Britain's Top Priest Slams Rich-Poor Divide In "Britain's Broken Economy"

Tyler Durden's picture

While the world has grown used to The Pope sticking his papal nose in the world's business ("horrrific" borders, "grave risks" of libertarians, and the virtues of socialism); Britain's most senior clergyman, the Archbishop of Canterbury, has now decided that it is not enough to preach His word, but better to use his position of influence and adulation to discuss what's wrong with capitalism...

The British economic model needs fundamental reform.

 

It is no longer generating rising earnings for a majority of the population, and young people today are set to be poorer than their parents. Beneath its headlines figures, the economy is suffering from deep and longstanding weaknesses, which make it unfit to face the challenges of the 2020s.

 

Fundamental reform has happened before, in the 1940s and 1980s.

 

The persistent economic problems we have experienced since the 2008 global financial crash demand change of the same magnitude now. This should be guided by a new vision for the economy, where long-term prosperity is joined with justice for all.

The Most Reverend Justin Welby, writing as part of a new report from think tank, the Institute of Public Policy Research,  said that Britain's economic system is effectively not fit for purpose, benefitting the haves (to the detriment of the have-nots).

"Our economic model is broken. Britain stands at a watershed moment where we need to make fundamental choices about the sort of economy we need," Welby said in comments released as part of IPPR's "Time for Change: A New Vision for the British Economy" report.

 

"We are failing those who will grow up into a world where the gap between the richest and poorest parts of the country is significant and destabilising."

The solution - simple - spend more 'government' money, end fiscal austerity, and maker sure everyone 'pays their fair share' - sound familiar?

We have experimented with bold monetary policy, but are constrained by pre-Keynesian fiscal orthodoxy. Since the financial crisis, the UK economy has been supported by extremely low interest rates and a major programme of ‘quantitative easing’ (unconventional money creation) by the Bank of England.

 

Fiscal austerity – public spending reductions and tax rises – has left the UK’s recovery in this period slower than almost all of our major competitors.

 

Growth is now being fuelled again by consumer spending, based on rising debt and falling savings. With monetary policy having little further scope to deal with a slowdown, there is a strong case for increased public investment now to drive demand.

Archbishop Welby's comments are by no means the first time he has intervened in the UK's economic debate. As BI reports, Welby famously said in 2013 that he would effectively help to try and put much maligned payday lender Wonga out of business, by assisting credit unions which compete with the firm. Welby - who worked in the oil business before becoming a clergyman - was later left embarrassed after it emerged that the Church of England had investments in funds which provided money to Wonga.

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Full IPPR Report - "A New Vision for the British Economy"

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ebworthen's picture

Any nation comprised of greedy Godless baboons is not going to have a fair shake for the working person nor a non-avaricious polity.

Brazen Heist's picture

Yeap....sold out to the money worshippers, this is what you get - glaring inequality.

Greed has negative externalities - I wonder why Neoliberal eCONomics never taught that lesson.

Escrava Isaura's picture

Dear Archbishop of Canterbury,

It’s not only the British economy that is broken. Capitalism, like religion, come with a major flaw: It’s men made.

 

JohnGaltUk's picture

Please tell me where capitalism is practiced today. Capitalism ended with FDR

The world has since been socialist and you wonder why the system is broken.

Hobbleknee's picture

Capitalism ended long before that.

GreatUncle's picture

Adopting the Keynsian philosophy by FDR and expecting those running the show to not abuse it for their own greed.

You only need growth now to support the Keynsian model and stop sovereigns going bust who no longer give a toss about their own populations.

Problem is since 2000 or so they refused to create the bust the Keynsian model needs, just like Japan and now the debt is earning debt itself faster than any real economy can support it.

2008 was not a recession it was a bailout to try and prevent the recession they needed to flush a decade earlier.

nmewn's picture

Q. What would St.Karl Marx do?

A. Precisely what governments across the globe did. 

HenryHall's picture

>> Any nation comprised of greedy Godless baboons is not going to have a fair shake for the working person nor a non-avaricious polity.

The British nation is comprised of humans, not baboons nor other primates.

What is needed is a return to the policies of Attlee and Wilson.

Thatcher, Blair and similar scum are the prime cause of today's situation.

phead's picture

>What is needed is a return to the policies of Attlee and Wilson.

 

83% income tax, I think I will give that a miss thanks.

TheObsoleteMan's picture

What they want to do here, is do away with the last vestiges of a free market. While it is rigged at a macro level, they want to rig it at ALL LEVELS. Especially, the inter-personal level. So, who is it that gets to decide what is fair, and how gets to keep what? I bet I know. A machine will. That way no one person or persons can be blamed. Baby steps to communism, that has been the plan all along, and they have even found a so-called "man of God" to sell it for them. Ditto for the Red Pope.

factorypreset's picture

Pure, free market capitalism has NEVER existed and it never will. While capitalism might be less vulnerable to corruption than socialism or communism it still is able to be gamed by those who have the most money & power. It has ALWAYS been that way and it will always be that way. It is a human invention thus it's subject to human frailty.

