Sunday, October 30, 2011

British families are £6,000 worse off than 3 months ago

Soaring energy bills, dwindling house prices and high cost of groceries take their toll on households' wealth


The average family lost almost £6,000 in the past three months, Daily Mail figures reveal.
Savers with large pension pots were the worst hit after the stock market collapsed in August.
But soaring energy bills, dwindling house prices and the high cost of groceries have also taken their toll on households’ total wealth.
Worrying times: Domestic financial woes are set to inflict further misery on households, who have lost almost £6,000 in three months
Worrying times: Domestic financial woes are set to inflict further misery on households, who have lost almost £6,000 in three months
And with inflation of 5.2 per cent eating into savings, domestic financial woes are set to continue.
Between June and September, the average family will have lost £5,736, according to figures produced by the Daily Mail.
At the same time, a respected report shows families’ total wealth suffered the biggest three-month fall ever recorded.
The findings by the investment company  Alliance Trust take into account household budgets, family earnings and wider economic conditions.
The company said the third quarter – between June and September – saw the biggest fall on its index since it began reporting in 1997.
‘Higher inflation continues to cause higher basic goods prices and a loss of real spending power which is hitting household budgets,’ said the report’s author, Linsey Thomson.
‘On top of this, economic activity has slowed and we have seen a rise in the unemployment rate which makes conditions even tougher.’
Stress: The effect of soaring energy bills and the high cost of groceries is increasingly disheartening
Stress: The effect of soaring energy bills and the high cost of groceries is increasingly disheartening
She added the squeeze would continue into next year. ‘The key thing is the labour market, and once we start to see that improving, then things will begin to look up for families.’ The hardest hit across the period were savers and pension holders.
Figures compiled by the Daily Mail show anyone who had managed to squirrel away £60,000 in a pension scheme will have seen the value of their savings diminish to the tune of £5,370 – leaving them with just £54,630.
Tom McPhail, head of pensions research at Hargreaves Lansdown, the independent financial adviser, said: ‘When you have big drops in pension values, it’s not surprising that savers are disheartened.
‘And it’s unfortunate but inevitable that it’s going to be hard for many people who face wage freezes, economic uncertainty and rising inflation to keep on saving into a pension.
‘But the longer term is what matters here, and it’s vital for those affected to accommodate all the financial difficulties in order to keep on saving for the future.’
House prices were down 0.1 per cent in the three months, according to Nationwide, meaning a £250,000 family home would now be worth £250 less.
Over the summer energy bills rose by more than £100 per household as every major supplier hiked prices by up to 19 per cent.
This left households facing an average gas and electricity bill of £1,250, and threatened to leave millions more in fuel poverty.
Ann Robinson, director of consumer policy at the price comparison website uSwitch, said: ‘Families are coming under enormous financial pressure from every direction and two rounds of energy price hikes in a year are going to push some even closer to the edge this winter.
‘The facts speak for themselves: almost 7million households living  in fuel poverty, a third of people  saying energy is already  unaffordable in the UK and over a quarter already struggling to afford their bills.’
Although the cost of a family  shop actually fell slightly across  the period – now £1.15 cheaper than in June – the average remains high  at £49.96.
James Ford, spokesman for the shopping website mySupermarket, said: ‘In the past year alone, shoppers have been subject to double-digit price hikes to the contents of their shopping trolley.
‘It is imperative consumers shop around for the best deals, and it’s easy too – savvy shoppers can switch to cheaper budget products and supermarket own labels to make their budgets stretch.’
TUC general secretary Brendan Barber said: ‘This fall in household income is dragging down growth.
‘You can’t build a recovery on the back of people getting poorer.
‘Life for millions of people in and out of work is now just as tough, if not worse, than at the height of the recession.
‘Ministers must do all they can to ease the squeeze for hard-pressed families, rather than blaming everything on Europe.’

