Vince Cable’s New Statesman article makes plain the need for a new economic strategy

Against the backdrop of the loss of the triple-A rating much coveted by Conservative Ministers - and trivialised by others - Cable is right again. Wednesday's remarkable New Statesman article makes plain the case for a new economic strategy, and the need for as elegant as possible a reversal of Osbornomics that was itself eclipsed by Cable in the economic debates of 2010.

Gareth Epps is the co-chair of the Social Liberal Forum

I am not an economist, but I do recognise common sense when I see it.

Around ten years ago, a then relatively obscure MP submitted a motion to the Liberal Democrats’ conference about personal debt. To the uninitiated, it seemed an esoteric and obscure issue.

But it wasn’t.

Indeed, it was the start of a period in which Vincent Cable’s analysis of the economic situation was unsurpassed.

Against the backdrop of the loss of the triple-A rating much coveted by Conservative Ministers – and trivialised by others – Cable is right again. Wednesday’s remarkable New Statesman article makes plain the case for a new economic strategy, and the need for as elegant as possible a reversal of Osbornomics that was itself eclipsed by Cable in the economic debates of 2010.

At the same time, and free from the shackles of cabinet collective responsibility, the Social Liberal Forum (SLF) has been describing the need for an economic Plan C which also argues for fuller investment, a wider reform of the economic system than the sticking plaster of greater spending alone, but an understanding that dogma should not preclude increasing borrowing if growth is at stake.

This evening, Vince Cable will make a keynote speech at our Spring [Liberal Democrat] Conference fringe; a conference that, curiously, does not include a frontline keynote economic platform speech.

As at Eastleigh, Lib Dem campaigners understand the axiomatic value of winning the economic argument. Hence SLF has also tabled an emergency Conference resolution calling for the following immediate steps – not a strategy, but urgent initiatives – to be taken:

. Get the builders building
. Get the banks lending to business
. Prevent a slash and burn approach to public spending
. Bring in the mansion tax.

While the third point relates specifically to the need to avoid further regressive cuts in the year 2015-16, the rest are not new. Indeed, they are consistent with the economic position taken by Liberal Democrats since the onset of the financial crisis.

It would be quite astonishing if a serious Keynesian political party were not to place them centre stage.

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27 Responses to “Vince Cable’s New Statesman article makes plain the need for a new economic strategy”

  1. LB

    Since you’re basing your strategy on a false premise, that the debts are 1,200 bn, it’s not surprising you come to stupid conclusions.

    e.g 2005-2010, the pensions debts went up by 736 bn a year.

    How are you going to pay that?

    Your solution, lets borrow some more and make the financial apocalypse bigger.

  2. henrytinsley

    As regular readers will know, LB is an economics expert.

  3. Mick

    Ah, Vincey baby, the new liberal oracle to slaver over. How lovely and fair he is, although Keynsian economics means excessive borrowing and tax. And we had enough of that stifling stuff under Old Labour, never mind anyone else.

    Perhaps LFF may like to ask him why he wants to punish pensioners, with this letter in today’s Express asking a pertinent question. And here’s a bit more on Keynsian economics.

    BATTLE OF CABLE STREET:
    http://www.reddit.com/r/PoliticalDiscussion/comments/19053b/if_keynesian_economics_means_the_government/

  4. Newsbot9

    Yes, keep on ignoring the pound’s existance.

    And “from current revenue”.

  5. Newsbot9

    He’s a right winger, who is trying and failing to separate himself from your failed economic strategy. Keep calling recovery “excessive” as your borrowing soars for no effect.

    Tax rates are historically low, but *facts*.

    And keep posting some random person’s defence of the rich not paying tax. Moving to a principle of taxing universal benefits would save a lot of money across the board in administration alone, before the savings from the rich paying the benefits back in tax.

    Paying 40% tax on universal benefits when you’re a higher rate earner is not a “war”. Decreasing the real income of people who are struggling to eat? That’s your war. Keep fighting against the British.

  6. Mick

    Newsbot didn’t answer a single point. And as Newsbot’s an unashamed anarchist mutualist, we could also expect a 50% tax on earnings under a Newsie admiistration.