HenryHall's picture

>>Please tell me where capitalism is practiced today. Capitalism ended with FDR

>> The world has since been socialist and you wonder why the system is broken.

I don't know where capitalism is practiced, but I know "the world" is not socialist for the most part.

Here is a definition (arguably the best definiton ) of socialism:

To secure for the workers by hand or by brain the full fruits of their industry and the most equitable distribution thereof that may be possible upon the basis of the common ownership of the means of production, distribution and exchange, and the best obtainable system of popular administration and control of each industry or service.

And that socialism is practiced in China, Cuba, Vietnam, I can't think of any others, there may be a very few, certainly not the whole world.

GreatUncle's picture

Agree, but it is elite man made ... where they will not create anything that is detrimental to them.

All designed to support their lucrative lifestyles and now as they run the show they turn the screws on the population harder and harder.

I chuckle when I hear the speeches they make stating it is for the populations benefit.

Bullshit, it is as it always has been to primarlily maintain their position.

EddieLomax's picture

Wrong, these idiots in government and our "religious" leaders all ignore the real problems and believe that the printing press can produce prosperity.  Any look at history should tell even a village idiot that the Wiemar republic went down for precisely that reason, but since these morons have no experience of being productive they have no clue where wealth is generated.

The real problem is our importing of the third world, the easy credit culture, QE and the debasement of capital and our ever larger government spending misallocating resources.  There are millions now of people in Britain who either are alien and hate us or our own but sucumbed to nihilism in this godless and frankly depressing landscape of cheap housing and short term building.

We are going to learn the hard way that we cannot enjoy a first world lifestyle while importing the third world in with the hope they will do menial jobs, they're not even capable of doing that.  Hence today London's welfare bill is greater than the cost of our armed forces!

 

I put religious leaders in quotes because the same supposed Christian leaders repeatedly spew the mantra that all religions are good, if they actually believed in Christianity they should be telling people to become Christians, they don't so they just play politics.

quadraspleen's picture

This is the height of irony. He used to be an oil company bigwig

fuck off god man

nevenbridge's picture

if you are unable to compete just die, you are useless. There are winners and losers in this system. Obiously the smart and strong sets the system, if you don't fit in it you are a loser. Just kill yourself and do a favor to the rest of humankind. If you dont have the balls to die at least avoid to procreate other useless human beings. It's a shame to waste earth resources.

This has nothing to do with God, it's a darwin matter. The strong rightfully thrives, the weak rightfully dies.

Just trolling :) Peace

Johnny Caine's picture

The American welfare system is set up to benefit these trashy rich military Industrial complex fuckers. They get 600+ billion in welfare also known as the defense budget every stinking year. Then they run psyops about, which ZH seems to be a part of, how it's poor peoples fault for everything.

MD's picture

Agreed. But it's also a problem of the tax code not being more steeply progressive, and offering lower tax rates to passive capital gains. This just concentrates wealth in the hands of the wealthiest.

But if you protest against this unfair tax policy, you're branded a "socialist," and so nothing will ever change until we're all serfs under a few wealthy individuals.

DaveA's picture

The problem with taxing capital gains is that it makes investing much less profitable but no less risky, as the government does not offer to share your losses. So it encourages investors to hang on to their money or invest it in other countries. For a while after WWII the UK taxed capital gains at up to 98%; its industry fell into ruin and never recovered.

EuroPox's picture

It all depends what you mean by 'austerity' - the UK is still running a deficit; the debt continues to grow; how can that be austerity?  Now you can argue about 'priorities' and where the money is spent but that ain't austerity.

Incidentally Tyler, in the Church of England he is the "top vicar"; "priest" is the Catholic Church.

EddieLomax's picture

Yep, and yet the socialist agitators in the labour party keep going on about austerity despite the UK not having balanced the books for over a decade.

Akzed's picture

Never heard of a "top vicar" but what do I know? Anglican Bishops are also known as primates, the archbishop is "primus inter pares," or first among equals. And the Church of England and Anglicans worldwide often call their ministers priests.

vato poco's picture

when the Saxons have finally had enough from you & your ilk, most reveremd welby - although there's ever-increasing doubt they ever will - you're going to be hanging from the streetlamps along with the toffs, the boffins, & bankers, & coppers. 

so good luck with that

 

Cracker Pipes's picture

Shut this white geek down...it is now the time of the islamic to spout about in britain,...it's fuckin over for these traitors...

Fundies's picture

It's a fucking Global disease.

GreatUncle's picture

The contagion is the global reserve currency.

Inthemix96's picture

And its all by design kids.

