The threats to Andy Burnham and his government are already rolling in and are being given ample coverage by the FT this morning.
So, a deeply toxic US bank, whose presence in the UK represents a form of US economic colonialism designed to strip value from this country for the benefit of US shareholders, and those whose fortunes are pegged to that bank's share price, is saying it will leave the UK if Andy Burnham threatens fair taxation on its activities in this country.
Bring on the tax, I say.
We do not need any more investment from such sources backed by the motive of asset stripping that constitutes its modus operandi, in my opinion.
The less dependence we have on US capital, and the less interference we see from its ethically bankrupt form of neoliberal thinking, the better.
If Andy Burnham really believes in the strength of the UK economy, keeping US value extraction out of it might be the best thing he can do.
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“What has JP Morgan (et al) ever done for us?” (that couldnt be done without them)
It’s a serious question. By “us” I mean ordinary people outside the City of London financial bubble.
Where is Farage and the rest of the right when a US bank threatens UK sovereignty?
Not I suggest a wise threat for it to make so publicly, I hope it comes back to haunt them.
Doubtless other banksters think the same. Will the harumping die down or develop into something else? One is dealing with Cerberus, cutting off one head is not enough.
I never liked Osborne’s self congratulatory phrase ‘Britain is open for business.’
He said it meant investment ( suggesting foreigners were impressed by a ‘responsible’ Conservative govt) I felt it often meant businesses could be bought and dividends paid overseas.
We might need skilled workers or specialised tools we can’t provide here but the City or the state can surely provide the capital we need.
It can
I too get a visceral reaction to the gun-to-the-head style of negotiation that Dimon employs but what exactly is it that he is trying to leverage?
How would we be worse off if JP Morgan bank weren’t here and what could fill the hole if they weren’t here?
What, in effect, is the counter argument to his ‘capital flight’ and job loss threats?
I think resources here might be better used for the benefit of society
Yes, airstrip one, as Orwell accurately described.
Good riddance to JP Morgan (they won’t leave of course)
I agree that it is time to wave goodbye to such organisations but in tandem with doing so we have to find a way to combat the dark propaganda that such organisations use to twist the minds of the public against any government that pursues such a path.
Doing the first without the second in a recipe for failure.
Jamie Dimon and his bank need to just leave the UK and take all his quomodocunquize buddies with him.
Jamie Dimon, along with all his ilk, have been VERY unpopular (trying to be nice) in the USA since the 2008 crash.