Thursday , July 18 2019
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Renegade Inc: Myth Busting the European Dream

Summary:
I once believed in the EU as I loved its social democracy and I would argue in defence of it with everyone. But in the end I voted to leave the EU and my friends never forgave me because they still had an old fashioned view of Europe as the great social democracy.Ross Ashcroft was always pro the EU up to now but I think he has changed his mind after this interview with David Rose who says that the EU has been destroyed by neoliberalism. The left politicians gave up the fight and decided that nice jobs within the corporations and fiancee would do them just fine.  Now the right are leading in the polls but  finance would prefer that to the left, and so people are being hoodwinked if they think the right will change things all that much.David Rose asks how did mortgages end up taking half of

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I once believed in the EU as I loved its social democracy and I would argue in defence of it with everyone. But in the end I voted to leave the EU and my friends never forgave me because they still had an old fashioned view of Europe as the great social democracy.

Ross Ashcroft was always pro the EU up to now but I think he has changed his mind after this interview with David Rose who says that the EU has been destroyed by neoliberalism. The left politicians gave up the fight and decided that nice jobs within the corporations and fiancee would do them just fine.  Now the right are leading in the polls but  finance would prefer that to the left, and so people are being hoodwinked if they think the right will change things all that much.

David Rose asks how did mortgages end up taking half of people's wages, which made them poor and wrecked the economy. I remember getting my first flat (apartment) when I was 26 years old and my active social life got wrecked over night as I no money left. Well, you have to move out sometime so I had to lump it, but I suppose I was excited about owning my own home too, except I have never been all that wealthy being a home owner. What a life hey, you only live once and there I am always skint, just getting by. I was skilled and yet I was poor.

The middle class has collapsed, says David Rose, as financialisation has hollowed it out. And yet millions of British people today feel wealthy because their home are worth a fortune - on paper! But how many hours at work did they have to do to buy them, and how much did their families go without. Is that leading a wealthy life? Personally, I like to buy everything cheap, including my house, and so it might not be worth much now, but I wouldn't have paid much for it either, and that's fine by me.

Before moving out, I could figure out the value of things like a pint of beer, or some a hi-fi, a car, a holiday, a phone, a calculator, a meal out, etc, but when I bought a one bed-roomed flat it was a massive leap in price in relation to everything else, and it didn't make to me sense to me in value for money terms. And renting a flat cost the same, which baffled me too,

The average German is not well off anymore, says David Rose, and in fact they are poorer now than 15 years ago, but Germany commands Europe. He says the whole European Union is corrupt and what the bankers did to Greece was a crime. Nowadays financial warfare is used to conquer nations and it is much cheaper to do too.

The whole of the West has gone wrong and greed has hollowed it out. Now China zooms ahead and the U.S. is looking for war to bring them down.  I thought we were intelligent creatures and that we would just invent better technology to make ourselves richer.

After the devastation and hell of WW2 I thought wars were over, but now they say that a nuclear war is winnable. It's mad. What kind of crazy risk is that just to grab few more billions that won't increase their standard of living?

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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