• Paul
    Keymaster
    Post count: 4
    #7327 |

    Notes from first meeting
    What if there’s a run on the £ and a financial strike by the markets? (scenario 1 below)
    Nationalise the banks or have them Cooperatively owned.
    Need to avoid traditional way of dealing with capital flight i.e devalue the currency, put up interest rates – this is punitive.
    Prevent capital from being exported.
    Reorganise financial system. Work with people already working in sector to transform for the many. In 1990s there was financial unrest, many in the city didn’t want to implement what they were being asked to do. Speak to B in Ireland who works for Merrill Lynch and others to get advice as to what Labour Gov should do.
    Encourage financial sector workers to block anti-government actions. Appeal to workers internationally to take similar action.
    Other sources of funding: eg. pension funds
    Bring Bank of England under State control. Otherwise it could put up interest rates.
    Paradise Papers shows us that wealth can run entirely independent of Gov control. They switch wealth from one market to another.
    Isle of Man is allowed to run by politicians.
    Shut down tax havens, make them illegal. Make tax evasion illegal.
    We need a new international ‘Bretton Woods’ for the socialised economy. A ‘new economic model’ often mentioned by Corbyn.
    Organise an international conference to take new agenda forward.
    John Redwood MP, telling investors to take money out of UK.
    Need a Bill ready, new laws to take control of capital inc. emergency measures.
    ————–
    Some scenarios consider and prepare for in the context of a gathering political, economic and constitutional crisis which won’t go away when the Tories are ousted:1. What if there’s a run on the pound and a financial ‘strike’ by bond markets?
    2. What if the military refuse to co-operate because Corbyn won’t sign a letter of instructions to the Polaris fleet?3. What if the Labour right-wing sabotage a Corbyn government?4. What if Labour is left with Brexit negotiations to complete and the EU is demanding unacceptable terms? 5. What if the House of Lords blocks legislation?6. What if MI5 and GCHQ (and the National Security Agency in America) set out to destablilise a Corbyn government?
    Results from the second discussion
    We were discussing scenario 2, what happens if the military refuse to co-operate with a Corbyn-led government because, for example, he won’t sign a letter authorising the Trident submarine commanders to launch a nuclear strike on his say-so.
    When Corbyn was first elected Labour leader, there was talk by some military commanders that he would have to be overthrown.
    We should pose the question: how can you defend your country by using nuclear missiles? Have to expose the futility of that.
    The point was made that the armed forces swear an oath of allegiance to the monarch as their commander-in-chief and not to the elected government.
    This constitutional sleight of hand could enable them to declare that their job is to defend the realm and not the elected government
    We should find ways to put the question to the people: who should the armed forces be loyal to – an unelected monarch or a democratic government?
    Similarly, the police, Mi5, GCHQ etc have an oath of allegiance to the crown
    There was a proposal that a Corbyn government should set up a commission to investigate alternatives to nuclear weapons for the purposes of defending the UK from attack
    The commission could also look into a different, non-aggressive foreign policy
    We should propose – dismantling the monarchy, ending the Privy Council
    Democratising the governance of the country because the army’s current position demonstratres an absence of democracy in the UK.
    We should also look into the role of the National Police Chiefs Council (formerly ACPO)
    Notes from the third scenario:
    What happens if the right wing of the PLP tries to sabotage a Corbyn-led government. Here are the points: (which Dylan and Gerry can amend/add to).
    – Some right wingers will go before the next election – others will have to behave. But will they?
    – Most are never going to change their spots, although they wll sign the Momentum ‘loyalty pledge’ to get themselves on the Labour ticket
    – However, socialism won’t go back into the box now
    – Corbyn is in a powerful position
    – If and when the right wing play up, Corbyn must appeal to the broad sweep of the membership
    – the MPs should be exepelled and pressure piled on for them to stand aside as MPs and face a by-election
    – In preparation, Labour’s manifesto has to be strengthened and become more radical
    – The membership need to be involved in this process around the manifesto, which should start straight away
    – Wider communities should be involved too in the work on the manifesto.
    – This will strengthen Corbyn’s hand
    – Extra-parliamentary actions could be organised in defence of Corbyn against the right wing
    – The leadership of the Labour Party needs to be broadened to step in if Corbyn falls ill or worse.

  • Gavin Barker
    Participant
    Post count: 7
    #7374 |

    Here is another scenario based on a post by Richard Murphy, quoting the FT: Has Class Warfare already been declared http://www.taxresearch.org.uk/Blog/2018/03/01/has-class-warfare-been-declared/

    The FT has noted this morning that:

    Britain’s listed water and energy companies should explore shifting businesses offshore to protect investors if a future Labour government sought to nationalise them, according to analysts at Macquarie, the Australian investment bank…..

    At the end of the article Richard Murphy says this:

    “I have always argued that offshore is a mechanism created by capital to launch an assault on democracy. That is exactly what is written all over this suggestion. Macquarrie are making it clear that people’s choice to elect a government that might seek to take into public ownership the utilities that serve them should not matter: the ‘fiduciary duties’ of capitalism come first.

    I would suggest Macquarrie are too late. First, saying it proves the public case against them. Second, the potential for this to happen is already foreseeable and so is not protected by treaties.

    But the broader signalling is more important, and clear this morning. First we have Dyson demanding the UK behave like a tax haven. Now we have a warning that tax havens must be used to subvert the democratic choices of the UK population.

    It feels as if class warfare has been declared.”

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