Norway's Sovereign Wealth Fund Sold All U.S. Mortgage Bonds

Oct. 28 (Bloomberg) -- Norway's $570 billion sovereign wealth fund sold all its holdings in U.S. mortgage-backed securities as part of a shift of its fixed-income portfolio.
The fund holds no mortgage bonds issued by Fannie Mae and Freddie Mac, the U.S.-controlled mortgage financiers, and an "insignificant" amount of private home loan-backed bonds, said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, today in an interview in Oslo.
"We've reduced our holdings of mortgage-backed securities," he said. "MBS has been taken out of our internal policy benchmark. This means that we don't have mortgage-backed securities issued by Freddie Mac and Fannie Mae any longer."
The debt was sold primarily because of the refinancing risk, he said. In the U.S., when a borrower refinances a mortgage it can cut short the maturity of the bond backed by the loan and reduce the expected interest over time, so-called prepayment risk. The fund held 36 billion kroner ($6.6 billion) in bonds from Fannie Mae at the end of the second quarter and 11.5 billion kroner from Freddie Mac at the start of the year.
The change doesn't include European covered bonds, Slyngstad said.

Pimco Positive

Fannie Mae and Freddie Mac mortgage bonds fell earlier this week as the U.S. Federal Housing Finance Agency announced changes to guidelines for the government-supported companies' refinancing program affecting so-called underwater borrowers.
The decline prompted Pacific Investment Management Co., manager of the world's biggest bond fund, to call for investors to buy the bonds. Pimco boosted mortgage securities to 38 percent of assets in its $242 billion Total Return Fund in September, the most since January, from 32 percent the prior month, according to data on the firm's website.
Fannie Mae's 6 percent 30-year mortgage bond fell today. The yield rose 2 basis points, or 0.02 percentage point, to 2.38 percent while the 10-year U.S. Treasury yield fell 2 basis points to 2.38 percent. Yields move inversely to price.
The fund announced today it has changed its internal benchmark portfolio, reducing it to 4,000 bonds from 11,500 bonds and keeping primarily corporate and government debt. The fund also weighted its euro government bond holding according to gross domestic product rather than the size of the market, which it had earlier proposed as a way of reducing its holdings in nations with increasing debt.
The investor, which is part of the central bank and gets guidelines from the government, held 55.6 percent in stocks, 44.1 percent in bonds and 0.3 percent in real estate at the end of the quarter. It's mandated to hold 60 percent in stocks, 35 percent in bonds and 5 percent in real estate, which it first bought this year.

Infusion

It got its first capital infusion in 1996 and has been taking on more risk as it expands globally, raising its stock portfolio from 40 percent in 2007. It first added stocks in 1998, emerging markets in 2000 and this year real estate to boost returns and safeguard wealth.
Norway, a nation of 4.9 million people, generates money for the fund from taxes on oil and gas, ownership of petroleum fields and dividends from its 67 percent stake in Statoil ASA, the country's largest energy company. Norway is the world's second-largest gas exporter and the seventh-biggest oil exporter. The fund invests outside Norway to avoid stoking domestic inflation.



--With assistance by Meera Bhatia in Oslo and Jody Shenn in New York, Editors: Jonas Bergman, Tasneem Brogger

Saturday, October 29, 2011

Police In Riot Gear Remove 'Occupy SD' Protesters

Occupy San Diego Protesters Removed For Unlawful Assembly

A legion of officers in riot gear cleared Occupy San Diego protesters out of their unauthorized urban squatters' camp at Civic Center Plaza early Friday, arresting dozens of activists who refused to cooperate with the predawn expulsion.

The dismantling of the downtown tent community, deemed an unlawful assembly by the city, began about 2 a.m. and lasted roughly 45 minutes, according to San Diego police. There were no reports of injuries as 40 people were taken into custody, though two of the detainees resisted and had to be forcibly subdued, SDPD public affairs Lt. Andra Brown said.

