The companies developing Artificial Intelligence (AI) are mainly interested in profit and ways to reduce the workforce. If they see an opportunity to replace a Human with a robot they will. If a task that a human currently does can be done by AI they will make it. Companies are falling over backwards for this kind of opportunity to maximise their profits. Greedy capitalist enterprises are always seeking new ways to decrease their workforces. Venture Capitalists in companies such as Uber would willingly invest in driverless vehicles for example if it meant a healthy profit. And the companies developing AI will certainly deliver the product to anyone willing to invest in their technologies. They will do this without any ethical considerations or conscience.
How to tackle the ‘Cost of Living Crisis’. Well the first obstacle is to remove the Tory Government because they are not equipped, ethically or ideologically, to deal effectively with the ‘Cost of Living Crisis’. In fact many of their policies have contributed to this situation. The legacy of Thatcherism is also a contributory factor. The current situation of having our Energy and other utilities in the private sector is a major factor contributing to the high levels of Inflation that we are seeing. These Energy Providers have just got increasingly greedy and any attempts to moderate this by Tory Government Policies has been ineffectual.
Prime Minister Liz Truss’s mistakes have cost approximately £30bn for which she is sorry: but is that good enough? Well no it’s frankly not. It is incompetence and when people are incompetent they must go. She looks beleaguered and bereft of any ideas. She has to go now.
Is saying sorry enough?
Liz Truss is incompetent and not up to the job. She is profoundly sorry that her personal mistakes and misjudgements have cost the UK economy approximately £30bn and mortgage payers individually additional hundreds of pounds extra each month. However she is not personally culpable alone. She was elected by the Conservative Party who believed in her fantasy economics and elected her to be their leader and consequently the country’s Prime Minister. So this also shows poor judgement by the whole Conservative Party who are also responsible for this fiasco. If this was really the best candidate that they could muster then they really are bereft of any kind of political talent at all. If Truss has to go then so to do the Tories need to go in the national interest.
If I had cost my employer £30bn do you really believe that I would still be in that job role? Of course not. Will sorry go far enough to cover a £30 bn loss to the economy and cover the increased personal costs to people’s mortgages? If so then sorry and forgiveness goes a long way indeed. Trusenomics is dead. Liz Truss showed poor judgement and now lacks any credibility as Prime Minister. It’s certainly no longer in the national interest to have this failed and incompetent individual as Prime Minister. She lacks credibility, authority and insight: she must go.
The Bank of England and Liz Truss’s government are at loggerheads. Both seem to be working against each other and seem to be opponents. Meanwhile despite this Liz Tuss’s government plays a risky game with people’s pensions and livelihoods. Liz Truss continues to put pensions at risk and puts homeowners in a vulnerable position with their mortgages. This is politics playing with people’s lives. Her actions only compound the ‘Cost of Living Crisis ‘ and make it worse for most people. This is the most irresponsible government that has been seen. This government and Liz Truss and Kwasi Kwarteng in particular continue to demonstrate lack of insight and incompetence. The Tories need to go now. The selection of a bunch of amateurs to steer the country demonstrates and reinforces what I have said previously, that the Tories lack any talent in their ranks and are bereft of real insights into ways in which to tackle the current issues of ‘Inflation’ and ‘The Cost of Living Crisis’.
Chancellor Kwasi Kwarteng delivered a mini budget unfit to purpose by giving away a large slice of the government’s current income to rely heavily on borrowing instead. Cuts in government income and National Insurance is sure to have an impact on this government’s abilities to deliver on previous promises of improvements to the NHS and the seemingly forgotten pledge of ‘ levelling-up’. What’s also gone from the mandate of which this government was elected to do is the commitment to ‘Net Zero’ by scrapping or postponing the funding which was set aside to do this. So on almost all mandates from the 2019 Conservative Election Manifesto they have broken almost every Election Pledge. This goes to show that the Tories can’t be trusted to deliver.
Trickle Down Economics doesn’t work
Now Kwarteng is gambling with the economy. He has tried to convince us that he is a genius but instead he has shown that he has only a rudimentary grasp of economics. His most recent attempt shows that he can master smoke and mirrors. The majority of us in the UK will receive a mere 1 penny in the pound amounting to 2 bars of soap and a litre of milk over the course of a month and we are supposed to be grateful for that: whilst the rich benefit disproportionately. This is another attempt to install a failed economic theory first tried out by Margaret Thatcher. It didn’t work then and it won’t work now. It’s not a new idea it’s a rehash of Thatcherism. Trickle down economics doesn’t work. All it does is increase the divide between the rich and the poor and opens the door for the richest to exploit the poorest with unemployment and wage slashing.
To achieve this Kwarteng has sacrificed the government’s income and instead has reverted to borrowing to keep the County afloat. This equates to a situation of being afloat in the middle of the ocean in a boat full of holes which is sinking, whilst sending out a Mayday call to the Super Rich to come and rescue us. I doubt there will be much interest as the Rich will just remain at home counting their increased riches which this mini budget has so kindly laid at their doorstep.
There is no EnergyPrice Cap. No meaningful intervention and no controls and certainly no regulating body. Price Cap: my Arse. Energy companies and utilities are setting any arbitrary prices that they like without intervention from this useless Tory Government. Energy companies and utilities can basically charge what they want and over inflate their greed and profiteering at the same time. Only the threats of re- nationalisation can rein them in now.
This post has been made in response to Kevin Peachey’s article that appeared today on the BBC’s App and website https://www.bbc.co.uk/news/business-57764601 .It is widely expected that the Bank of England will raise interest rates today in order to tackle Inflation. This is a very predictable text book response to Inflation and seen by many as the preferred method to tackle Inflation. The BBC has inferred that this Inflation is as a result of the lack of goods in the Economy after the Pandemic. From what I remember of the Pandemic is wasn’t goods availability that was problematic it was just that there appeared to be a shift away from people actually going to get goods to a situation whereby goods were being mainly ordered and delivered. Sure enough there was some drop in production but this didn’t impact greatly on availability. There was however more of a drop in services in that sector of the Economy. However today all I ever see down our street and on our estate is loads and loads of delivery vans constantly shuffling about and delivering goods to people’s homes via Amazon and DPD to name but a few. Also I myself have ordered much since the Pandemic ended and have enjoyed taking advantage of one day delivery schemes. So when the BBC state lack of goods as a cause of this current period of Inflation , I simply have to laugh. I have never recently gone onto the Internet and Amazon, in particular, where I remember being informed that the goods that I wished to order were out of stock. This has been my recent experience. So where is this shortage of goods driving this Inflation? It simply does not exist but has become an easy scapegoat to avoid the real finger of suspicion.
The real cause of Inflation is the greedy energy and utilities companies hiking up profits and disguising these as pass on costs.
COP26 has been a dismal failure demonstrating all the bad divisions in the world and the stupidity and shortsightedness of the majority of governments. Continue reading COP26 can now be considered to have been a dismal failure
COP26 and government policies aren’t necessarily going to stop environmental degradation instead focus should equally be falling on individual responsibilities and the activities of businesses. The activities of these aren’t necessarily going to be directly influenced by either the decisions of COP26 or government policies resulting from this conference.