Perhaps nothing better sums up Stuart Fraser as a demagogue who has no time for democracy than the following quote: “I would be most content if I leave the City in a better state than I came to it. Yes, it’s a general statement, but I would still like the City of London to dominate the world.” From “Stuart Fraser keeps a cool head in the eye of the storm” by Yvette Essen, Daily Telegraph, 2 June 2008. Needless to say it’s dictators who seek to dominate the world, not democrats. And not quite a ‘newsflash’ for Stuart Fraser: after the crash and political fall out from that, you’ve left the City of London weaker than when you headed this reprehensible anti-democratic institution. From here on in it looks like things can only get worse for this rotten borough.
The City wants hot money looted by corrupt elites from outside the overdeveloped world to pour into London and other global centres, where it can be invested in property and thus hyper-inflate the housing market. As a result rents and mortgages get puffed up, and so do potential profits for financial capital as debt increases. As the last crash showed, the periodic failures of this system are often the means by which yet more wealth is transferred from the poor to the rich. The City and its offshoots such as The Housing & Finance Institute want London and many other urban centres blighted with ghost homes, since this forces up house prices and leads to ordinary people overspending on necessities and in debt.Read more "The Denizen & The Plutocracy’s Programme For Growing Inequality"