During the sweep, overseen by Police Chief William Lansdowne and his highest-ranking department heads, some of the demonstrators relocated south to Children's Park. Since that recreation area is closed daily between midnight and 6 a.m., officers cleared it, as well, taking 11 more people into custody in the process.Participants in the three-week-old rally -- part of a loose-knit nationwide movement against perceived corporate greed and government corruption -- reassembled later in the morning for a solidarity march. They wound up at SDPD headquarters on Broadway just as a news conference on the law enforcement crackdown was getting under way.Inside a conference room, Assistant Police Chief Boyd Long addressed reporters to the sounds of dozens of protesters chanting and beating drums in an adjacent courtyard. Among the slogans shouted by the group was "Let them out!" referring to their jailed comrades.Those arrested -- 37 men and 14 women, ranging in age from 18 to 50 -- will face charges of illegal lodging, unlawful assembly, resisting police and encroachment on public property, Long said."The department supports the rights of those who choose to peacefully protest," he said. "However, we must balance those rights to (ensure) that they do not impede upon the rights of others or allow for violations of the law."As the downtown encampment remained set up in recent days despite clean-up orders, city officials deemed it a public nuisance."We'd received complaints from the (concourse) facility staff regarding human and animal feces, urination, drug use, littering and damage to city property," Long said.The police personnel who showed up at the civic center en masse Friday morning gave the demonstrators ample opportunity to remove their things, and most of the campers complied, according to the assistant chief."Officers then began moving slowly across the plaza, providing an exit for those wishing to leave," he said.Long discounted reports that police had stepped on or walked over a tent while demonstrators slept inside."That is not true, to my knowledge," he said. "The chief, I and other members of the command staff were watching the entire event. Those officers were slow; they were methodical."Mayor Jerry Sanders praised the police department's handling of the volatile situation."I thought our officers did an excellent job," he said while attending a late-morning San Diego Association of Governments board meeting downtown.Regarding the timing of the sweep, the mayor said Lansdowne appeared to have chosen the dead of night as "the least confrontational time.""We don't care if (the demonstrators) go anywhere," he said. "They have a legitimate right to protest wherever they want. They just have to follow the guidelines."Noting that the squatters had been asked dozens of times, in a non-confrontational manner, to remove their shelters and other trappings from the plaza, Sanders said the lingering assembly had raised safety concerns as well as potential sanitary problems."They shouldn't have been shocked that this happened," he said.Occupy San Diego members can return to the concourse any time to express their free-speech rights as long as they do not set up camp again, Long said.Shortly after daybreak, workers began giving the courtyard a thorough cleaning as a group of protesters stood behind a row of police officers at the nearby corner of Third Avenue and B Street. Watching the crew spray down the pavement with high-powered hoses, one of the ousted dissidents yelled, "Thank you for washing my house!"By mid-afternoon, about 30 demonstrators had returned to the plaza and were milling around next to the Civic Theatre, with roughly the same number of police officers posted nearby.Protesters first converged on the site Oct. 7 to take their assorted stands against purported misdeeds of banks, corporations and politicians. The movement began in New York last month and has since spread nationwide.The local rally has been largely free of confrontation, with the major exceptions being this morning's sweep and an Oct. 14 scuffle during which officers pepper-sprayed about a half-dozen protesters and arrested two of them while clearing camping gear from the public space next to City Hall.In defiance of city officials' orders to keep the concourse clear of shelters, sleeping bags and other large personal items, demonstrators began erecting tents there again earlier this week.Participants in the ongoing social-justice rally have vowed to remain in the downtown area until their demands -- including meaningful action addressing joblessness, poverty and political corruption -- are met or at least seriously considered.

