economic situation is dire

[kidlewis]

it's quite clear to me that no one has any idea on what they are doing or expecting,

from government to opposition to the Bank of England and the IMF, from the EU to the US Senate,

no one has any idea what's going on.

the only credible thing I have heard, that would sort of make sense is for Germany and France to pull out of the EU altogether leaving a weak currency and therefore those countries becoming more competitive.

France and Germany would see their currency get stronger, but could they take that hit on their exports?

Perhaps that would restore some kind of balance. probably temporary though.

[CI]

Perhaps we are due a World War

[peterms]

it's quite clear to me that no one has any idea on what they are doing or expecting,

from government to opposition to the Bank of England and the IMF, from the EU to the US Senate,

no one has any idea what's going on.

The problem is that most parties and media parrot the nonsense of the mainstream neo-liberals, who have been shown time and again to have no clue about the crisis, its causes, or what to do about it.

There's plenty of others out there with something useful to say. Here are some:

From the UK, Ann Pettifor, New Economics Foundation, Fred Harrison for some very specific work on the contribution of the housing cycle to the wider economic cycle, Molly Scott Cato for a green take on it, David Malone for in-depth pursuit of what the banks have done.

From the US, the Kansas City people, Michael Hudson, the Levy Institute.

From Australia, Steve Keen and Bill Mitchell.

What they have in common is that their analysis has been shown to be a better explanation of what is happening than you will find in the sterile channels of the mainstream media, and that the people who tell governments what to do don't like their ideas. So you won't normally be exposed to them, without a little searching.

Several of them predicted the crisis we are now living through, so when they advise that we should be doing the exact opposite of what Osborne has committed us to, their views should perhaps be accorded more weight than some people who utterly failed to say anything about this disaster before it struck. Osborne and his counterparts in other countries are the hired help, doing what they are instructed - not an original thought in their collective head. Read the alternative views, challenge the orthodoxy, and don't take this shit.

[VILLAFC2000]

Its funny how the Coalition Govt are blaming the current levels of unemployment on the International financial situation, yet before the last general Election, and just afetr it you would have thoughjt it was labour that caused the economic meltdown. So, are they admitting that actually it wasn't Labour now?

Asd for the levels of unemployment rightly or wrongly there is a feeling that for the Tories unemployment is an acceptable price to pay when they are trying to reduce the deficit. There is no plan for growth just one to keep cutting. And with it goes jobs. Undoubtedly there would have been cuts under labour also but at least there was an idea of how to stimulate growth. it nay have worked, it may not have. but at least certain people wouldn't have just been cast aside whilst we keep hearing the tired old mantra of all being in this together.

No as you probably aware the Torries like to have their Cake, Champagne and Lobster and eat the whole of it.

David Cameron today at Prime ministers. questions time blamed Unemployment on the financial crisis and then said we would not be in this mess if it was not for Labour.

It seems everyone is at fault for the state of our Country except for the Tories and its nothing to do with the dramatic cuts that have been hitting the country.

I actually cant believe 10 million voted for him when his values, beliefs and interests mainly represent less that 0.5% of the population of this country ( The super rich and Bankers).

[Xann]

Perhaps we are due a World War

Hoping for a popular uprising before it comes to that.

[lapal_fan]

So we're broke, italy's broke, other european countries are broke..

German and France remain ok?

Africa has always been broke.

American is almost broke.

who the fudge does have money? and how did they get it? we should follow their lead lol

[PIW]

Its funny how the Coalition Govt are blaming the current levels of unemployment on the International financial situation, yet before the last general Election, and just afetr it you would have thoughjt it was labour that caused the economic meltdown. So, are they admitting that actually it wasn't Labour now?

Asd for the levels of unemployment rightly or wrongly there is a feeling that for the Tories unemployment is an acceptable price to pay when they are trying to reduce the deficit. There is no plan for growth just one to keep cutting. And with it goes jobs. Undoubtedly there would have been cuts under labour also but at least there was an idea of how to stimulate growth. it nay have worked, it may not have. but at least certain people wouldn't have just been cast aside whilst we keep hearing the tired old mantra of all being in this together.

Part of the reason we're in this mess is Labour and their "ideas of how to stimulate growth".

No its not. The financial meltdown meant that repayments from loans faltered and most of the World's economies suffered. Its wasn't banks that caused this it was capitalism. Now, we're still trying to look for answers in the same system. it won't happen. Its like choosing to put a plaster or savlon on the wound. One way is possibly quicker than the other in helping us get better but in reality we'll just be back here again unless real change is imlemented.

