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Mis-sold, expensive and overhyped: why our universities are a con | Aditya Chakrabortty | Opinion | The Guardian
For two decades, Westminster has used universities as its magic answer for social mobility. Ministers did so with the connivance of highly paid vice-chancellors, and in the process they have trashed much of what was good about British higher education. What should be sites for speculative inquiry and critical thinking have instead turned into businesses that speculate on property deals, criticise academics who aren’t publishing in the right journals – and fail spectacularly to engage with the serious social and economic problems that confront the UK right now. As for the graduates, they largely wind up taking the same place in the queue as their parents – only this time with an expensive certificate detailing their newfound expertise.
education  higherEducation  universities  expansion  fees  tuitionFees  pay  wages  salaries  marketisation  debt  class  socialMobility  UK  policy  dctagged  dc:creator=ChakraborttyAditya 
9 hours ago
The part of Brexit everyone’s been avoiding is finally here: immigration | Gaby Hinsliff | Opinion | The Guardian
Brexit was never really about immigration.

Or so liberal leavers fall over themselves to claim, at least. They can’t bear the idea of being associated with a racist backlash and so they insist it was really all about sovereignty; that all those inflammatory posters of dark-skinned migrants queuing at European borders and the cynical scaremongering about Turkey didn’t really have any bearing on the result, and that all they really wanted was just a fairer and more open system in which people could come to Britain more easily from Commonwealth countries.

Even Nigel Farage sounded as if butter wouldn’t melt in his mouth on the radio this morning, insisting all he ever wanted was control of our borders and equal opportunities for Indians to come here just as Romanians once did.
UK  EU  Brexit  migration  freedomOfMovement  xenophobia  Leave  impact  pay  wages  employers  skills  politics  dctagged  dc:creator=HinsliffGaby 
yesterday
An economic recovery based around high debt is really no recovery | Larry Elliott | Business | The Guardian
In truth, the idea that state profligacy caused the Great Recession has never been credible. What really happened was that the expansion of the global marketplace led to cheap goods flooding the west. Inflationary pressure abated and that persuaded central banks to cut interest rates. Financial deregulation meant the only remaining constraint on excessive borrowing – high interest rates – was removed – and so credit was cheap and readily available. The private sector loaded up on debt, which was fine so long as the assets on the other side of the balance sheet were going up in value. When the markets turned, things went pear-shaped very quickly.

Only at that point, did public sector debt become a problem because governments sought to ameliorate the impact of the recession by cutting taxes and increasing spending. The debts incurred by the private sector were, to an extent, nationalised.
economics  finance  debt  crisis  crash  recession  recovery  dctagged  dc:creator=ElliottLarry 
4 days ago
Secrets and Lies of the Bailout – Rolling Stone
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
finance  crash  crisis  bailout  banks  FRB  deception  BernankeBen  PaulsonHank  SummersLarry  reform  regulation  viability  corruption  fraud  secrecy 
4 days ago
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