Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Best bits: The Tories get wiped out and Labour win a landslide | Election Night" video.

  1. Very briefly Steve Baker did have a point. A lot of ultra cheap US dollar-denominated credit was provided by the Offshore capital market, which then funded the creation of multiple housing bubbles across the developed world. it evolved in the City of London to deal with US capital controls Post-World War II and the US dollar shortage those created. It's totally owned by the bank association that runs it. And it's unregulated, and based in offshore jurisdictions, beyond government control. It survived so long, because being unregulated other banks, nations, multinational corporations, and other financial institutions could borrow US Dollars needed for international trade at a far lower cost than in their home countries. So Steve Baker has a problem with something our financial sector created in the late 1950s and early 1960s, and which has been implicated in global financial crises throughout its history. 2008 broke that system. The trust went out of it, as the American domestic mortgage sector got greedy and corrupt. And QE has been governments desperately throwing taxpayers' money at the global banking system to repair it, as every country is dependent on a source of US Dollars to trade. But unfortunately for us, the City of London was up to its neck in that market. And it, amongst others were the largest donors to the Tories. It is highly probable that it was the City of London who in pushed for and financed Brexit. As they couldn't stop the EU creating their Anti-Tax Evasion Directive, which would have hurt the City of London's Tax Haven business, which is more than 50% of the global trade, and is the backbone of the global Offshore Capital Market. Brexit for them was supposed to be their Get Out of Jail Card, and they had their support in Parliament. It was the Squareile taking back control, not ordinary working people. Londongrad didn't want it's gravy train to hit the buffers. So they pushed for Brexit, ably encouraged by people who feared the EU's increasing Assertiveness. Also, the Offshore Capital Market was led by British and American banks, but it must be said Uncle Sam tolerated this market as long as it helped their agenda, but when they found out that Interest rate in the Offshore Market - the LIBOR rate - was secretly being influenced by British politicians, it is highly probable the US encouraged Brexit too, knowing the EU would as a consequence take the Euro Derivative and Euro transaction clearing business away from London, worth billions. Arguably, our financial establishment had got themselves into a lot of trouble, and upset people, and saw Brexit as a get out of jail card. But it was a trap, a nasty painful trap, that hurt not only the City, but the UK as well. Now the Offshore Capital Base rate is now set by the US Federal Reserve, and the City has had to renegotiate it's access to the EU, and the UK financial sector is making a lot less money than before, and that hurts everyone else in the UK because our Financial Sector was over 80% of the UK Economy. And it seems it has permanently lost ground. No more commissions from Russian oligarchs throwing money around, buying British assets, and suing each other in British courts. No more commissions from Euro trading, and now Subsidiaries in the EU have to be funded, with erodes their profits further. That's why Canary Wharf is slowly shrinking. That's why major firms from the financial sector have moved out of London to cut costs, and why Brexit needs to addressed. The folly and complacency that to this breach wasn't that of the ordinary people. That was the folly of our establishment, who would not acknowledge the risks they were taking. And they did it for themselves. The Financial establishment whilst getting very wealthy, let the working and middle classes be their lab rats for some really stupid economic experiments, all which have failed. I think Steve Baker likely meant well, but he was out of his depth in trying to slay that particular dragon. If he knew British Financial and Economic History better, he wouldn't have gone near Brexit with a bargepole. But he's an idealist, who likely now realises he had the wrong ideals. The acquisition of wealth and power has shaped British History, in many ways that we don't acknowledge. One particular perspective would see that many of the good things for the British working and middle classes only happened because they were instrumental to the goals of the asset wealthy. And once those goals were less reliant on them, first the Working class, then the middle classes got thrown under the bus. This is just another episode of that. And nothing happened until the middle classes became grist to the mill. Nobody knows for sure what will happen in the future, but I hope we find a way back to being one nation again someday. We're at a turning point, and I hope we find a way back to being united, fair, and caring once again.
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