Mosquito Ridge
Postcapitalism and the Radical Left
A new defence doctrine for Labour
Keep Trident. End expeditionary warfareIn this essay and video I’ve tried to outline what a radical left Labour government in the UK should do about defence and national security. ¶ What should Labour do? ¶ 1. Vote for renewal of a Trident-capable force of four submarines, while retaining the right move from CASD to a CASD-capable submarine force, subject to parliamentary approval. At the same time, if the Scottish government votes to scrap Trident, Labour should advocate the removal of the base from Faslane to a base in England.
Paul MasonApr 5
IMF’s criminal neglect on Greece
Critical talks between Greece, Europe and the IMF are on the verge of breakdown.I understand the IMF is insisting Greece abolishes a tax allowance aimed at the poorest people, and wants instead a lower tax free allowance to apply to all Greeks, effectively redistributing money upwards. ¶ At present the Greek system allows people to earn 2100 euros tax free, but the allowance tapers off for peoplewho earn above 21k, and disappears if you earn 40k. ¶ The IMF, in backroom discussions this week has demanded the allowance be simultaneoulsy reduced to 1800 euros and applied to…Paul MasonMar 19
Scratch. One. Tory.
“I am unable to watch passively whilst certain policies are enacted in order to meet the fiscal self-imposed restraints that I believe are…more and more perceived as distinctly political rather than in the national economic interest,” Iain Duncan Smith, former UK Welfare Secretary ¶ Iain Duncan Smith has resigned from the British government after the annual budget included a £1.3bn attack on disability benefits. Here’s what it means in five bullet points: ¶ Austerity has hit the buffers. Its aim, according to Conservative economic theory, is to kickstart growth.Paul MasonMar 18
ECB needs a monetary policy for the people
The ECB’s decision today — to boost quantitative easing and cut interest rates — is welcome, but not enough. It is hiking the amount of…debt it buys each month from $60bn to $80bn, will buy some corporate bonds, and will even start lending to banks at preferential rates. ¶ But by veering away from taking interest rates further into negative territory it sends a signal that — in all future stimulus measures will rely on printing money to buy ever more risky and unorthodox types od debt. Posing the question: who benefits — the elite or the people?Paul MasonMar 10
EU-Turkey non-deal: snap analysis
Overnight the EU Summit failed to reach agreement with Turkey but the outline of the deal to be done on 17–18 March is clear. Here’s the…bullet points from the Heads of State statement, together with my commentary. These are enumerated as “principles”. ¶ Your head of state has signed up to them: ¶ “to return all new irregular migrants crossing from Turkey into the Greek islands with the costs covered by the EU;” ¶ … Not legal. If these “irregular migrants” claim asylum they are a refugee and protected from return under international law until their claim has been processed.Paul MasonMar 7