George Clooney & the Investment & Job Creators Myth
Have you been watching The Mill on C4? You should. It’s a drama about life in a 19th century mill in the north of England. It was called Quarry Bank. The other person who should be watching it is John Tamny who wrote an article today in Forbes criticizing George Clooney’s comments on hedge fund manager Daniel Loeb. Clooney insightfully calls him a carpetbagger. Tamny defends Loeb with the usual canard. That behind investments, hedge funds and the like is the almost uncontrollable and altruistic desire those people have to create jobs!!! It’s their main objective. Really, it is, if we’re to believe Tamny and is cohorts. The little problem with their argument is history, and, well, the facts. The history of labour in the world was, and still is, rather grim. It’s a history of magnificent exploitation. The exploitation of men, women and even children.
The storyline in The Mill isn’t a thing of the past. Up until 1968 Ford Motor Co. in Dagenham was hiring women to do the exact same sewing jobs as men and paying them considerably less. Their strike eventually led to Britain’s Equal Pay Act of 1970. I could list example after example from 1970 until now, but instead let’s just consider China, India and Bangladesh where 1,127 workers died when their factory collapsed. The economic boom these countries have experienced has not come free of charge. It’s a boom thanks to money from the West. Money that was divested from Europe and North America where labour laws ensure a minimum of civilized dignity and was then invested in places where no such dignity is proffered to the working population. The minimum wage in Bangladesh is US$38 per month. To attempt to disguise this class of greed as a desire to create jobs is disingenuous at best. At worse an obscene manipulation tactic, a fraud designed to protect a system that only benefits those at the very top.
Continuing this trend the IMF and the EU central government announced they back a 10% wage cut for Spanish workers. Spain already has one of the lowest minimum wages in Western Europe at €645.30. Meanwhile as John Galt pointed out a couple of days ago:
“The FROB, Orderly Bank Restructuring Fund, was given €52 billion Euros to bail out the Spanish banking system and guess what? It would appear that the money was used to repay the central banksters controlled by the ruling elite leaving the Spanish people in far worse shape than they were before; much like the nation of Greece. That is best reflected by the unemployment rate for the nation as a whole where 1 out of 4 citizens are not working”