Andrew Simms, in the Guardian: “….years of ideologically driven policy on austerity was seemingly ditched when the prime minister, David Cameron, declared: “Money is no object in this relief effort. Whatever money is needed, we will spend it.” He went beyond his own environment secretary in linking the floods to climate change.”
“Less than two weeks later, Cameron again created the impression that money was no object. But this time, it wasn’t to tackle global warming, but rather to ensure that the climate will continue to be destabilised. He announced measures worth up to £200bn in effective subsidy for the North Sea oil and gas industry resulting in the production of 3-4bn more barrels of oil “than would otherwise have been produced”.
….Our big banks, underwritten by the public but operating according to a reward system of extortionate private gain, are the embodiment of this (double stanards) problem.
When the majority state-owned RBS – which lends massive amounts of support to the fossil fuel industries – handed out nearly £600m in bonuses in spite of making a loss of more than £8bn, it was merely one example of a still unsolved systemic failing.
Across the sector, if bonuses this year match those of last, it will bring to £80bn the amount paid out since the crisis exploded in 2008.
Oddly, and awkwardly, it’s about the same amount as the government’s planned cuts to public spending between 2010-15.”
Future Today
