Article from the Manchester Mule which reveals the Co-operative bank’s provision of £40 million over the next five years to the Manchester Airports Group. The bank prides itself on its ‘Ethical Investment Policy’ which places the prevention of climate change at its heart. Manchester Airport is responsible for 5 million tonnes of carbon dioxide emissions every year which will increase if plans to expand the airport and double passenger numbers by 2030 go ahead. These plans will result in the demolition of local homes.

Getting beyond the jargon

November 21, 2011

Banking, Crisis, Derivatives, Finance, Hedge Funds, Jargon!

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For a clear unveiling of the content behind finance-speak jargon, examining some of the key financial instruments and activities behind the financial crisis check out ‘Understanding the jargon behind the banking crisis’ in The Irish Anarchist Review #2.

The Wolf Report

November 21, 2011

Banking, Crisis, Debt, Finance

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So to that part of the population who are working, austerity means some will be working harder, longer, some will be working less, and shorter, but all will be reproducing a lesser social basis for reproduction. All that was substantial will become marginal, and the marginal will become substantially greater.

For that part of the population retired and receiving a pension, fewer will retire; fewer will receive pensions, those that do will receive less.

For that part of the population born into poverty, deprived of a basic, necessary education, of proper medical care, even more will be born into greater poverty. Even more will be cheated of and by an even poorer education. Even more will be excluded from already inadequate medical care.

All value must be devalued. “Everything must go!” is the slogan of this bourgeoisie’s staying in business forced liquidation sale.

Essential reading at The Wolf Report