Friday, 23 October 2009

“depression”


It’s a funny old world, I quite can't remember who or which comedian’s catchphrase that was, but it seems to fit the news that we are sill in the grip of a very severe recession which despite much that has been said to the contrary which only proves; do not believe all you read or hear. For the last two or three month’s leaders of business, industry, bankers, and economists; oh and of course some parliamentarians have been very busy talking up the economy.

So now we are being told that the economy unexpectedly shrank 0.4pc in the third quarter, defying expectations in the City that it would have grown for the first time since the start of last year. Its contraction for six straight quarters is now the worst in modern history.

What, oh what do we make of that?

I am not in the least surprised, and have said as much on this blog during the course of the year. I am not in the business like some so-called leftwing gurus of making predictions about booms, busts and deep prolonged loud noises like it was some hobby or spare-time activity to try to emanate Marx and Engels; I just have no time for it.
Capitalism is a subject that cannot be treated as a reading by a fortune teller or palmist; it’s very unpredictable and will swing or move in whatever way it has too; that ensures its dominance and survival as a system.
All that I simply do is to look around to see the affects on my fellow workers, to draw any conclusions as to how bad things really are. I can tell you that in this our capital city known throughout the world as a rich finical centre things are bad. Poverty and unemployment blacken many lives, children surviving and making do with seconded rate diets or even sometimes going without.
Many hundreds of people every night and not just the homeless queue up at the food handouts. This winter it will not only be the pensioners who will be struggling to keep warm, many low paid and unemployed will decide between warmth and a meal. It has become commonplace here in London to see people going though the bins behind shops and supermarkets scavenging for the out of date food they throwaway.

The National Institute for Economic and Social Research has been calling this a “depression” rather than a recession for some time – today’s figures surely now underline such a description.

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