London Global Open Table: 16th June 2010

London Global Table: June 16th 2010

The Global Table meets Wednesdays 12noon-2pm at the School of Economic Science, 11-13 Mandeville Place, W1U 3AJ. From Bond Street tube, turn left/west into Oxford Street, when you see GAP on the other side, cross over and go right/north along James Street – after a couple of blocks you will come to it on the left.

‘read and weep and do something constructive.’ This is ‘pessimism of the intellect and optimism of the will’ in more poetic guise!


This Open Table monitors and encourages a wide range of activities in the realms of inclusive justice and the systemic redesign of the economic systems. The Table agreed a ten minute rule on initial contributions so that discussion of matters raised and other interests can have their share. I encourage people to report in advance the essence of any matter they wish to bring to the table. It would enhance the value of this network if regular readers of key books, journals or sites could make brief reports of any significant findings.


MATTERS IN THE AIR …. Reminding each other of opportunities before us:


1. Reflections on Ellen Brown’s visit


2. Compass conference Reports – Stamper, Corfe, Fee and Dyson


3. CEJ seminar – identifying the integrity of land and monetary reform


4. Call4Reform and the BofE Act – poised for launch – Leaflet for Compass conference https://docs.google.com/fileview?id=1-BBVlB6VEu9Pm6Cbsonu6gGByby6fvMZC4Sp-1-h5hDyCrCDWYpj6znhmsgs&hl=en


5. Follow-up to Baroness Kennedy, Michael Meacher, Frank Field, M Hudson, Martin Wolf, Paul Krugman, Paul Watson , Neale Upstone?


6. Work Fdn report on the ‘Future of Work’


7. Muslim Christian Dialogue June 21st


PERTINENT PICKINGS from the week ……………….


Geoff Dyer’s article (FT Fri 11th June 2010) suggests a new tax on residential property to provide local government finance: http://www.ft.com/cms/s/0/5ce2919c-74f6-11df-aed7-00144feabdc0.html


“Trustees of the global commons will say that we all share minds, life and matter, and therefore, no one may own the Earth.” – James Bernard Quilligan – Chairman for the Secretariat of Global Commons Trust, and Chairman for Global Commons Affairs of the International Renewable Energy Organization.


Enjoy this 54 second long burst of ISM. http://www.youtube.com/watch?v=Hp4NiLhm7Tk www.slowmoneyalliance.org


Are you taking part in the Finance Lab? http://thefinancelab.ning.com/ This a piece from the FT which refers to a ‘secret’ IMF report outlining proposals for regulating, reforming or taxing banks. I’ve hardly looked at it, but the Swedes are evidently introducing a levy on the loans on bank balance sheets. I concluded that this was the nearest approximation to capturing seigniorage in the current economic set up. The report is here:- http://media.ft.com/cms/ecc84e08-4d25-11df-baf3-00144feab49a.pdf


www.Call4Reform.org is a UK-wide campaign to reform the financial system. We have one request – that the power to create money is taken away from profit-making entities (the high street banks), and returned to the state. Doing so would allow us to: phase out the national debt, saving £100 million per day in interest costs – reduce the tax burden by up to 30%, permanently, or increase government services with no increase in taxation – Save 60% on the cost of public infrastructure projects (such as schools, hospitals and public transport), by removing the need to borrow this money and pay interest over 30 years – Significantly reduce the risk of future financial crises – Significantly improve the stability of the banking sector, protecting depositors and the taxpayer – Create a more stable currency and consequently a more stable economy


NEWS OF MAJOR STEP FORWARD www.bankofenglandact.co.uk/


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Note that ‘Matters in the Air’ for the following Wednesday fall into place as matters arise and can be seen at each stage on http://www.ccmj.org/members/news.php Let Peter know if you have anything to add or ask.


Lost Decade, Here We Come – Paul Krugman Blog – NYTimes.com. More wisdom from Krugman: “A rough estimate right now is that cutting spending by 1 percent of GDP raises the unemployment rate by .75 percent compared with what it would otherwise be, yet reduces future debt by less than 0.5 percent of GDP.” So, as he adds: “The right thing, overwhelmingly, is to do things that will reduce spending and/or raise revenue after the economy has recovered — specifically, wait until after the economy is strong enough that monetary policy can offset the contractionary effects of fiscal austerity. But no: the deficit hawks want their cuts while unemployment rates are still at near-record highs and monetary policy is still hard up against the zero bound.” Richard Murphy adds: Utter folly posing as wisdom. Incredible. And so scary because people do actually want to believe it is true. And they’re in power.