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Banking – The Corrupt Core of a Rotten System

By Peter Dombi
 
Yesterday it was announced that Lloyds Bank was being fined £218m for fiddling interest rates in order to manipulate the market for its own benefit*. The particularly shocking thing about this incident – the latest in a long line of corrupt practices by the banks – is that the offence happened[…]

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Multinational Corporations Threaten Democracy

Cross-posted from Peter Dombi’s website Our Broken System
 
We like to think that we live in a democratic society, where the laws and conditions that we live under are set by the government, which is in turn elected by us. The reality of course is that we live under a corrupted system, which is[…]

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The Injustice of Free Market Capitalism

Cross-posted from Peter Dombi’s website Our Broken System
 
This year there has been a flurry of excitement with the release of the book Capital in the Twenty-First Century, written by the French economist Thomas Piketty . In it Piketty explains how the inevitable result of Free Market Capitalism is ever-greater levels of inequality in[…]

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Iraq

Cross-posted from Peter Dombi’s website Our Broken System
 
It’s with some hesitation that I write anything on this subject – partly because it’s not really what this website is about, and partly because so much has been written on it already I don’t want to waste time going over well-trodden ground. However there are[…]

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Westminster Abbey Occupation

Cross-posted from Peter Dombi’s website Our Broken System
 
Yesterday members of DPAC (Disabled People Against Cuts), Occupy, and UK Uncut staged a protest in the grounds of Westminster Abbey. This was to highlight government cuts to the ILF (Independent Living Fund), a fund which enables some of the most severely disabled members of society[…]

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Governments and Tax

Cross-posted from Peter Dombi’s website Our Broken System
 
This week the issue of corporate Tax Avoidance was in the news – again. Firstly it was reported that Thames Water, despite making profits of £259m, will not being paying any tax this year*. (With corporation tax at 20% that’s a loss to the taxpayer of[…]

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Privatisation – The Next Financial Scandal

Cross-posted from Peter Dombi’s website Our Broken System
 
This week it was revealed just how lucrative privatisation contracts have become for the private firms which get them, and by the same measure just how much the general public has been ripped-off by them. This time it  relates to the PFI (Private Finance Initiative) method[…]

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Free Market Fundamentalism

Cross-posted from Peter Dombi’s website Our Broken System
 
Those of us opposed to the mantra of ‘The Market’ which is forever espoused by devotees of Free Market Capitalism, were pleasantly surprised when the Governor of the Bank of England, Mark Carney, spoke out last week against ‘Free Market Fundamentalism’. He was talking at a[…]

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AstraZeneca

Cross-posted from Peter Dombi’s website Our Broken System
 
The ongoing takeover battle for British Pharmaceutical giant AstraZeneca shows the inherent contradictions in Free-Market Capitalist thinking, and in particular the conflict between what is good for the people, and what is good for the massive corporations that bestride our planet.
Free Market theory is unequivocal[…]

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