HISTORY REPEATING? BRITAIN VERSUS ARGENTINA
It seems as if someone has hit the
replay button in BRITAIN. Strikes,
austerity measures, tax increases for the underprivileged with a hint of
the FALKLANDS creeping back to the surface. No, it isn’t the 1980s’ with Thatcher holding the reins. It is 2012
and DAVID CAMERON is the driving force behind the wheel. The LIBERAL DEMOCRATS are
skirting around the TORY’S coalition government, anxious to keep a smidgen of
power and a ROYAL has been sent to the FALKLANDS in the uniform of a ‘conqueror‘.
BRITAIN’S HIGHEST UNEMPLOYMENT RATE IN 17 YEARS
With the highest rate of
unemployment in 17 years, affecting a staggering 2.67 million people, and welfare being reduced to
only those already in poverty; capitalism is at its most discriminatory, as the
middle-classes are sectioned off with the rest of the population under the breadline.
And though the working class may have changed in appearance, they still bear
the sign of a disgruntled mob with the police being the government’s own army
of soldiers.
BRITAIN’S
ECONOMIC DÉJÀ VU OF THE EIGHTIES
When THATCHER came to power in 1979,
the economy was generally considered to be facing severe structural problems,
paralleling current issues. Unemployment
reached an unprecedented level of 3 million by 1984, a post war record, and the
country faced a crippling recession. THATCHER was heavily influenced by the
idea of Monetarism and free market economics, (partially
inherited from the previous Labour government), the belief of controlling
inflation by controlling the money supply. Reducing the government deficit
became the principal factor in managing the supply of money.
Therefore, extreme deflationary
policies were implemented. Firstly taxes
were raised and government spending cut. Interest rates were also
increased, as the government sought to reduce inflation. In the middle of 1980, the economy had been plunged into full scale
recession, but the government still pursued its deflationary policies.
During 1981, in a famous letter to the Times, 365 economists signed a letter calling on the
government to alter its economic policy and put an end to the recession.
On the one hand, inflation was
reduced, but arguably it could have been done with much less pain. In seeking
to meet spurious money supply targets they caused an unprecedented level of
unemployment. This unemployment caused not only personal loss but widespread
social problems. The mass unemployment, associated with inner cities, was very closely
responsible for the riots which sparked across BRITAIN in 1981,
comparable to the LONDON RIOTS seen last year.
BRITAIN WANTS TO BE “GREAT” AGAIN
Apart from the hideous fashion-sense
from the 80s’, it seems we have adopted far too many Conservative quirks from
the THATCHER era. Fresh aggravation from
the tiny SOUTH ATLANTIC ISLANDS suggests another colonial war brewing, in true
sense of the BRITISH EMPIRE. And a feeling of desperation to devolve connections with the EUROPEAN Union and
deny proposals from the EUROPEAN community; only reiterates BRITAIN’S need to
be ‘GREAT’ again. But clearly, now is not the time for stuffed shirts and pomp
with the country facing a debilitating recession.
David Thatcheron, the man who rules with an 'Iron fist' |
ARGENTINEAN GOVERNMENT HIT THE NAIL ON ITS HEAD STATING THAT
BRITAIN WAS DISTRACTING ITSELF FROM THE GRAVITY OF THE ECONOMIC SITUATION
Are the FALKLANDS really our
priority right now? Sending envoys to the archipelago seems rather futile, with
people camped out in front of St. Paul’s Cathedral, desperate to get basic
human rights. But in a sense, the ARGENTINEAN government may have hit the nail
on its head stating that BRITAIN was ‘distracting’ itself from the gravity of the
economic situation.
MONEY INJECTIONS AND BONUSES FOR BANKS AND EXECUTIVES
With £1 million bonuses being given out left, right and centre to
bailed out bank’s chief executives such as the ROYAL BANK OF SCOTLAND and now BARCLAYS
CAPITAL; I have to ask how it even came about that the Government are
prioritising profits over their population? The BANK OF ENGLAND recently
announced a further £50 BILLION is going to be injected into the economy, as
part of their quantitative easing programme, without taking
into consideration the long-term effects on retirees, who will be the victims
of recession. This money isn’t being injected into the welfare system, rather
the bankers who are part and parcel of gambling the country’s wealth away.
DEVASTATING IMF FORMULA APPLIED
The policy of privatisation has been called “a crucial
ingredient of THATCHERISM”. After the 1983 election, the sale of state
utilities accelerated; more than £29 billion was raised from the sale of
nationalised industries, and another £18 billion from the sale of council
houses. Although THATCHER never put QE in place, she increased interest rates
to slow the growth of the money supply and thereby lower inflation, introduced
cash limits on public spending, and reduced expenditures on social services
such as education and housing.
THATCHER’S cuts in higher education
spending resulted in her being the first Oxford-educated post-war Prime
Minister not to be awarded an honorary doctorate by the University of Oxford,
after a 738 to 319 vote of the governing assembly and a student petition. Her new centrally-funded City
Technology Colleges did not enjoy much success, and the Funding Agency for
Schools was set up to control expenditure by opening and closing schools. They
now come in the form of ‘Academies’, in which schools are independent of local
authority control, and part-funded by private business sponsors.
DAVID CAMERON, on the same spectrum,
has been accused of bringing in ‘privatisation by the back
door’ for many public services including the NATIONAL HEALTH SERVICE as well as
higher education.
An equally massive backlash has been
seen under the Prime Minister’s term in power. An unparalleled increase in
tuition fees in 2010, initiated one of the largest student protests in BRITAIN
since the Labour government first proposed the Teaching and Higher Education
Act in 1998. Students were seen to be holding banners that read Don’t Put the Kettle
On, Mr Cameron and I Can’t Believe It’s Not Thatcher.
So is CAMERON repeating the same
mistakes that THATCHER’S government made? Undoubtedly. However, the
Conservative coalition government have had an opportunity to look back in
hindsight and learn that wearing a humanitarian mask may keep the public at
bay.
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