As it is I do beliebve that Labour's idea for growth will stimulate slightl;y more than the govts. Is it risky? Yes, because we're looking at borrowing hoping to improve the finacial situation. it may work, it may not. The Tories current plan will also work - eventually - but at the price of many more unemployed.

6 of one if you like. But until they system changes the players and the problems will not.

[drat01]

Part of the reason we're in this mess is Labour and their "ideas of how to stimulate growth".

As usual Mart that is straight out of the head-in-the-sand Tory handbook.

As many have said and many more are realising now the Tory Gvmt (and like Mike I now think of the LibDems as being nothing more than Tory lite) are making things a whole lot worse. It seems that the Gvmt and it seems a lot of their supporters are struggling to get a consistent story on who to blame. Like you they try and blame everything on Labour but then when questioned on why their awful policies are making things worse try and blame the world economy (and Labour).

The reality of this all now is that many people are out of work, you may try and spin it as much as you like but this Gvmt's policies are simply not working flatline growth, rising inflation, rising unemployment - they are failing massively and they have no clue and little indication that they even understand what to do.

[drat01]

It seems that the liar that is the PM was trying to pull a marketing fast one again

Cameron uses outdated stats to distort today’s dismal job news

However the Government spins it, jobs are being lost at more than twice the rate they are being created

At this week’s Prime Minister’s Questions David Cameron made several claims about the state of the labour market including:

There are 50,000 more women in work than at the time of the election.

There are 500,000 more private sector jobs.

Really? By using outdated statistics, and ignoring large changes in the size of the working age population, he presented a distorted picture.

First, the data that Cameron has used is distinctly odd: instead of looking at annual change (the usual measure of labour market performance), he takes his figures from the February-April 2010 quarter (the period before he was in office) and compares them with the most recent statistics (which cover July-August 2011).

But this is not the only problem with Cameron's analysis.

Are there more women in jobs?

The Prime Minister is right to say that over the particular period he has looked at the number of women in work rose. But this misses a crucial point – over the same time the working age female population rose by 107,000. Particularly given this change, the best way to assess the change in women’s chances of moving into a job is to look at their employment rate – the percentage of working age women currently employed. Even using the PM’s carefully chosen time period, the female employment rate has fallen, from 65.5 per cent to 65.4.

In addition, the number of women who are unemployed rose by 98,000, and the unemployment rate rose by 0.6 per cent to 7.3. The female unemployment level is now the highest it has been since 1988 – and the rate is the highest since 1994.

Are there 500,000 more private sector jobs?

The short answer to this question is not in the last year. While the period Q1 2010 to Q2 2011 (a period of 18 months) does show a net gain of 575,000 private sector jobs the most recent statistics for annual jobs growth (Q2 2010 to Q2 2011) show that net private sector jobs growth on the year is only 264,000. Even worse, over the same period (Q2 2010 to Q2 2011) 240,000 public sector jobs were lost.

And the most recent quarters are terrible. When you compare Q1 2011 to Q2 2011 you see that 111,000 public sector jobs were lost, and only 41,000 private sector jobs were gained. Jobs are being lost at more than twice the rate they are being created. This trend is reflected in today's overall employment figures – across the economy we have now lost a net 47,000 jobs on the year while unemployment has risen by 113,000.

The labour market reality

Unemployment is now the highest it has been since the recession started – with 2.57 million people out of work, 973,000 of whom are young people aged 18-24. Across the country there are 5.6 jobseekers for every job, and in some areas the picture is even worse – in Haringey there are 25 claimants for every position. We are facing a national unemployment crisis – and it is time for the Prime Minister to stop pretending it doesn’t exist.

link

[AshVilla]

cant believe the next election isnt until 2015?

i think the current condem govt will be removed from power quicker than their feet can touch the ground

[Genie]

So we're broke, italy's broke, other european countries are broke..

German and France remain ok?

Africa has always been broke.

American is almost broke.

who the fudge does have money? and how did they get it? we should follow their lead lol

The UAE (Oil - nothing we can do about that), India and China (lots of cheap labour - very little we can do about that).

[andyjsg]

cant believe the next election isnt until 2015?

i think the current condem govt will be removed from power quicker than their feet can touch the ground

Brilliant, Labour back in so we can go back to living on credit. It would be like the whole country's economy shopping at Bright House.

[tinker]

The UAE (Oil - nothing we can do about that), India and China (lots of cheap labour - very little we can do about that).