    Plus his founder Proudhon’s idea for ‘vouchers’ instead of money in your wages. So to him, no wonder even Kenneth Clarke’s historic 17% VAT on fuel would have been OK.

  7. Newsbot9

    Except that the vouchers are your idea. Keep lying about YOUR plans for earned income – after all, your unearned income needs a tax cut in your world. That is, it needs to see you paid even more corporate welfare. You sponge.

  8. Mick

    Again, don’t take my word for it. Even that nutter Marx thought Proudhon’s tatty coupons were a non-starter.

    http://www.worldsocialism.org/spgb/socialist-standard/1970s/1971/no-801-may-1971/labour-time-vouchers

    __________________________

    “Maybe its time i dropped anarchism, cos apparently its a far more coercive and intolerant ideology than i thought.”

    http://flag.blackened.net/forums/viewtopic.php?f=3&t=75813

  9. Newsbot9

    “Coupons”. Ah yes, a completely different thing to your currency replacement, which you’re demanding for the poor. Local currencies have a history in the UK, and there are time-trade websites today. People swap time as well as participating in the money economy. But keep up your bigotry.

    Marx cribbed from Proudhon and added stateism…he’s a hack.

    And well done, you’ve found one of your shill posts.

  10. Mick

    People have been ‘time trading’ for time immemorial, so it’s hardly an original idea for Newsbot and his friends to clamber on board. And yes, there have been local currencies.

    Currencies… not half-cocked ideas about tickets recycled into pretend money!

    And coupons for druggies and alkies add to the tested practice of issuing luncheon vouchers and stamps as benefits for employees.

  11. Newsbot9

    Yes, you keep calling the poor “druggies and alkies”. And keep claiming replacing benefits with far lower value vouchers is the same as giving *benefits* to employers.

    It’s bringing back the company store, rather. Which was outlawed in the UK by the truk acts over a century ago.

    Keep pushing your, as you admit, “half-cocked ideas about tickets recycled into pretend money”. Keep pushing it…how dare people need clothing or public transport in your world.

  12. Mick

    Practices which people did in the days of the barter economies. In the days before sophisticated national economies came about. It’s got nothing to do with anarchism, a comparatively recent disease, as Newsie well knows.

    And it can’t have escaped his notice that Luncheon Vouchers are still in use today as additional gifts, something quite apart from what the Truck Acts used to ban: http://www.luncheonvouchers.co.uk/organisation/howluncheonvoucherswork/pages/default.aspx

    And druggie and alkies ARE to be issued with vouchers if the Government has its way. And NOT all unemployed.

    But again, we think Newsbot’s just playing around.

  13. Newsbot9

    Yes, indeed, you’re trying introduce barter economy. And yes, keep describing anything outside your failed neoliberalism as a disease. It’s also a gross libel on past economies.

    And yes, they’re used *in addition*, not your plan of replacing money with them.

    And yes, keep trying to redefine the poor as druggies and alchies, and to limit their food intake even more! Gotta starve them in their world.

    And no, I’m quite serious about opposing genocidal butchers like you.

  14. Mick

    The government defines druggies and alkies as druggies and alkies! There’s lots of bitching about that, you must have noticed. Other unemployed will get their money as usual, whilst the boozebags and smackheads will be sorted out.

    http://www.huffingtonpost.co.uk/2012/05/23/benefits-iain-duncan-smith-alcoholics-drug-addicts_n_1539041.html

    And the barter economy? Sounds a bit mutualist to me………: http://mutualistalliance.tumblr.com/post/23989833707/mutualism-and-anarcho-capitalism-differences

    “Modern mutualists tend to be very interested in barter-economies.”

    “And no, I’m quite serious about opposing genocidal butchers like you and your other multiple personalities.” You’re comedy gold, I’ll say it again!

  15. Newsbot9

    Yes, as I said, you’re defining the poor as druggies and alchies. Thanks for agreeing with me. And right, you keep praising how you’re removing cash from the poor, forcing them back to barter. Don’t worry, you’ll have them selling themselves into slavery soon enough.

