I seem to be publishing a series on the uselessness of Boris Johnson’s new Conservative cabinet – so let’s discuss Sajid Javid.
The genius Yorkshireman who runs Another Angry Voice showed us that we all have reason to be angry about his appointment as Chancellor of the Exchequer, only a decade after he helped cause the financial crisis that unleashed a decade of pointless Tory austerity on us all.
Before we go on, let us all remember that there was absolutely no need at all for the Tory cuts to public services that we have endured. They have not cut the national debt. And the cuts to the deficit are in spite of the reductions in taxation of the rich that the Tories have insisted on making.
So their entire policy for the last nine years has had no point – other than the persecution of people with less money than the so-called One Per Cent.
Now read this:
Before his move into politics Javid was a banker at Deutsche Bank, where he sold complex financial derivatives called Collateralised Debt Obligations (CDOs).
CDOs were economic alchemy schemes designed to turn toxic bad debts into fake gold-plated investments.
The whole thing defied economic logic… they were junk investments that were bound to implode sooner or later.
If we’re charitable to Javid, then we could argue that he was a clueless dupe, naively selling a load of toxic junk in good faith simply because he was too stupid to investigate the products he was actually selling, and so poorly connected within the CDO industry that he was unaware of the open secret amongst his peers that the products he was selling as safe investments were actually bound-to-fail financial Weapons of Mass Destruction.
The other explanation is, of course, much worse. If Javid was smart enough to realise that the CDOs he was selling were bound-to-fail junk, and he was in on the open secret within the trade that they were certain to implode one day, yet he carried on selling them as safe investments to oblivious customers like other banks, pension funds, local and national governments, and insurance funds as low-risk investment opportunities, then he’s a cynical and duplicitous fraudster.
It’s an excellent argument that Mr Javid is unfit to be Chancellor of the Exchequer. Indeed, it seems shadow chancellor John McDonnell has used it as the basis of his own argument that his appointment is inappropriate … but that is not the subject of the article you are reading now.
So, given that Mr Javid helped cause the crash, why did Boris Johnson make him Chancellor?
In the light of Mr Javid’s record, and of the Tories’ financial policies since May 2010, it seems clear that Mr Johnson sees him as the perfect man to keep those policies going.
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