These fuckers want us to kick off.

Yen Cross's picture

   I'll bet this guy eats Canadian Bacon with extra pineapple every night?

LA_Goldbug's picture

I'm so impressed, not.

So there is something wrong and this individual is making the announcement of this fact. I just wonder why he was given the platform to announce this.

YouJustCouldnt's picture

Yet the CHURCH OF ENGLAND has more than £7.9 BILLION in assets.  They're all at it.  God damn hypocrites. 

https://www.theguardian.com/world/2017/may/21/church-commissioners-for-e...

Pernicious Gold Phallusy's picture

Does he think poor people buy his dresses and purple robes?

Sizzurp's picture

If they weren't importing so much cheap 3rd world labor, wages would rise. The corporate decision makers bribed the politicians to open the flood gates and now the citizens are paying the price for the sake of corporate earnings.  Meanwhile the CEO's and corporate masters cry racism if citizens protest the labor arbitrage.

Byrond's picture

The current capitalist, developed nations were basically agrarian before the 1920's. One reason being, modern industrial agriculture did not exist. Small farms were common, and people did not buy junk online or at malls. The products that drive our current economies did not exist. Mere subsistence was the heart of all economies. If North Korea and China continue along their current path, the current global economy will break, and the wealthiest will go broke almost immediately. Humans will revert to the age-old subsistence economy, and the economy of plastic junk will end. NK and much of China will be radioactive, and that will ensure that our current global economy will be put down for eons. 

JohnGaltUk's picture

The west is broke now. If interest rates were to rise by 2 or 3% it is over for the west, they would default on their sovereign debt after the governemnts turn on their own people first becaause that is standard procedure historically. They will send civil servants to your home and get their hands down the back of your sofa.

This is what is going to happen 100%. Western governments have painted themselves into a corner and there are NO easy options out of this.

Byrond's picture

They can make the populace pay more (in non-socialist countries like the US), but they're already doing that. But if consumerism ends, it all ends. The elite (Silicon Valley, Seattle, etc) cease to exist. It all ends. 

land_of_the_few's picture

UK broke itself by pumping money into housing bubbles instead of industry, and degrading jobs into temp low-paid garbage so the majority can only hope to apartment-share shoddily built shoeboxes into middle age.

Watson's picture

>>>
UK broke itself by pumping money into housing bubbles instead of industry,
<<<

I agree.

The UK is probably pretty much as creative, innovative and entrepreneurial as it ever was,
but post-1945 policies meant it was far easier for the average UK Joe to make money by buying houses than anything else. So that's what he did...benefiting from tax relief on the interest for most of the period, and a tax-free gain at the end.

Of course, each gain was made in devalued pounds, and nobody in control addressed the issue
that when you make and sell things abroad, your country gets richer as a whole...pass the parcel on houses just makes some of the participants richer (in devalued pounds) until something goes wrong.

Reputedly, someone once tried to point this out to Mrs Thatcher. Unfortunately the 'pointing-out' included the observation that obviously richer (West) Germany had a rather lower % in owner-occupation than the UK. Since Mrs T didn't much care for the Germans...

The problem may be insoluble: Few realise that whatever the merits of Keynes, he did say that to counter government borrowing and spending in the bad times, governments should run surpluses in the good. The UK has never run a surplus except a few times by accident. Even the so-called recent austerity was just a bit less spending than otherwise planned. Further, currently the UK has a PM in a very weak position - she has already paid GBP 1Bil to a minor party to keep herself in power for a little longer, and I expect she will receive further demands for payments.

And I wish good luck to anyone who tries to deflate the UK property bubble.
It's not impossible (allow office buildings to be converted to flats without penalty, line through restrictions on building otherwise than on safety/flood plain grounds), but would appear to be political suicide as Joe Public's main personal investment would be halved (or more) in value.

Watson

NuYawkFrankie's picture

USSA - Kleptocrat Failed-State #1
UKKK - Kleptocrat Failed-State #2

Geee... nice of the Archbishop to wake-up from his TAX FREE Establishment-Slumber and hint that something MIGHT be amiss with those in Steerage being up to their necks in water, while the Church Of England has been busy polishing the silverware for those on the upper-decks of The Titanic.

At this rate the CoE is gonna be calling for debating the defrocking of St Maggie Thatcber when it calls its next General Synod for the urgent matter of ordaining lesbian trans-gendered dwarfs into its "Ministry".

Sid Vicious woulda bin so proud!

Yen Cross's picture

  It looks like Jeffrey Epstein is reading this thread.

To Hell In A Handbasket's picture

I've been proclaiming our economic model was a lie, a fraud and dead from the late 90's. It was painfully that obvious to me even way back then. Everybody should have been clamouring for large scale reform and a reassessment of economics and society the day after the 2008 crash. 