    And thanks for linking a plan to punish people who don’t accept “treatment” for something which has not been medically diagnosed, but pushed on them by government rules. Social Darwinist. That’s a separate strand to your bow, quite apart from your attempts to bring back scrip as a replacement for wages.

    And ye, keep calling your murdering comedy. Your genocidal plans are not funny. Keep lacking anything resembling that human thing, “empathy”. And no, again, I’m not interested in your shill posts on other sites, said it before.

  16. Mick

    Oh right, so the government forces you to be a pothead or to drink heavily. What will you blame Cameron for next?

    “And ye, keep calling your murdering comedy. Your genocidal plans are not funny. ”

    Oh little Newsbot, I can hardly type for laughing. If you don’t get an award for such entertainment, THAT would be murder!

  17. Newsbot9

    Yes, you keep supporting arbitrarily non-medically defining people as needing “treatment”. It’s right out of your Nazi handbook.

    And yes, keep laughing about your murdering, cackling as you steal food. You’re a danger to the public. It’s notable that your posts here keep on getting more and more extreme.

  18. Mick

    I’ll probably die tonight at this rate. Of merriment.

    You don’t need drugs for a Newsbot high!

  19. Newsbot9

    No, but given your constant self-description as a loser…

  20. Mick

    Ah you’ve peaked now.

    The secret is to not merely insult, but garnish that with imaginative and batty logic twists which only a Newsbot does. Newsbot should do what a Newsbot does best, in the best tradition of mutualism. Otherwise the writing suffers.

  21. Newsbot9

    Yes, keep demanding I do things for you. Keep talking about your special magic tactics. And no, you’re causing others to suffer. Keep trying to ignore that.

  22. Mick

    You’re back on the comedy road! ‘Special magic tactics’….

    That is GOOD.

  23. Newsbot9

    Nope, stop blaming me for your being funny. And not in a good way.

  24. Mick

    Ah, the device of coming out with a line and blaming the audience for reacting.

    You, sir, pull that off with panache! And for your closing lines….

  25. Newsbot9

    Yes, keep blaming me for your tactics.

  26. jack loach

    Sods —–
    Law.

    April
    —- 2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them any documents/evidence.—— in fact they wrote to
    us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    Justice then you can keep it. He quit the law and moved to Canada
    —– so there.

    A few years later
    we learned that one of the judges in our case at the Court of Appeal
    was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google or Yahoo”

    Insert.

    Ivan
    Pictet.Banker.

    Monty
    Raphael.Q.C.

    Ivan Pictet/Monty
    Raphael.

    Update
    — March. 2014.

    Pictet
    & Cie Bank —- List of Crimes.

    1996 —–
    F.S.A— Breach in London.

    2003 —– F.S.A.
    — States rogues operating in Pictet’s London office. Ivan Pictet
    states that documents
    were forgeries but were later proved to be genuine in the British
    Courts. He had documents destroyed in their London office –hoping to
    hide the crimes.

    2007
    .- – – The Securities and Exchange Surveillance issued a
    recommendation that the Prime Minister and The Commissioner of
    the FSA to take disciplinary action against Pictet Asset Management –
    Japan Ltd.

    2008
    .– Dec. – Pictet Bank state – ” We have never chosen
    any funds linked to Madoff.

    2011 – – – Madoff
    Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet &
    Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for
    $350Million

    2012 – – – April
    – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank in order to
    collect large fees. ( Like MADOFF)

    Even after the SEC
    in the USA uncovered the fraud Pictet continued to charge fees and
    drain whatever was left in these accounts. Estimated that $90 million
    lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in Panama and
    a tax loophole involving investments in London to gain German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    2013
    — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
    ” criminal origins”

    held
    in Swiss banks – $18 million held in 5 accounts at Pictet &
    Cie. Bank. Bahamas.

    Ironically
    the Pictet & Cie.Bank partners are bigger criminals than the
    criminals who have accounts in the their bank.

