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Economy

“Widespread Civil Unrest” Looming in UK Over Cost of Living Crisis

Movement to stop paying bills snowballs.

Published

8 months ago

on

SOPA Images via Getty Images

The chance of “widespread civil unrest” occurring in the UK as a result of people being unable to afford to pay their bills due to the cost of living crisis is “inevitable,” according to one campaigner.

With energy prices set to soar even higher in October as a result of the sanctions on Russia, many Brits have resolved to refuse to pay their bills as part of a growing backlash some are comparing to the poll tax riots.

London was hit with violent riots back in 1990 in response to the government’s efforts to introduce the poll tax, and the new levy was eventually scrapped after a coalition of interest groups amongst both the working class and the middle class combined to defeat it.

A similar movement under the umbrella of the Don’t Pay organization is now urging people to cancel their direct debits in October if energy prices continue to rise.

Average energy bills in the UK for dual fuel are expected to rise to £3,615 by January 2023, an increase of 283 per cent on March levels.

“Millions of us won’t be able to afford food and bills this winter,” asserts the Don’t Pay manifesto. “We cannot afford to let that happen. We demand a reduction of bills to an affordable level. We will cancel our direct debits from October 1st if we are ignored.”

However, others have warned that a mass refusal to pay bills will only result in energy prices soaring even higher because more companies will leave the market, allowing fewer corporations to create pricing monopolies.

Inflation is also set to hit 15 per cent next year as the whirlwind of economically devastating lockdowns and Europe’s support for the ‘current thing’ – prolonging the war in Ukraine – hits people hard.

Meanwhile, energy giant BP just announced its biggest quarterly profit for 14 years.

Campaigner Tom Scott said he isn’t calling for riots, but that they are almost certain to happen if things don’t change.

“There was a major riot in London [in 1990],” Scott told the Telegraph. “That’s not something I would like to see, but I think it’s almost inevitable that unless the Government does take much more effective action to help people, there will be widespread civil unrest.”

A new poll also found that a slim majority of Brits – 51 per cent – thinks there will be cost of living riots later this year.

Meanwhile, the UK government continues to give the red carpet treatment, free accommodation, food and money to record numbers of illegal migrants with iPhones arriving on boats from France.

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Economy

Video: Amid Banking Collapse, White House Says “We See A Strong Economy”

Strange choice of words

Published

2 days ago

on

23 March, 2023

Steve Watson

Screenshot

As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”

CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. 

“We understand what the American people are feeling, that is why we have made it a priority to do everything that we can to lower costs for Americans,” Jean-Pierre responded.

Then came the kicker.

“We do not see a recession or pre-recession. We see a strong economy and it’s because of the work that this president has done,” Jean-Pierre declared.

You don’t see it or there isn’t a recession?

Strange choice of words.

Keep saying it and it might become reality:

When asked if there will be an economic downturn owing to two giant bank collapses, KJP had no answer, other than to quote the Fed chairman saying the economy is sound:

Powell claims that rampant money printing isn’t driving inflation:

Treasury Secretary Janet Yellen claims that just growing debt forever is sustainable:

Are they wilfully ignorant or just flat out lying?

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    Economy

    Elon Musk Responds To Biden’s “Pay Your Fair Share” Tax Tweet

    “I paid more income tax than anyone ever in the history of Earth”

    Published

    5 days ago

    on

    20 March, 2023

    Steve Watson

    Hannibal Hanschke-Pool/Getty Images

    The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.

    Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.

    Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.

    Musk also called for a fact check on Biden’s three percent claim.

    Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

    Others chimed in on Musk’s comments:

    While others had some choice responses for Biden:

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    Economy

    SVB’s London Bankers Received Up To $36 Million In Bonuses Days After BoE-Orchestrated Bailout

    Published

    5 days ago

    on

    19 March, 2023

    Zero Hedge

    David L. Ryan/The Boston Globe via Getty Images

    Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1, Sky News reports.

    Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.

    It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.

    One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky

    Israeli Banks Transferred $1 Billion Out of SVB Before Collapse

    What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.

    The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.

    According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.

    “The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”

    “[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”

    The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.

    They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

    The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky

    “Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.

    This post was originally published at Zero Hedge

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