paco godia retweeted
Central banks have been handed independence and used it to become the unaccountable core of the system. This is what banking tyranny looks like , the literally domination of power by the banking elites taken to the point the country literally collapses .
Liz Truss is right: they have grown megalomaniacal. The governor of the Bank of England can’t be sacked; a prime minister can. That is not a technical detail. It is the actual power arrangement.
The mechanism and motivation is financialisation. It’s the core purpose of banking and in its current form it threatens the states existence .
Basel rules force banks to hold far more capital against a factory loan than against a mortgage.
Inflation targets treat rising house and land prices as “asset transfers,” not inflation, so rates never cool the boom.
Credit is therefore created against the existing housing stock and financial assets, the renter class, while industrial capacity is starved. Bankers literally live in ivory towers so they don’t notice till late in the cycle .
Workers’ wages are financialised into rents, mortgages and debt service. The West has been deindustrialised to the point it can no longer make what it needs. Bankers add no productive capacity to the society at all other than pulling forward production or asset inflation through debt .
This is the Tindale Trap conceit : maintaining financial dominance together with a material conversion failure. This bifurcation literally leaves the state with no productive capacity to to maintain sovereign existence .
Like draining blood you eventually get to weak to respond .
Truss tried a growth agenda that cut against the orthodoxy. The Bank’s timing of gilt sales, the LDI structures it regulated, and the narrative that followed removed her.
Independence was sold as insulation from politics. It has instead insulated a credit-allocation regime that privileges financialisation over production and protects itself against elected challenge. The direction of credit is the mechanism, and the political outcome is exactly what Truss is pointing to.
We live under a global banking dictatorship
In my Substack analysis at rwerner.substack.com I show how exactly the Bank of England toppled a sitting Prime Minister.
Ex-PM Liz Truss deserves all credit for her courage to battle the unaccountable central planners & not being intimidated by their vast but covert powers.
paco godia retweeted
In my Substack analysis at rwerner.substack.com I show how exactly the Bank of England toppled a sitting Prime Minister.
Ex-PM Liz Truss deserves all credit for her courage to battle the unaccountable central planners & not being intimidated by their vast but covert powers.
Former UK PM Lizz Truss says unelected central bankers wield more power than democratically elected world leaders.
She attributes the pound's "massive inflation" and devaluation to money printing by the Bank of England, which she describes as "completely unaccountable".
"The Bank of England governor can't be sacked, as I found out, but the prime minister can be."
"Why do you think young people can't get on the housing ladder? Again, it's because of the actions of this organisation, and yet nobody will hold them to account."
paco godia retweeted
My fab daughter Alex has just won a Leverhulme Prize. Her forensic analyses of illicit markets, freeports and special economic zones are on the cutting edge of a criminology coming of age to produce the most revealing insights into the global economy. northumbria.ac.uk/about-us/n…
paco godia retweeted
you'll hear lots of 'how do we pay for?' questions abt budget today.
my new report argue that UK government should use its new powers to mandate pension investments in Public Essentials Fund (PEF) and eliminate privatisation premium paid by citizens and local councils.
Great to see @DanielaGabor’s new paper for Mainstream out in the world.
It develops the analysis that she put to MPs at the first Mainstream Parliamentary Seminar, organised by @labourlewis and I, last December.
Read here: mainstreamlabour.org/publica…
paco godia retweeted
Here's somebody explaining how the economy works.
Great journalist and broadcaster, by the way, Ross Ashcroft, RIP, interviewing me around 2015.
🚨Brilliant interview!
💸💰💸💰💸💰💸
🚨How do banks create money ?
💸💰💸💰💸💰💸
🚨Prof Werner is incomparable.
In the 5000 yr history of banking no-one has ever done an imperical study of banking to show where the money comes from- until now. Step up the rock star economist Professor Richard Werner. His amazing qualifications and held positions makes the eye water. He is truly the authority on this subject. Banks are thought of as deposit taking entities who lend money - but that is just wrong. His assessment - Banks dont lend money but they misrepresent (lie) to their customers and say that they do.
paco godia retweeted
this message is essentially correct, however much you dislike the messenger.
The Bank of England has enormous gilt powers, it deployed them to pressure Truss into fiscal orthodoxy, and it did a U-turn last month that helped the Burnham government
mainstreamlabour.org/publica…
paco godia retweeted
It is impossible for the currency issuer to save that of which it is the monopoly issuer. The UK gov cannot save tax revenue. It is a lie. As bad as Thatcher when she told us there is only “taxpayer money”. They are both fraudulent liars.
Britain has been exposed to volatile international energy markets for far too long.
That is why Labour is establishing a new Energy Wealth Fund which will reinvest tax revenues from North Sea oil and gas into renewable and low carbon projects to support the clean energy transition and bring bills down for good.
paco godia retweeted
This was one of the most PAINFUL CAR CRASH interviews you’ll ever see with Labour foreign minister Stephen Doughty on @GMB about Andy Burnham saying Russia interfered in the Brexit referendum.
Susanna Reid grows increasingly frustrated as he refuses to answer her questions, and even Ed Balls eventually tears into him for the “embarrassing waffle”.
Doughty is asked again and again about the Prime Minister’s claims but he just keeps ignoring the questions and repeating the same empty line: that Russia has been attempting to interfere with our democratic processes for many years.
Susanna tries to force him onto the 2016 vote itself. She asks what Russia actually did, whether it influenced voters, and whether it affected the result. He refuses to give any specifics and just repeats the line.
When she asks “Why are you not getting into specifics when the Prime Minister has just got into the specifics?”, he claims Burnham was only speaking more broadly.
