of course the maintenance of harems pays: it gives 10 or 15 per cent on the capital, while the extraction of coal does not pay – that is, it brings 3 or 5 per cent – and that is a sufficient reason for limiting the production and permitting would-be economists to indulge in reproaches to the working classes as to their too rapid multiplication! (Peter Kropotkin, ‘Anarchist Communism’, in Nicolas Walter, ed., Anarchism & Anarchist Communism (London: Freedom Press 1987) 34-5).

Kropotkin was appropriated by Cameron’s ideological mentor, Philip Blonde, in his book, Red Tory. It’s not hard to see why. Kropotkin as an Anarchist favoured the elimination of government, and was impressed by the achievements of private organisations, such as the Lifeboats and the international postage and railway systems, which lay outside of an overarching regulatory body. But Kropotkin was also a communist and a bitter critic of the poverty created by modern industrial capitalism. Blonde used his anarchist ideas to provide some kind of left-ish underpinning to Cameron’s idea of the ‘Big Society’. The latter was really only flimsy disguise for traditional Tory privatisation and laissez-faire capitalism. Whatever you think of his anarchism, Kropotkin deserves better.

G.D.H. Cole on the Need to Nationalise the Banks

March 22, 2016

I found this very interesting passage in Cole’s Great Britain in the Post-War World. Much of the book is dated, but I think this is possibly more relevant now, post 2008, than it has been previously.

In a properly organised economy, it will be for the central bank-the Bank of England-to follow a financial policy which will provide the monetary supplies needed in conjunction with ‘full employment’-of which more anon-and for the deposit banks to ensure the distribution of credits in proper relation to the requirements of the national plan of production.

With this end in view, it is plainly necessary to socialise the deposit banks, whose existing directors will be apt to be visited by a ‘loss of confidence’ when any progressive Government sets about a policy of social control and economic planning, or threatens in any way the dominance of monopoly capitalism. the deposit banks are largely directed by men closely connected with the big industrial interests, and, with some exceptions, ten to favour big business as against small. They are for the most part bigoted opponents of Socialism, and entirely convinced that capitalism is the best of all possible systems. They are therefore likely to look with special disfavour and lack of confidence on State-promoted industrial plans, and to do all they can to aid and comfort any industrialist who is endeavouring to stand out against a socialistic Government. But fortunately the war has already put them largely into the State’s power. There are very large holders of the public debt, and have become accustomed under war conditions to doing the State’s bidding in the supply of accommodation. They will doubtless strive to escape from this position of dependence on the return of peace; but no quick escape it like to be possible. The time for taking them over is now, while they are acting in effect as the State’s agents in pursuance of war-time economic plan.

The bankers and their allies try to scare the public into opposing socialisation chiefly by two arguments-that private person’s deposits will be less secure when the banks are publicly owned, and that the tax-gather will then be in a position to know all about the private man’s affairs. As for the safety, this argument is mere nonsense. Bank deposits cannot be made less secure by having the formal guarantee of the State behind them; indeed, the truth is quite the reverse. As for the tax gatherer, he knows a great deal already, and it is entirely in the interest of the vast majority of people that the few who now successfully evade taxation should be prevented from getting away with it. Finally, there is the fear among business men that it will not be so easy to get credit from a State Bank as from a private banker. This is doubtless true, where credit is wanted for speculation or for other anti-social purposes; but a State which is deliberately following a policy of ‘full employment’ will surely be eager to grant credits to anyone who is prepared to produce in accordance with the requirements of the public economic plan. If the State decides, as I have urged that it should, to leave private enterprise in being over a considerable part of the industrial field, a State Bank is most unlikely to stint the businesses which are left in private hands of the credit needed for carrying out their part of the production plan. Indeed, the small business is likely to find State credit a great deal easier to come by than it has found private bank credit in the recent past.

There remain the ‘financial houses’-discount and acceptance houses which discount or accept bills chiefly in connection with overseas trade, issuing houses which handle new issues of capital, again, until recently, mainly for overseas, and a few private banks which conduct certain highly specialised forms of financial business for big clients, including both foreign Governments and overseas banks and financial concerns. The deposit banks are already in direct competition with the financial houses over a considerable part of this range of business, and tend to compete more and more. Socialisation of the deposit banks will bring the State right into discount and acceptance, if such transactions are to survive at all. Issuing of new capital is a rather different matter; but there is no reason why a State banking system should not make its own provision for all the issuing that is likely to be required, either directly through the State Bank or Banks, or, as has been often suggested, through some sort of National Investment Board empowered both to underwrite and issue approved loans and investments, or itself to make public investments in concerns which call for development in accordance with the provision of the national economic plan.