    The
    bank is now seeking to re-structure — to cut the partners liability
    – hoping to off load their decades of criminal responsibilty –
    and move onwards to carry out new crimes. The Germans are right —
    the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet
    and Monty Raphael.Q.C. conspired to withhold crucial documents
    requested by the High Court – the FSA — and the Police Fraud
    Squad.

    Written
    Parliamentary Questions received by the table office ..

    (1) To ask the
    secretary of state what steps he is taking to ensure that Swiss Banks
    such as Pictet & Cie do not evade criminal prosecution under EU
    law even when the illegal act is committed by a London based
    subsidiary.

    (2)To ask the
    secretary of state what steps he is taking to protect the rights of
    UK citizens who seek redress following criminal activities by Swiss
    banks with subsidiary offices located in London.

    Quote.
    ( America’s Top Lawyer .)

    You can be
    the richest man in the world with the best lawyers that money can buy
    but you cannot win against a man who has got nothing left to lose and
    is telling the truth.

    *** We
    note that there has been a sharp increase in Peters & Peters
    partners leaving to go to other practices. Moving does not alleviate
    them of any responsibility from any illegalities that may have
    occurred at Peters & Peters during their partnership tenure. From
    1999 onwards.

    The consensus of
    opinion is the Pictet & Cie should be prosecuted , and that their
    U.K. banking licence should be taken away.

    Their Solicitors at
    Peters & Peters .London “ struck off and prosecuted..”

    *** Started
    campaign — June 6th.2008.

    5years —- approx
    10 .5 million e-mails – – – but still no writs, injunctions or
    threats of litigation – – – WHY – – – because it is all true.

    *** . The
    bigger they are — the harder they fall.!!!
    In America —- they would have
    all been in prison for the last seven years.

    Feb 2013,—
    Pictet & Cie Bank Partners remove their unlimited liability.They
    realise that all their personal wealth is at risk , the people they
    have conned might want their money back.

    Full Story.***

    . ” Google ”
    or ” Yahoo” .

    Insert– ( Charles
    Pictet. Banker.

    Insert– ( Ivan
    Pictet.Banker.

    Insert– ( Jacques
    de Saussure.Banker.

    Insert– ( Nicolas
    Pictet. Banker.

    Insert– (
    Jean-Francois Demole.Banker.

    Insert — (
    Philippe Bertherat. Banker.

    Insert– ( Renaud
    de Planta. Banker.

    Update.
    March. 2014.

    Over
    the last three years we posted the following on hundreds of sites .

    ***
    Were currently waiting for the West Yorkshire Police ;-

    Chief
    Constable . Sir Norman Bettison

    Forces
    Solicitor. Mike Percival.

    Head
    of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    -to
    see if they continue to cover up this case like the FSA. – “
    watch this space.”

    ****
    We can now state that all the above have been removed from their
    posts. All three facing criminal allegations.

    ****
    These three senior police officials assisted in covering up the
    crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank
    Accounts. 2014.

    Is your monies safe
    in these accounts —- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% — that loose your money.– Get it out NOW.

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) —Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy ” agreements” with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking — the are quickly restructuring their banks
    —- from partnerships —

    to
    ” LIMITED COMPANIES.” —– this will probably mean that
    in the future — they could

    pay
    you only 10% of your monies ” if you are one of the lucky ones”
    —- and it be legal.

  27. jack loach

    Sods —–
    Law.

    July.—-
    2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them

    any
    documents/evidence.—— in fact they wrote to us advising us to go
    to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    British Justice then you can keep it. He quit the law and moved to
    Canada —– so there.

    A few years later
    we learned that one of the judges ( Lord Justice.) in our case at the
    Court of Appeal was related to a senior executive of the Pictet Bank
    —–so there.

    The Ministry of
    Justice passed our case to Lord Myners to investigate — we would
    rather have had Mickey Mouse or Donald Duck do it. — to this day we
    don’t know

    —whether he did
    anything or not —- probably not — seeing that his wife was on the
    Pictet Prix Board.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google or Yahoo ”

    Insert.

    Ivan
    Pictet.Banker.

    Monty
    Raphael.Q.C.

    Ivan Pictet/Monty
    Raphael.

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