Marching to the River on the Tree of Liberty

Dog Poet Transmitting…….
May your noses always be cold and wet.
I’m not going to edit this. I need some down time.
When the corporation police shot the veteran in Oakland, I saw my Fort Sumter moment. When I said they let the barbarians through the gates, I was talking about all the soldiers coming back from the neo-con wars. The use of the word ‘barbarian’ is a metaphor, or an analogy, because they are not barbarians, they are we. The not so few, the brave and the awakening dread of the American Marching Band but they are more the universal soldier, double twisted into what they didn’t want to run into. Sooner or later the off duty cops are going to be buying drinks at the American Legion.
The Vodaphone union is going down one street and running into The OWS at the other and it is all coming back on the bankers. It is all coming back on the money men who fuel BP – Monsanto, Rio Tinto and United Fruit. Can I get a witness! We have the address. We have the mass rage, let’s pop the ramparts and hit the main stage. Move over congress or you can bend over a Page on the rail at the gallery watching and listening.
We got welfare mothers and unknown lovers who made them that way because they had the back streets for their bedsheets   and now they’re on two feet coming up on Wall Street. Can you hear me. Can you hear me. We are marching. Marching revolution. We are moving. Move on over moveon.org we’ll see you in the rubbish seats when they tan the leather for the seating chairs of the new world order.
Can I get a witness!!!
They went to Oakland the high rise brokeland with an open hand and the cannistered the marine. It was a drop shot from a corporate cop. Is that all you got. Is that all you got.
We gonna take the Washington monument away from the government and stick it in the Martha Washington monument a five trillion deep penetration hole of Halloween debt made up by vampires and werewolves who ripped it and… sucked at it and we have the evidence. We have the evidence. We have the evidence. Yes we do.
We are a marching band of everyone at hand across the global land where Zioniza put its kosher flaming brand on all the cattle on the land and they make it with the dead sea salt children. They make it with the dead sea salt. Baby it ain’t your fault. Just blame it on the Palestinians. Blame the Palestinian people of the book. You thinking god is dead wake up you sleepy head . We are marching and god is you cause we are god
We are the real police. We are the people. We are the real police. We are the people. Better run and hide, Mr. .Noahide because I’ve seen your eyes and they are lying. They are lying. All aboard the Armageddon train. No we are not insane. We are marching.
We are marching to the hill where they pour swag and swill as pigs delight in doing don’t they? We will not call you that but it’s pretty much where it’s at and I suppose you are about to start explaining how come you work for them when you signed on for me is that a breach of contract or a faulty decree. What I see is mercenary downing to the very last penny. You say you haven’t got any well then we will search you. We will feel you up and down and turn you all around cause you’re in Bangkok. Their kind of Bangkok because they are banging with their cocks on your prosperity
All kinds of dimes are trolling the seine on the river to nowhere and the levees are rising. It ain’t Spain. The wind is sealing the Katrina revealing under the abutments of the Madrid Line and they are not having a fine time with the Monte Chirsto getaway on the long gone hoping for a change is gonna come when you bet on the come when you bet on the come when you bet on the come
They say terrorists don’t have money but nobody does the sick frottage better than the ones who throw you in the blender and sooner or later they will hang from their suspenders and love lies bleeding in the alley with your pension an did I mention! Are you in suspension? Then I guess it adds another demonention to the queen of England turning off the lights on Downing streets rent boy party favors for the city boys who are working on both sides of the street. They do it sideways no time off Sundays they get two Tuesdays to show their relief.
Behind the backdoors, what are you in for it is always closure and closer to the place where they dispel belief. I think you’re gourgis in your distress. I know that you distress me honey. Do I get a camel to ride?
It’s like lightning and I hear it thundering like a new born princess in a place to believe. I have your attention? Change your connection. You still have the time and the sisters ride free.
We are marching! Oh no  we’ re dancing We are marching with the river to the tree of liberty. 

Has Capitalism Ever Existed in America?

Or has it always been a fascist country?

J.G. Vibes
Activist Post

Recently there has been a lot of discussion about capitalism in the news and among activists. Many people are taking stances on either one side of the issue or the other, but very few are stopping to consider the fact that capitalism may have never even existed. This concept may come as a surprise to some, but it shouldn’t. If you examine most of the words used to describe our society such as democracy, freedom, representative or capitalism, you will find that these words are simply abstract euphemisms which are used to disguise the true nature of authoritarian civilization.

We are supposed to believe that we are represented by people who don’t represent us, that we are somehow “free” in a situation where we are constantly being exploited and ordered around. Much in the same way that we are told we are “free” in our personal lives, we are also told that we are “free” in our financial lives. The word “democracy” is used to make our oppressive political system seem more benevolent and legitimate, while the term “capitalism” is used to give the impression that we operate under a “free market” economy. Obviously, neither are true.

