Article: Birmingham City Council
MMJ 20231001
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Birmingham City Council: Britain's second-largest city effectively declares itself bankrupt
MMJ's Comments:
This is the problem when we never ever question status quo. Accept blindly ingrained injustice imposed on us from the beginning. And meekly try to solve solutions without addressing the underlying issue. What do we mean? Let's say we are citizens of a new island country about to discuss the economic rules of the country for the citizens to abide by. We are to share the economic cake to wages and salaries, taxes and profits. Individuals get wages and salaries; the government gets taxes; and companies get profits. From the companies sector we take out a few companies and say you are special - you will be given a special business model where you cannot lose, in fact you are guaranteed to be profitable by the rest of society.
You are given the sole right to create money out of thin air and you don't have to invest and face profit or loss; you are given the right to lend with interest. This means no matter what happens to your borrowers, even if they face business losses, you are protected. By law, supported by the courts, they must pay you back principal plus losses come what may. Fast forward to 2023 this privileged group of money creators becomes filthy rich and even today they are guaranteed their profit whatever the sufferings of other sectors of the economy. We then see a conflict between the receivers of wages, labour, and the receivers of business profits, the non-money creating companies. Sometimes wages win, sometimes profits win and they adjust to get a workable compromise. Then through say, a political victory wages get a huge win, that must be implemented by a huge reduction in profits.
In the case of Birmingham, it is the tax recipient, the government, that has to pay what they clearly cannot afford. The question is, doesn't anyone want to address the guaranteed profits sector? In the UK banks make on average GBP 41.1bn pa, in Malaysia RM44 billion pa. Those are huge guaranteed profits which can easily be made available to govts from reforming the monetary system. But we can choose to go on fighting each other or we can choose to end the undeserved monopoly of banks and redress the ingrained injustice.
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Dikemaskini [Updated]: Sam Ahmad 20231001