It’s now seventy-four years after this was written, and it’s still highly relevant. The banks have opposed any kind of socialisation of the economy. They supported Broon and Bliar only when they promised to continue regulating them lightly. And the result was the financial mess that exploded in 2008. And like the banks in the War, which became heavily indebted to the state, the banks then had to be bailed out by the state, and in the case of the Royal Bank of Scotland, nationalised. And the investment banks are still geared mainly to providing credit for overseas, not for domestic industry.

The Young Turks Show Trump Is Not Self-Financing His Campaign

February 27, 2016

Yet more on Donald Trump, I’m afraid. In this piece from The Young Turks, John Iadarola show how Donald Trump is very definitely not self-financing his election campaign, as he and his agent, Corey Lewandowski, have claimed ad nauseam. Trump has spent $17.7 million of his money on his campaign, but other donors have contributed $7.5 million, almost 30 per cent of the total. And Iadarola also presents a graph showing that 68% of Trump’s money also comes from loans, which he intends to pay back once he’s won the election.

And finally, Iadarola makes the point that whatever Trump says about not accepting money from rich donors, he is still part of the problem. The reason why donations from wealthy corporations, industrialists and capitalists are resented is because it buys them influence. Donald Trump doesn’t quite need to go so much to wealthy donors, because he is a rich capitalist and industrialist. So he himself is part of the corruption of the American political system.

Another Angry Voice on Payday Loan Sharks: You’ve Been Wongad

July 27, 2013

The payday loan company, Wonga, was in the news yesterday when it was reported that the Archbishop of Canterbury, Justin Welby, was furious that one of the companies in which the Church had invested its pension fund had put some of the money in Wonga. The Archbishop has severely criticised Wonga, and similar legal loan sharks, and stated that he wanted the church to ‘outcompete them’ through offering alternative sources of money in credit unions.

Way back in 2012, the superbly well-informed Yorkshireman at Another Angry Voice posted an excellent piece giving further details on the company. It describes its links and connections to the Tory party, and the fact that even in America, the home of free-trade capitalism, companies like Wonga are only allowed to offer interest rates of 36 per cent. Among other fascinating facts, the article states

Here’s some of the stuff that the majority of the mainstream media seem happy to remain silent about.

Did you know that the payday loan sector has been booming since the economic crisis and the resulting “credit crunch”? In 2011 Wonga handed out an astonishing 2.5 million super-high interest loans. The predatory loan sector is one of the very few sectors of the UK economy that seems to be booming through the turgid economic climate created by George Osborne’s ideologically driven, catastrophically miscalculated and economically destructive austerity agenda.

Did you know that these kinds of super-high interest loans are illegal in almost every other advanced western democracy? That other nations tend to protect their poor and vulnerable from this kind of brazen economic parasitism. Even the notoriously Ayn Rand inspired, free-trade preaching, banker friendly mob that run the United States have imposed a Federal maximum APR of 36% for loans to military personnel, which is less than one one hundredth of a typical Wonga APR. Predatory payday loans are illegal in 13 states and regulated in the other 37 states. In Canada these kinds of loan are prohibited by usury laws, with any loan exceeding 60% APR (including fees and brokerage) being considered criminal.

Did you know that some financial sector institutions use the receipt of a payday loan as evidence of credit-unworthiness? The fact that you can be credit blacklisted simply for taking out payday loans seriously damages the argument that these loans are just a “helping hand” and not predominantly marketed at the extremely poor, vulnerable and financially illiterate.

Did you know that these kinds of payday loan companies are so universally despised that even the Daily Mail readership are near unanimous in their condemnation (scroll down to the bottom of this article and click the “best rated” tab). Here’s what Bob, a Daily Mail reader from Bridport, had to say about them:

“These rip off organisations should be properly regulated. Their interest rates are appalling. Feeding on the vulnerable in society. The adverts are a disgrace to elderly people. Shut them down now along with all the other Payday loan sharks on TV.”‘

It says something about the firm’s extremely low moral standing when even the readers of the Daily Mail universally hate it.

The complete articles is at http://anotherangryvoice.blogspot.co.uk/2012/11/youve-been-wongad-tory.html. And it’s very well worth reading.