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Durand D'souza
1,372 followers -
Economics // Environment // Astrophysics // Rock Climbing
Economics // Environment // Astrophysics // Rock Climbing

1,372 followers
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Everyone's eye is on bitcoin which has doubled in value over the last 3 months but Ethereum's rise is way more impressive. It has increased by 13x since February!
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I made a quick animation ^^
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My stance is pretty libertarian on speech issues so I pretty much tolerated everything but the sadistic prison photograph (which ironically is not censored on facebook...). It seems really weird that Facebook is censoring images of some terrorists but not others, and that some hate group imagery is acceptable but not others.... I frankly don't believe that it is the role of facebook to censor what isn't illegal because facebook is not constrained by our collective democratic voice.

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Project Tango is probably my favourite thing to come out of Google lately!

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We all know how terrible Uber is, but it's pretty amazing that they go to such crazy lengths to abuse their employees...

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The Conservatives are using deficit reduction as a ruse to cut and privatise public services. No serious economist believes in deficit reduction when the economy is in trouble (as it currently is) but the Conservative Party have been pushing for it since 2010 to implement their agenda of tax cuts for the rich.

And despite all this rhetoric of "saving taxpayer money", George Osborne's austerity economics has actually increased the UK's debt from 77% of GDP under Labour in 2010 to almost 90% of GDP last year... So not only have the Conservatives cut a lot of essential services from the most vulnerable people in society, but they've also created more public debt in the process!

To a lot of people who don't understand economics (me included until quite recently...), this is quite surprising. How is it possible that by tightening our belts, we actually end up losing more money? The answer is simple. Cutting public spending takes money away from people who need it. Cutting corporation tax and taxes on the rich give money to people who save rather than spend. The overall effect is that the total tax intake is now lower than in 2010, so there is less money available for the government to spend, which in turn means that our public debt goes up. To add to this, when people lose their benefits, they end up borrowing money from private banks, which is much worse. Instead of the government borrowing at low interest rates, people end up borrowing at really high interest rates and paying extortionate sums back to the rich.

Of course, all of this is totally intentional. The Conservative Party is funded by the rich, run by the rich and run for the rich. It is, therefore, no surprise that a Conservative policy takes money away from the poor and gives it to the rich. Unfortunately, it seems that our biased media (80% of which is owned by billionaires) has pushed this agenda for decades and brainwashed people into thinking that what is good for the 1% is also good for the rest of us.

So what's the alternative? The US is a perfect example of what could have been. Instead of cutting public spending, Obama passed the stimulus bill in 2009 which actually increased spending by $900bn. As a result, the US now has relatively sustainable growth, rising real wages and lower private debt.... unlike the UK.

In the UK, we need an economy that actually works for everyone, that raises real wages for all (it has been negative or ~0 for many years), not just the rich. We can do this by enforcing labour regulations, raising the minimum wage, supporting real industries such as manufacturing, renewable technology, science, etc, rather than leech industries such as finance (which merely shifts wealth around rather than creating it). Instead of cutting public services, we need to invest in our infrastructure through a green investment bank, invest in our education system and invest in people directly. Climate change is the most serious threat we face but it also provides us with an opportunity to renew our infrastructure, energy system and healthcare. We need patient financing that actually helps companies plan for the long term through a powerful industrial strategy. And as Mariana Mazzucato would say, we need stakeholder capitalism rather than shareholder capitalism.

Labour's plan in this regard is pretty good, but I think it could go further to tackle climate change. I also think we need to reconsider welfare and instead move towards a universal basic income, which is more just, efficient and egalitarian in the long term. And finally, our economy needs the single market to thrive, something that few politicians want to admit these days...

(graphic by +Another Angry Voice)
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The Conservatives don't really care about us city folk, which is quite apparent really from their whole manifesto.. 
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