Democracy lite, plutocracy heavy

The democracy season begins in earnest ahead of the British general election in May. The people will once again endorse permanent war against weaker nations abroad and the impoverishment of themselves at home. This is not a defect of the system. It is the reason for its enforced popularity.

An important analysis of election outcomes in the US concludes that majorities of the American public actually have little influence over the policies the government adopts. Policy making is dominated by powerful business organizations and a small number of affluent Americans. There is a need to learn more about the impact which the merely affluent, the top 1 percent and a tenth of the top I percent wield. Their superior wisdom should not be assumed, it should be put to empirical test.

There’s little reason to believe matters are any different on this island. Indeed there is evidence that some of the natives are growing suspicious about a practice that simply legitimises their lack of power. But rest assured no effort will be spared to give this irrelevant ritual credibility and importance.

In the tedious exchange between political parties – whose leadership is seamlessly interchangeable – the ‘economy’ will be a recurrent theme debated vacuously. Full marks therefore to Positive Money,  for exposing the ignorance of most MPs about the alchemy of money creation that allows banks to rule the UK – and the world.

It is quite inspiring that a small and dedicated group of citizens have forced  Parliament- for the first time in 170 years,  since the Bank Charter Act in 1844 –   to debate the issue of how banks create money out of thin air allowing them to hold nations to ransom.


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