Friday, 16 October 2020

Good Times!!

          More lockdown, and the capitalist beasts are calling for more tax payers money to keep them in the style the think they are entitled to, and the media keeps blowing their trumpet on the need for businesses to be saved. However what is facing the ordinary people of this country, and other countries, is abject poverty for years to come. Where do you think all those bailouts of billions of pounds we taxpayers hand to the big businesses ends up, why in the coffers of the big financial Mafia, the big banks and investment companies. Most of them are doing very well thank you and with their loot cupboards stuffed with your money, they are well placed to face the tidal wave of poverty that will hit most of us, the people who created all that money in the first place.

         Of course this is nothing new, the present economic system has always functioned on the basis that we the people create the wealth and the owners and managers of the system plunder that wealth to create a pampered and privileged life for themselves and that small coterie parasites around them. Perhaps this latest phase of this brutal system of exploitation, will push us hard enough into poverty and deprivation that we open our eyes and see it for what it is, and force us to bring it crashing down. You know we can build a system that is fair and just, that sees to the needs of all our people, that is sustainable, brings an end to wars. We have the power and the imagination, all we need is the will to come together and show our true humanity. Just remember, it is your money that oils the wheels of the financial Mafia.
        The following extract refers to America, but the system is repeated across the globe, capitalism and the financial Mafia have no borders, borders are for us, to keep us in our place and to live according to their rules.
        The following extract is from World Socialist Web Site 

Bank of America (Image credit: Mike Mozart/Flickr)

          Hefty profits for top US banks as millions face social disaster
Shannon Jones, 13 October 2020
          Big US banks reported much stronger than expected profits in the third quarter while wide layers of the population face misery and hardship.
         Buoyed by government cash poured into the financial markets, JPMorgan Chase reported third-quarter profits of $9.44 billion, or $2.92 per share, well above the forecasts of economic experts. That figure compared with $4.76 billion last quarter and $9.08 billion one year ago.
        JP Morgan’s bond and stock trading operations accounted for a 20 percent year-over-year increase in revenues, offsetting declines in consumer loans and credit cards. The bank’s earnings rose despite a charge for $524 million for legal fees related to its criminal manipulation of global markets in commodities and US treasury notes.
       Citigroup reported $3.2 billion for the third quarter, despite a 13 percent drop in revenue from consumer banking as its trading and investment revenue rose 5 percent.
       BlackRock, the world’s largest asset manager, also reported strong third quarter profits, which rose to $1.36 billion. Fueled by US Treasury cash, its assets under management increased to $7.8 trillion, which is an increase of 12 percent from the third quarter of last year.
       Other large US banks, including Bank of America, Goldman Sachs and Morgan Stanley, are expected to show healthy third quarter profits when their reports come out later this month.
        The strong results for the banks come in the midst of the worst economic collapse since the Great Depression and mounting hardship across the US. The situation facing the unemployed is increasingly dire as the limited and inadequate support for the unemployed contained in the CARES Act long ago expired and funds released by the Trump administration for a $300 supplement are largely exhausted.
       Meanwhile, the US Treasury continues to pump cash into the financial markets, money that will have to be repaid at devastating cost to the working class in terms of social benefits, wages, working conditions and lives. The necessity of restarting production in order to repay the trillions handed over to the banks and corporations is the driving force behind the homicidal back-to-work policy of the US ruling class and governments around the world. This has led to a sharp increase in COVID-19 cases and deaths, with the number of fatalities surpassing one million internationally and 221,000 in the US.

Read the full article HERE: 

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