Capitalism itself has been defined many different ways, but the rights to private property, as well as private production of goods and a free market economy, cross over between all of these definitions. Currently none of the above rights are being fully respected in the United States and most Western countries that claim to be capitalist. Sure, at face value it may seem like these ideas are prevalent in Western culture, but when you take a look at property taxes, government subsidies for big corporations and the mountain of red tape faced by entrepreneurs it should become painfully obvious that capitalism has probably never existed in this country; perhaps it has never even existed in this world.

The system that we have in place today could more accurately be called fascism, mercantilism or cartelism. These words describe a system where the elite use their power in government to control the rest of society, as well as prop up their businesses by eliminating competition through the political system. The monolithic corporations that now exist would have never been able to grow into what they are today without the help of government intervention and protection. Without government intervention, the infamous lobbyists in Washington would become obsolete because there would no longer be any ability to manipulate the marketplace through bribes or coercion. Government intervention and protection is the primary means by which the world’s biggest corporations have devastated their competition and developed massive monopolies.

In a system of true free market capitalism there would be absolutely no need for a government, because any “service” that is apparently provided by the government can actually be better handled by entrepreneurs. In today’s system we don’t have independent businesses working on a level playing field, instead we are left with a few massive corporations and cartels that use their power in government to maintain their monopolies and stomp out their competition. This is the very definition of fascism -- the merger of state and corporate power -- this is the dominant economic system in the world, and has been for centuries, in various different forms.

In fascist countries there is really no line between government and big corporations; both types of organizations use legislative power to establish and maintain monopolies. When it comes down to it, both of these organizations rely on violence and threats of violence as a means of getting their way in the marketplace. Essentially, the government is an organization that is used to justify violence, from the military to the tax collectors to the police. This constant use of force is said to be keeping us safe, but in reality it just instigates further conflict and makes our lives more chaotic and violent.

For any authoritarian government to stay in power they must convince their subjects that they are providing them with safety and security. This is the typical public relations scheme of every oppressive government; the idea that they are providing worthwhile services. This is sadly a myth. The government doesn’t provide services; they monopolize services. In other words, they make sure that they are the only organization that can provide schools, hospitals, roads and other utilities to the public because this creates a situation where the people are completely dependent upon the state for survival. This doesn’t mean that a government is the only type of organization that is capable of providing these services. In fact, community groups and entrepreneurs would most likely do a far better job at providing these services because they would actually be judged by the integrity of their work, unlike politicians and corporations.

Oftentimes when the government is providing a service they are actually doing a very poor job, but no one can really tell the difference because there is no competition to judge it by. If you look at the goals that government organizations apparently set out to achieve, you will see they always fail miserably. Therefore, if the government is claiming to provide maximum safety and security, it would be safe to assume that this goal will not be achieved. In the most authoritarian countries where the “leaders” claim to have established an extreme level of security, things are actually very unsafe and citizens in these kinds of countries live in constant fear. Just because there is a very high level of control does not mean that there will be adequate safety or order within a society. The most controlling type of government in today’s world is without a doubt a fascist one.

Fascism is defined as an authoritarian system of government that has strong nationalist and corporatist values. Fascist governments often have strong military cultures and use force to establish themselves as authority figures, both at home and abroad. A Fascist government never refers to themselves as such; to do so would be to admit that they run unjust and oppressive regimes. Fascism exists in many economic systems that claim to be capitalist or communist and can develop even in countries that call themselves democratic.

In fact, most fascist “leaders” tell their people that they live in a free and democratic society so the public takes their grievances to the polls, instead of taking them into the streets where they could actually make an impact. Currently one of the most fascist nations on Earth is called the “Democratic Republic of North Korea”. Likewise, the government in America and the European Union are some of the most fascist regimes in history, yet they still claim to operate under systems of “capitalism” or “democratic socialism”. Like anything else in politics and economics, it’s a word game that’s designed to disguise the truth.

