Billy Bragg pins market crisis on Thatcher's 80s attack on miners

by mike_yvr | March 6, 2009 at 10:51 pm

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Billy Bragg opines in the Guardian that Maggie Thatcher's attack on the miners set in motion the calamity that has beset global financial markets today.

It's worth a read -- and includes a fascinating BBC video clip that looks at the impact of the mid-80s attack on British workers on the folk-punk music scene.

There is a bitter irony in the fact that the Bank of England chose the 25th anniversary of the beginning of the miners' strike to fire off its weapon of last resort in an attempt to damp down the conflagration currently sweeping through global capitalism. The wry smile that passes across the lips of those who opposed the naked selfishness at the heart of the Thatcherite experiment will be mirrored by the disconcerted frowns of those who, having wholeheartedly embraced the free market, never thought that it would lead to this. Like Frankenstein's monster, Thatcherism has turned on its creators.

Is there anybody out there willing to stand up – on this, of all days – and raise a toast to the wilful destruction of our manufacturing industry and its replacement by the financial services sector? Yes, there were unions who were resistant to change, but whoever came up with the idea that the solution to this problem was to import cars rather than make them ourselves sacrificed more than just the entire engineering skills base.

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Roy C

at 15:52 on March 7th, 2009

It is partly true, this claim. Especially about the manufacturing leaving the country. There are no jobs to be trained for.

Newt Gingrich and Clinton got together to loosen up a whole lot of banking regulations in the '90s.

But to avoid looking at Raines, the head of Fannie Mae, getting 90 million dollars while Barney Frank yelled and screamed so that there would be no investigation into the financial debacle which Fannie Mae and Freddie Mac became is to, once again, play demagoguicly with half-truths, as if only one of the two parties or wings of the political establishment was the primary one responsible.

That ain't the truth.

Roy C

at 16:21 on March 7th, 2009

Thatcher let too many things get privatized that needed controls on them, if I remember correctly.

The Reagan mentality is that there are only "Captains of Industry", no "Robber Barons".

The speculative bubble on oil recently was caused by a group of London speculators who had left the US because the controls on speculation were too stringent for them.

That is an example.

All the sides in power have contributed to this fiasco.

poor oligarch (not verified)

at 08:37 on March 8th, 2009

We aren't supposed to say that...

...Indeed, and if you do, you will be given Chomsky's Manufacturing Consent for homework (to be followed by Klein's The Shock Doctrine) - just so you know how you fell into that particular trap

Fripouille

at 07:02 on March 7th, 2009

Billy Bragg is an ass and a bourgois-caviar "socialist".

I am no fan of Thatcher, but she was elected to put an end to the scandalous abuse of strike-power wielded by the Trade Unions of that time which consisted of energy workers (coal, electricity and others) striking, sometimes for months on end, to keep their corporatist benefits. She had to use the army to do it, but she was carrying out the wishes of millions of decent and hard-working British people. Moreover, she was re-elected for a second term. NO other western country ever experienced, or would have accepted, that kind of outrageous banditry.

They held the whole country to ransom, often in winter, when people went without hot water or heating. This killed many people.

I was an active trade-unionist in England, so I am not anti-union, but this indecent amalgam is dishonest.

Whatever may be the pitfalls or not of global capitalism and Thatcher's time in office, she was elected to put an end to the anarchic and violent excesses perpetrated by selfish interests, and I am glad she did. That has nothing to do with the excesses of globalised trade, and saying it does is a lie.

Thanks for an excellent post!.

mtammas

at 15:31 on March 7th, 2009

Love Billly Bragg! Thatcher, not at all. As a powerless, regular citizen, watching the Reagan, Mulroney, Thatcher triad take hold was a nightmare. They brought on a period of neo-conservatism from which we are still recovering.

Thanks for the story!

Fripouille

at 15:42 on March 7th, 2009

Oh!?

Maybe it would have been better that the miners won?!!

"Reagan, Mulroney, Thatcher triad" ?

Sorry mtammas, but there is nothing less objective than post-analysis of historical events.

Moreover, given your own lifestyle, as expressed on your page, you would have been one of the first victims of their "victory".

Please excuse me, but that is no more than an "affordable" opinion in my view...

Amy Judd

at 15:54 on March 7th, 2009

Please don't make comments on peoples' lifestyle and what they choose to believe - that's too personal.

Fripouille

at 16:03 on March 7th, 2009

Accepted Amyjudd, and thank you......My apologies...

Fripouille

at 16:11 on March 7th, 2009

It is not "partly true" at all Roy, if I may say say so.

I have read all kinds of stuff that "explains" the current crisis, but going back to the Thatcher era in England!!??

C'mon! Doesn't anyone want to take their share of the blame now?!

We are all to blame.......But now that the s*** has hit the fan, we're all looking for scapegoats......

If this reasoning carries on, it's the fault of the Industrial Revolution!

It's time to get real here, don't you think?

Fripouille

at 16:51 on March 7th, 2009

I certainly agree here Roy.

The current disaster is the fault of all concerned, and no-one can say "I told you so", because they were all, politicians, businessmen, unions, housebuyers, too busy diving into the honey pot.....

(But Shhh! We aren't supposed to say that....)

gerrypopplestone

at 21:39 on March 7th, 2009

Hold on a bit! We still have an excellent manufacturing sector that brings in the dosh. OK, we have lost ship buil;ding and a lot of the lower skilled manufacturing but our top end stuff is BRILLIANT. For examople, when you want a simple (and probably poorly made) cheap valve, go to China. When you a really complex piece of engineering - a valve as larghe as a room, think BRITISH! And we will get it done on time. Some of our engineering projects around the world are truly stunning. OK, Thatcher dolled out the medicine like a bad tempered head teacher, but it had to come. Some of the left-wing extremists (socialist Workers Party is my pet hate) were bringing the whole country down in their macho-bully politics and really enjoying it.