Oil.....we could invade? Cheap labour.........QE sorts that out by raising inflation to such a level we all (in effect) suffer pay cuts.

I dont blame labour or the tories, they are all the same to me tbh, i dont see a blind bit of difference, both feed the rich, who in turn hide the truth from the masses.

Until there is a major and i mean major f**k up (food shortages type mess) then nothing will change.

We British have a long standing record of sitting on our arses while the elite amongst us take the piss, thats what made us great, compliant labour market that was willing to fight wars in foreign lands for little or no money......

[theunderstudy]

cant believe the next election isnt until 2015?

i think the current condem govt will be removed from power quicker than their feet can touch the ground

To bring in..... Labour! And as they're all as bad as each other, the vicious circle will continue, and on and on.

As said, needs a bloody revolution.

[Genie]

As said, needs a bloody revolution.

Or an IVA

[theunderstudy]

Nah, revolution sounds good!

[mjmooney]

We don't do revolutions in Britain (except Glorious and Industrial ones, obviously).

[tonyh29]

It seems that the liar that is the PM was trying to pull a marketing fast one again

Cameron uses outdated stats to distort today’s dismal job news

However the Government spins it, jobs are being lost at more than twice the rate they are being created

At this week’s Prime Minister’s Questions David Cameron made several claims about the state of the labour market including:

There are 50,000 more women in work than at the time of the election.

There are 500,000 more private sector jobs.

Really? By using outdated statistics, and ignoring large changes in the size of the working age population, he presented a distorted picture.

First, the data that Cameron has used is distinctly odd: instead of looking at annual change (the usual measure of labour market performance), he takes his figures from the February-April 2010 quarter (the period before he was in office) and compares them with the most recent statistics (which cover July-August 2011).

But this is not the only problem with Cameron's analysis.

Are there more women in jobs?

The Prime Minister is right to say that over the particular period he has looked at the number of women in work rose. But this misses a crucial point – over the same time the working age female population rose by 107,000. Particularly given this change, the best way to assess the change in women’s chances of moving into a job is to look at their employment rate – the percentage of working age women currently employed. Even using the PM’s carefully chosen time period, the female employment rate has fallen, from 65.5 per cent to 65.4.

In addition, the number of women who are unemployed rose by 98,000, and the unemployment rate rose by 0.6 per cent to 7.3. The female unemployment level is now the highest it has been since 1988 – and the rate is the highest since 1994.

Are there 500,000 more private sector jobs?

The short answer to this question is not in the last year. While the period Q1 2010 to Q2 2011 (a period of 18 months) does show a net gain of 575,000 private sector jobs the most recent statistics for annual jobs growth (Q2 2010 to Q2 2011) show that net private sector jobs growth on the year is only 264,000. Even worse, over the same period (Q2 2010 to Q2 2011) 240,000 public sector jobs were lost.

And the most recent quarters are terrible. When you compare Q1 2011 to Q2 2011 you see that 111,000 public sector jobs were lost, and only 41,000 private sector jobs were gained. Jobs are being lost at more than twice the rate they are being created. This trend is reflected in today's overall employment figures – across the economy we have now lost a net 47,000 jobs on the year while unemployment has risen by 113,000.

The labour market reality

Unemployment is now the highest it has been since the recession started – with 2.57 million people out of work, 973,000 of whom are young people aged 18-24. Across the country there are 5.6 jobseekers for every job, and in some areas the picture is even worse – in Haringey there are 25 claimants for every position. We are facing a national unemployment crisis – and it is time for the Prime Minister to stop pretending it doesn’t exist.

link

cause quoting a site sponsored by Unite , left Foot forward , the TUC etc is really an impartial reflection of events isn't it :-)

[lapal_fan]

So whilst I've heard alot of blaming going on in this place, would someone give a decent answer as to how we get out of it?

or does noone know, hence why the PM doesn't know, hence why noone - even economists - dont even know?

[tinker]

So whilst I've heard alot of blaming going on in this place, would someone give a decent answer as to how we get out of it?

or does noone know, hence why the PM doesn't know, hence why noone - even economists - dont even know?

Strip capatlism back to its core and get rid of making money by moving money about, it produces nothing of any real use, no valued added.

We could also spend money on infrastructure, tidal power stations, offshore wind farms, uderground systems for major cities, anything that produces and end product of value.

QE is like pouring fuel on the fire and hoping it burns its self out........

Its gonna take a true leader of the type i have never seen in my lifetime to sort this mess out. Your mass produced card board cut out, media bitch PM aint gonna do f**k all, no matter what colour tie he or she wears!