She keeps pressing. He keeps repeating the line like a robot. She asks if the Prime Minister was wrong.
Doughty: “The PM has been very clear about Russian attempts to interfere in our democratic processes.”
By now Susanna is openly angry and accuses him of “muddying the waters not clarifying them”.
He almost laughably says the same thing again. He isn’t listening. He might as well have come on just to read a statement.
Susanna points out that if the result of such a huge decision was influenced, the public deserves answers about what the interference actually was.
Doughty claims the PM only said “attempted to interfere”. Susanna cuts in immediately: “He doesn’t say ‘attempted to interfere!’”
They play Burnham’s actual comments. Doughty goes straight back to the identical line. Susanna tries one final time. Same response.
It is at this point that Ed Balls, clearly fed up, lays into him:
“This is EMBARRASSING. It’s really bad for politics when you just blatantly don’t answer the question on something so important and go back to a nonsensical line, which is contradicted by what the Prime Minister just said!”
He goes further: “Either answer Susanna’s question or just say I’m not going to. This waffle is embarrassing!”
Doughty: “It’s not waffle at all Ed!” Then repeats the line yet again.
It is waffle, and I never thought I’d say this but well done Ed Balls for bluntly calling him out. It was embarrassing.
Andy Burnham should never have said it. We’ve been through all this. Russia did not in any way, shape or form influence the outcome of that referendum. Dragging this nonsense back up is reckless and a disgrace.
paco godia retweeted
Private equity puts PizzaExpress, Morrisons and Itsu up for sale.
All devoured and declining brands, asset-stripped. PE has no long-term commitment to any product, people or place.
Chances are another PE group will see opportunity for scavenging.
archive.ph/DFYPq
paco godia retweeted
Ahem, bad but enduring because it's the grammar of class war.
“The credit card is maxed out… my fear come 28 October is that they look to the endless piggy bank of business.”
Lord Walker, executive chairman of Iceland, looks ahead to the Autumn Budget.
#Newsnight
paco godia retweeted
These people are insane and genuinely want to make your lives as difficult as possible.
'How can you carry a ladder on a bike!?'
@FestAKINBUSOYE isn't convinced by @HinaBokhariLD's suggestion that builders could use cargo bikes to help tackle high fuel costs...
paco godia retweeted
The IMF loan is the big lie of the time. It was never needed. Someone in the Treasury got their sums wrong. Most was never used, and it was quickly repaid
What on earth is Andy Burnham talking about? Talking about the “common wealth Labour created” until the 1980s came along.
Andy forgot to say that under Labour PM Sunny Jim Callaghan, exactly 50 years ago, the IMF had to come in and bail out the UK from the debt created under Labour! There was no “common wealth” created by Labour - just astronomical debt!
History is repeating itself.
paco godia retweeted
Interest on Reserves: The £100bn UK Bank Subsidy You Fund.
Banks making £50bn profits a year receive subsidies, long ended by the EU.
UK Treasury will payout over £150bn over a five-year period from 2023 to 2028.
Must end bank subsidies. Help people.
babelfish.news/politics/inte…
paco godia retweeted
Peston doing the spadework for the oligopoly, preparing the masses for more cuts, more taxes, higher prices, less services. It’s all propaganda.
There is a lot of talk in Whitehall that the Chancellor will significantly reduce fiscal headroom in the forthcoming budget to avoid bigger tax rises. If he doesn’t knock this on the head pretty sharpish - against the backdrop of government bond prices falling across the developed world - he could find that the interest rate the government has to pay could increase in a very painful way. Not quite Truss style recklessness but not super smart
paco godia retweeted
Sign the petition.
Let water companies go bust.
Ofwat approved 36% bill increases for 2025-2030, companies want more.
Prices doubled - in real terms - since privatisation.
We got sewage in rivers, water outages, hosepipe bans.
Need public ownership.
weownit.org.uk/news/were-tel…
paco godia retweeted
Labour’s former deputy leader, who worked tirelessly to sabotage Jeremy Corbyn as leader from within, reveals he’s off to work with Palantir, the most sinister of the military-industrial tech firms.
Getting the picture now?
After six wonderful years at UK Music, I'm joining Palantir UK as Senior Vice President.
Palantir is the most interesting company on the planet, doing work of real consequence: helping Britain and its allies defend themselves, helping police protect our citizens and helping NHS staff get patients treated and home sooner.
London is comfortably its largest centre outside the US, home to more than one in six employees, the highest proportion among the world's largest technology companies.
We have challenges. Some criticism is propaganda. Some raises legitimate questions about large technology companies and sovereign control. Both require answers.
Part of my role will be to correct false information while working with our engineers to ensure privacy, security and respect for sovereignty are at the heart of everything we do.
paco godia retweeted
Swathes of UK economy are foreign-owned.
No tax is deducted from billions paid to them in dividends.
USA, Australia, Canada, France, Germany, Italy, Sweden have a dividend withholding tax for foreign investors.
UK could do the same, generate billions.
leftfootforward.org/2026/09/…
paco godia retweeted
What Liz Truss fails to realise is that *she* was PM when the BoE confirmed QT the day before the mini budget. It was no surprise. The Bank had signalled it since August.
The Bank's independence covers monetary policy. It gives it no power over a government's budget, and by law it has to support the government's economic policy once price stability is secured. But it can't support a plan it hasn't seen. The Bank was never told what was in the mini budget, so it had no chance to rethink the timing of QT.
Had Truss shared her plans and the Bank pressed on regardless, she'd have a case against it. She didn't. Either she knew QT was coming and launched the next day anyway, or she didn't know what the whole City had known for weeks.
