Wednesday, 19 October 2016

Control of interest rates

It was very interesting that it was a Labour government (Gordon Brown)who ended goverment and democratic control of a key lever in the operation of capitalism, namely interest rares.  It should, of course be totally unacceptable for private institutions, especially big, powerful ones, especially its head - the BoE - especially its head - Mark Carney - to have uncontrolled power over such key matters as the rate of interest.  Why would he ever be interested in the effects of interest rate on the incomes, housing costs  - everything, actually - on ordinary people.  As was obvious from the outset, only the rich would benefit from such a corrupt arrangement.  Let's do the obvious and take back control of interest rates.

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