Personally I believe that the economic system of the future that will finally bring us peace, freedom and opportunity has yet to be discovered. However, there are some basics of capitalism and voluntarism that should be considered necessary if we are going to establish a new economic system that is designed to empower the people. The rights to private property, the freedom for people to open businesses and trade freely amongst themselves are elements of capitalism that will ensure freedom in a future economic system. The idea that all interactions in society should be voluntary and free from threats, coercion and violence will ensure peace. These are some good places to start our discussion, but to establish a system that will actually work in our best interest, we, the 99% need to hit the books and put our heads together.

Today, almost every economy in the world is totally dictated by the ideas of two long-dead aristocrats. Karl Marx on one end representing communism, and Adam Smith on the other end representing capitalism. Our whole way of doing business on this planet has changed very little since the time that these two characters were alive, and that right there is the root of our problem. Imagine if a few people in every city across the world wrote their own economic manifestos and got together to respectfully discuss their ideas. We refuse to accept yesterday’s television shows, IPods and PlayStations but without thinking we have accepted ways of living that are centuries old. It’s time for us to work together in creating strategies where everyone can meet their needs without violating the rights of others. 

J.G Vibes is an activist and artist who has been studying occult history, theology and government for most of his life.  In 2007 he began hosting electronic dance music events and establishing Good Vibes Promotions as a respected name in the counter culture.  It wasn’t until 2008 that he began to fuse his philosophic ideas with his events, this was around the same time that he began writing and putting together the plan for his book Alchemy of the Modern Renaissance.  Since then he has established a record label and a website that hosts a wide variety of activist information that is frequently updated.  www.goodvibespromo.com (facebook page updated more frequently).

Cameron slams fat cat bosses as it is revealed they have awarded themselves a massive 49 per cent pay hike


  • City firms to pay out £4.2billion this year in bonuses

  • Shell making £4.4billion in three months as oil prices soar

  • Average earnings has now hit £2.7million



  • David Cameron has slammed Britain's top bosses for awarding themselves a massive 49 per cent pay rise in the last year.
    Business chiefs at the UK’s top 100 companies can now expect to take home an average £2.7million as households suffer the biggest squeeze on incomes since the 1920s, according to new figures.
    The massive salaries are 113 times the national average of £24,000 for a worker in the private sector, where salaries have risen just three per cent in the last year.
    Anger: David Cameron, in Perth Australia for the Commonwealth Heads of Government Meeting, considers the news about fat cat pay from the UK
    Anger: David Cameron, in Perth, Australia today for the Commonwealth Heads of Government Meeting, considers the news about fat cat pay from the UK
    Speaking from the Commonwealth Heads of Government Meeting in Perth, Australia, the Prime Minister said: 'There needs to be responsibility. Boards have got to think when they are making pay awards, is this the responsible thing to do?
    'We need all these figures published and known so that we can compare and contrast, so shareholders know what they are paying for.
    'We need accountability to strengthen the hands of shareholders so that they feel they are taking responsibility for remuneration in the boardroom.
    'This is a concerning report, particularly at a time when household budgets are very tight and people have difficult circumstances.'
    Enlarge   The City of London: Fat cat bosses and bankers can expect bumper bonuses despite the rest of Britain feeling the squeeze
    The City of London: Fat cat bosses and bankers can expect bumper bonuses despite the rest of Britain feeling the squeeze
    He called for 'transparency, accountability, responsibility' in boardroom pay, urging that all awards must be justifiable.
    'Everyone, whether they are in public life, whether they are in private enterprise, they all need to be able to justify the decisions they make about pay,' he added.
    The extravagant pay packages enjoyed by every member of the boardroom, from the chief executive down to far less high-profile roles, were revealed in research by Incomes Data Services (IDS).
    In fact according to the report, chief executives and finance directors – usually considered the number two at a firm – did not do as well as more junior staff.
    The average chief executive saw their total payout increase by 43.5 per cent to £3,855,172, while the rise for a finance director was up 34.1 per cent to £2,001,515.
    Other directors enjoyed the largest rise, as they took home 66.5 per cent more in pay and perks, to the tune of £2,260,033 on average.
    Backlash: The Occupy London protest continues in the square at St Paul's Cathedral, with many very angry about capitalist Britain
    Backlash: The Occupy London protest continues in the square at St Paul's Cathedral, with many very angry about capitalist Britain
    The bonus element of the average executive pay packet increased by 23 per cent, from £737,624 in 2010 to £906,044.
    Former Liberal Democrat Treasury spokesman Lord Oakeshott said: ‘These greedy bosses sit on each others’ remuneration committees and wave through each others’ offensive pay rises.
    An average rise of 49 per cent includes vast rewards for failure while employees, shareholders and customers suffer.
    Fury: Lord Oakeshott says a minority are getting 'vast rewards for failure while employees, shareholders and customers suffer'
    Fury: Lord Oakeshott says a minority are getting 'vast rewards for failure while employees, shareholders and customers suffer'
    ‘Many FTSE bosses then have the brass neck to whine about paying 50 per cent tax.
    'It’s high time they showed leadership and restraint.’
    The revelation on corporate pay comes as Shell reported bumper profits of £4.4billion in just three months, after reaping the benefit of the high oil prices hitting motorists at the petrol pumps.
    In a further insult to struggling families, a separate survey revealed City firms will pay out £4.2billion this year in bonuses alone.
    The sum, revealed by City think tank the Centre for Economics and Business Research will be handed out despite pledges by successive governments to crack down on the culture of corporate excess.
    Meanwhile, ordinary households are an average of £15 a week worse off than a year ago, thanks to spiralling bills and pay squeezes.
    Earlier this week the governor of the Bank of England Mervyn King said workers in Britain had been hit by the biggest fall in living standards ‘in living memory’.

