Labour Leadership watch

All quantitative easing is just printed money thatbags - not just inventing, that doesn't sense. Money was invented in the early years of man, we are not reinventing it.

So, the government instructs more money to be printed so they can bail out the banks. In truth it is not really debt as you can't owe money to yourself but printing it does devalue the currency. It gets absorbed by the banks who, far from using it to speed the UK on its way, have sat on most of it. They have paid some back to the government but we are unlikely to see much of it. Meanwhile the banks have paid enormous bonuses to the people who run them. Sadly, very rich people cease to spend money. They spend some of course, rather more than more than you and me, but they save much more and invest in capital goods, not consumables. The do not enable other people to get richer - except the odd yacht builder perhaps. The do not invest in the housing needed by large numbers of people and they do not improve the infrastructure. They do not improve education, health or any of the other things that will help our country in the future. They may send their children to independent schools saving the tax payer a little and they may pay for their health; they may even, under this frightful government make money out of the privatising of areas that were long ago agreed, by a consensus, should be for all not for profit. They will continue to get richer from the tax payers money that has been paid to them and because they cannot, ever, spend it all they will continue to get richer from the money their capital makes. They can get richer from this unearned income than the vast majority can however hard they work.

Any country can print more money - most have been since the global financial crisis. This is not just about what the UK does. We will never again be as separate from the rest of the world. So what is Corbyn suggesting? He is suggesting we do what has been done in the past. What has worked and what many people cleverer than both you and me believe can work again. Instead of printing money and pouring it into the banks and the pockets of the already extremely rich he suggest the next round of this money goes to improve the infrastructure to help grow our companies, into better education opportunities, into houses and hospitals so "our people" as the Tories love to say, actually benefit from this investment and, not only that, instead of sending so much of this money out of the country "our people" who find money a bit of a scarcity at the moment, will spend on consumables - in some cases silly things like food.

Margaret Thatcher pulled off the biggest con trick of the century by convincing large numbers of just a bit better off people that they could emulate the capitalists who don't know how to spend their money and be able to invest, invest, invest. She sold industries we already owned to people who could just afford them, she sold the future of housing to those who could only just afford them. I don’t blame these people. Everyone works with the system on offer. She convinced them that they could have this lovely cushion behind them. It was never going to happen. They have a little cushion but if China turns turtle or anything else upsets the world economy they will suddenly find the very rich sort themselves out and never mind the country and the people who gave them the opportunity to be in this position. Cameron is carrying on this lie. Do those with huge capital resources really need a cut in taxes when people are starving because of his policies?

So Corbyn wants to give the whole country an opportunity to improve themselves and improve the country - as a whole. I prefer that idea than the one that says let’s make the rich richer and some of the money will fall down from the heap they have on to the little man at the bottom. You may not agree with this. Many on here won't. They believe the sleight of hand magician Maggie played out in front of their eyes. Some may agree with some of it and feel I have some of it wrong but I and large numbers of others have always believed in something close to this. It is not communism as some have inferred or Marxism, nor are we Trotskyites it is simple democratic socialism. Blair took the guts out of the Labour Party but we may be seeing a renaissance. For all our sakes, I hope so.

Labour is stopping people who support Corbyn from voting as they do not support Labour ideals.

Slight exaggeration there, surely, dj? One person is not 'people'.

The article doesn't make it clear why his vote has not been accepted - is he already a member of another party (e.g. the Green Party)? I agree that a reason should be given.

www.theguardian.com/politics/2015/aug/25/labour-union-leader-vote-jeremy-corbyn-pcs-mark-serwotka

Just read this. Labour is stopping people who support Corbyn from voting as they do not support Labour ideals.

Mark Serwotka? Leader of a union has had his vote taken away from him?

It probably is an omen, TerriBull, but as most socialists seem to be atheists it will be lost on them!

Good post, nano. I know quite a few like you and your daughter. Some of my family and friends have joined or rejoined since Corbyn came on the scene.

JC as in Jeremy Corbyn, not Jesus Christ. Is it merely coincidental they have the same initials or is it some sort of blessed omen?

Not that allotment-keeping and jam-bottling are nonsensical, of course...

It seems to be all the rage these days...

No roses I had JC in mind, he has an allotment and likes bottling jam.

Eeeeh, aren't we all full of wonderful nonsensical ideas?

They escape easily though, so electrified social Democrat fences may be needed.

I like the idea of opening a new Gannex Factory, this country needs more manufacturing.

Agreed, roses, there's no doubt he'll get the leader's job unless dark dealings are done behind the scenes, but will he ever be PM?

The new Gannex generation depends on it!

TerriBull, are we talking Green Party members ( hardwearing for the allotment) or the much missed Gannex?

nano; that's good to hear. It's a long time since I heard a political speech that was inspiring.

Yes, ideal for Jez. Perhaps he could start his own People's Gannex Factory when he's elected PM.

Nano, you mean when Tony Blair was PM you thought they were closer to the Tories? Which is true of course, but for instance, Andy Burnham or Yvette Cooper are nothing like TB, Burnham used to be considered, not long ago as quite left wing! Of course a lot of people like Corbyn because he is a good speaker, which Burnham isn't.It sure looks like Corbyn is a cert for the job, but you can never tell.

They always looked durable and hard wearing, great for the allotment on a rainy day.

Osborne used PQE in 2011 and 2012.

Green party member? There were apparently 1,900 fraudulent votes by them compared to only 400 by Conservative party members...

Thank you, gg. I read it. I am a smidgeon wiser but I have to admit I find stb's JIM acronym (Just Invent Money) the simplest to understand amongst all the banking shenanigans that go on.

I have been a disinterested member of the labour for a few years.For me, the labour party seemed not much
different to the Tories .Then along comes Mr Corbyn. My interest was ignited to such an extent that I attended his rally in Cardiff with my daughter who is 34 yrs of age. I can only say that the man was inspirational..He never once said I, always we. He realises that the labour party is its grass roots members. As for right or left wing, I am just happy that fairness, equality and a caring, thoughtful society is at last being considered a priority. He has given me hope for the future that maybe my grandchildren will be able to live in a fairer society.My only worry is that the career politicians in the party will plot to oust him if he wins. If that happens that's my membership card in the bin. Must also mention that my daughter was so impressed she joined the labour party the day after the rally..and no, she's not a Tory in disguise!!!

I believe so, and it lived out it's natural life as the very last Gannex, on the lovely Scilly Iles, living the life of Riley.

Because it's bound to be raining...

There are probably one or two left in ancient attics - who knows, scientists might be able to clone them!

I bet Jeremy would like one to don over his vest and ill-fitting jacket when touting for votes door-to-door at the next election.