Even if the plebs were blind up until 2008. The fact the banks got bailed out by the local taxpayer in 2008 and still proceeded to pay themselves bonuses, should have seen riots in the street.

It was no surprise to see the MSM justify the bonuses under bullshit like "If we don't pay these bonuses, Britain will lose it best and brightest minds from the industry, putting us at a competitive disadvantage" TBH we Brits have heard every fucking excuse and lie going. 

 

gunzeon's picture

isn't that the guy that had the "inter-faith" church service ? like invited moslems and sihks et al to a christian church service ! Hilarious !

... say no more

Pollygotacracker's picture

Yes. The Bible teaches not to be yoked with unbelievers.

Anonymous_Beneficiary's picture

Is that why you socialize with (by posting) unbelievers?

bluskyes's picture

Yoked isn't a social connentation.

EddieLomax's picture

I've been to church and heard a reverent talk about other religions as if they are just as right as Christianity.

I'm not here preaching about Christianity, but just pointing out that Jesus's teachings were not "anything goes nothing matters" but instead quite precise.  The Church of England has morphed into the Church of Nothing, or is it the Church of Politican Correctness, it is no longer Christian.

Fireman's picture

The Brits have been robbing every nation on the planet for almost a thousand years and now that the predatory class from which his "holy" majesty hails is eating the britland working class, his nibs suddenly sprouts a conscience. More like he smells the coming multikulti mayhem and seeks to cover his purple ass before the peasants get too revolting.  Meanwhile not a day goes by that the lying presstitutes, the BBC aka the britland bullshit cabal and the Daily Flail and ilk push the in-bred "royal" family sow du jour dropping babies like their imported migrants and waffling about the hairy goat "queen" and her satanic geriatric baby eating zombie husband as they continue to defy death like the luceferians they are. What did his satanic majesty say about the legions of Paki slash "Asian" grooming gangs running amok on Pirate Rock, drugging, raping and in some cases tossing their victims into kebab machines and selling them on to the poor white down trodden masses?  Zilch, that's what.

"The Betrayed Girls",   the horror story of mass pedophile rape unleashed on the Britland working class and covered up by their ruling class as weaponized hordes of imported Paki migrants terrorized and continue to do so white, working class families. Pizzagate is an international conspiracy and it is not going away until the Podestas and the CIA abomination of Operation Brownstone are exposed and neutralized.

 

The trinity of evil.....

Drug them, rape them en masse and finally sell their bodies as kebabs.

https://www.youtube.com/watch?v=B-icZJM2ePE

 

Marc Dutroux and the Pedophile Politburo filth in Natostan sewer Brussels

https://disobedientmedia.com/2017/09/special-report-the-truth-dies-in-da...

 

Ronald Bernard exposes satanic pedophile Dutch elite

https://www.youtube.com/watch?v=cRuKmxQSPSw

EddieLomax's picture

I agree with some of it, but the idea that the British have been robbing the planet for a thousand years is rubbish.  Its like claiming that somehow we took the black mans wealth when we turned up in Africa, instead it was us making much of the planet prosperous as they followed us into the industrial revolution.

The Royal family takes up a fraction of the costs of a presidency, its just the socialist/marxist crowd trying to agitate some sort of moronic poor/rich divide over their "wealth", of which most if it are the lands and palaces built over 100's of years.  There is some power in the Royal family, but its not pulling the strings in the background, they couldn't even keep the royal Yacht despite their "wealth" when Tony Blair decided to scrap it to save a few million.

As for the Paki's, yes they are a huge problem, and yes the ruling class, the labour/conservative/liberal politicians and their allies in the civil service/police/bbc are trying to cover it all up every time.  But as the population increases so does the size of the problem, in some parts of Britain I can see the current rotten boroughs becoming uncontrollable as people, like in the US, cease to believe their poltiical masters.

GreatUncle's picture

These priests and my uncle is one also are representatives of the current social model and just do not have clue do they?

You want to stop the rich gap / divide nationalise the central bank.

In 2008 the BOE created £375B out of fresh air, even after BREXIT the BOE under Carney another staggering £50B WTF?

The taxpayer is on the hook for all that "odious" debt to ensure those at the top maintained the lucrative position they are accustomed too and the church never said anything being one of the entitled categories.

The next point is it is not a trickle down society, it never has been as per Adam Smith, it is trickle up so whatever you give to the poorest ends up in the hands of those at the top just as if you had freshly printed and handed it too them directly and that includes the church.

Then on top of all of that and this has been going on all my life just steadily getting worse YOY... "how do you compensate the vast swathe of the population that lost out during all this as in generation-X?"Preeching now does not change what has been done.

A bad time is coming to be an elite in my opinion, driven by this social divide. Oh they will try gas chambers, concentration camps etc. to maintain it all if necessary but then that turns the island into a prison for them not just the population.