    TOP EARNING BOSSES

    Mick Davis - Chief Executive of Xstrata
    Bart Becht, CEO of Reckitt Benckiser
    Mick Davis, above left (Xstrata)
    £18,426,105
    Bart Becht, above right (Reckitt Benkiser)
    £17,879,000

    Michael Spencer (ICAP)
    £13,419,619
    Sir Terry Leahy (Tesco)
    £12,038,303
    Tom Albanese (Rio Tinto)
    £11,623,162
    Sir Martin Sorrell
    (WPP Group)
    £8,949,985
    Todd Kozel (Gulf Keystone Petroleum)
    £8,913,223
    Don Robert (Experian)
    £8,601,984
    Edward Bonham Carter (Jupiter Fund Management)
    £8,003,641
    Dame Marjorie Scardino (Pearson)
    £8,003,641
    The Income Data Services report on fat cat pay used information from the latest available published accounts of FTSE100 companies, for the financial year ending between February 2010 and April 2011.
    Author Steve Tatton said the companies would find it hard to explain why executives were being so handsomely rewarded while their employees struggle to get by.
    ‘The pay gap between the boardroom and the shop floor does not yet show any signs of closing,’ he said.
    Brendan Barber, general secretary of the TUC, added that the boardroom increases amounted to a ‘brazen stitch-up’.
    He said: ‘With the FTSE 100 down on last year and most staff getting pay rises of less than two per cent, these bumper settlements prove that CEO pay bears no resemblance to performance or economic reality.’
    One of the key factors behind the inflation squeeze on household finances has been the high price of oil, which has been above $100 per barrel all year.
    GRAPHIC SHELL.jpg
    But high fuel costs – exacerbated by the unrest in the Middle East – spelled good news for Shell.
    The oil giant made £4.4billion in the third quarter of the year, the equivalent of around £48million per day.
    Petrol prices are up almost 18 per cent since last September, according to data collected by Asda, adding to the pressure on incomes.
    The £4.2billion bonus pool shared out in London’s financial district is actually 38 per cent down on the previous year and a long way below the £11.6billion paid out in 2007/08, just before the credit crunch ravaged the global economy.

    Max Keiser: Debt slash = debt hike, collapse guaranteed!

    http://revolutionarypolitics.tv/video/viewVideo.php?video_id=16473