A Glimpse of the Oligarchy’s View of the Future for US Workers

By: masaccio Sunday September 30, 2012 10:40 am

The richest humans on the planet no longer bother masking their control over nations and individuals. In England, employment is falling, wages are falling, and people are falling into poverty. The rich are doing quite well during austerity, though, thanks to Quantitative Easing:

But Spencer Dale, the Bank of England economist, said that for pensioners the negative impact of QE [because it depresses interest rates on savings] was offset by the rise in asset prices. He said that without the central bank creating money and using it to buy bonds, the stock market would have collapsed and property prices fallen through the floor. Pension funds are heavily invested in shares, bonds and property, which means they might not be getting a good interest rate, but the value of their assets has largely been maintained.

Dale doesn’t say it, but it’s obviously true that this is huge benefit to the richest Britons, who own most of the stocks and real property. Dale also avoids another piece of reality, the richest Britons joined the richest Americans in wrecking the lives of millions of their fellow citizens, and now insist that those citizens protect them from loss, and accept poverty as their lot in life. Screw those 3.5 million British kids in poverty, and especially the 1.6 million kids in extreme poverty.