From the Summit of the Moral High Ground

Apartments are constructed  for sale as investments not homes WHY AN AVERAGE FAMILY HOME FOR AN AVERAGE FAMILY ON AVERAGE WAGE IS NOT A POSSIBILITY IN JERSEY In order to ensure a satisfactory standard of living it is essential that an ‘average’ family can afford to purchase an ‘average family’ house. Current lending criteria for banks are as follows: Maximum Lending: 5x Annual Salary for main earner  plus 1x Additional Annual Salary Average salary [i]  £32,448.00 x6= £195,000. Assuming a deposit of 10% an ‘average family’ home in Jerseyshould cost £215,000. An ‘average family’ home costs £435,000 in Jersey. Whilst you may consider the above a failure of government itis in fact a result of government policies let's move on to examine the mechanisms employed by governmentto artificially inflate house prices: Income Support Payments in respect of accommodation for the indolent createa base line for the rental values of properties. The income support payable on...

How can a Greek DEFAULT  be a success? Right now, we're seeing much the same global reaction we saw after many of the EU's previous 13 crisis summits: officials are congratulating themselves for doing next to nothing. The media is proclaiming the meetings "successful." So are all stock markets and currencies except for the dollar. So where's the beef behind Europe's latest news? THERE IS NONE! Over the next few days, the reality of the EU's hopeless situation will set in with investors. The euro will continue its collapse. They've had one heck of a party on Wall Street in the past few weeks. The Dow Jones Industrial Average shot up from 10,404 on October 4 through 11,891 yesterday — a gain of 1,487 points in just 22 calendar days. The reasons I hear most often cited? HOPE for the mega-bailout in Europe. HOPE for a mega-refinance plan that will help every beleaguered homeowner in the U.S. HOPE for a mega-compromise from the deficit "Super Committee...

On Monday, the first gold contracts denominated in the Chinese Renminbi (also known informally as “yuan”) came to the Hong Kong market.  Analysts have been quick to note the implications of a yuan-denominated contract, realizing that the new contract could drive nearly three times as much demand as the dollar-denominated contract. Looking at the yuan product from the macro-view, a move into gold is about more than just gold—it’s about reserve currency status. Whilst direct trading of the Chinese currency is prohibited, gold now offers investors the opportunity for exposure to the world's fastest growing economy. An end to the dollar's monopoly The US Dollar has a monopoly as the world’s reserve currency.  The size and scope of the US economy and financial markets, combined with the relative stability of the political climate, made the US dollar a preferred currency for international trade. However, the reason most cite for dollar dominance isn’t the United States’ role in inte...

Dexia sank like a lead balloon once banks stopped lending to them A giant bank has just gone under. It’s the biggest bank failure since the debt crisis of 2008-2009. It’s so big, in fact, that its assets are actually LARGER than the total GDP of the country where it’s domiciled. The bank that failed is Dexia, and the country is Belgium. But if you don’t live in Belgium ... and you think that fact makes this failure less relevant to your banks or to your investments, consider these shocking facts: Shocking fact #1.  Dexia was the world’s largest lender to municipal governments in the U.S. and overseas. So as the bank’s various pieces are chopped up and sold off to other institutions, it’s naturally going to be a lot tougher for municipalities to get financing. Result: More belt tightening and job cuts at local governments everywhere. Shocking fact #2.  Dexia was one of many large banks that actually PASSED Europe’s official “stress tests” just three months ago. And ye...

Does the role of the JEP in Jersey prevent free & fair elections? I have previously examined the legal basis for defining a  public authority .  The Jersey Evening Post may be considered a 'functional public authority' as a result of the following laws; the  Jersey Gazette Act 1960  and the  Official Publications (Jersey) Law 1960 . These laws enforce the public declaration of certain information in the Jersey Gazette and define the publication in which these pronouncements must be made as the Jersey Evening Post. In a previous post I looked at the  concerns raised about the JEP  by Senator Cohen and the effect of the media on elections in the United States of America. The following legislation all require pronouncements to be made in the Jersey Gazette (although this is not the definitive list, there are many more): EUROPEAN COMMUNITIES LEGISLATION (BLUETONGUE) (JERSEY) REGULATIONS 2008 COMMUNITY PROVISIONS (MORTALITY IN OYSTERS) (JERSEY) REG...

Freddie Cohen finished 6th in the 2011 Jersey Senator Election Freddie Cohen at the end of the last election criticised the biased coverage of the election by the Jersey Evening Post, joining a long list of political figures in Jersey to have done so, for example Guy de Faye three years earlier. The allegation has been made, by a source I will not disclose, that the JEP like to see one 'establishment' candidate ousted each election to perpetuate the illusion of change for the people of Jersey, whilst the power remains firmly in the hands of the same interests. Indeed when I volunteered for the National Trust for Jersey black butter making, I took the opportunity to speak to some people who had voted for Sir Phillip because I honestly do not know anyone who did. They told me that they felt they had no choice because, 'We needed change'. I agree with them but I do not think that Sir Phillip is likely to bring about any real change. In Jersey politics we know that what is ...

Jurats led by Jurat Le Breton, Liberation Day 2008 Extract from: Jersey courts website Italics indicate editorial additions . Jurats are elected to serve in the Royal Court and to decide questions of fact in court cases. They sit next to the judge and not only decide the facts in both civil and criminal trials; they also award damages and fines as well as determine sentences. The work of the Jurats is unpaid (although they receive substansial 'expenses' and benefits such as free parking in Vine Street) and they are appointed by the Electoral College, consisting of the Bailiff, Jurats, the Connétables of the 12 parishes of Jersey, the elected States members, members of the Jersey Bar and Solicitors of the Royal Court. It seems likely that this would cause a declaration of incompatibility under Article 3 of Protocol 1of the Convention as all elections for public bodies must be held by universal suffrage. When there is a vacancy, a copy of a letter from the Bailiff announcing thi...

The European Convention on Human Rights (ECHR), established under Winston Churchill's leadership and influenced by the lessons of World War II, was designed to shield individuals from government overreach. It allows individuals, after exhausting domestic remedies, to bring cases before the European Court of Human Rights. If successful, the Council of Europe acts to rectify the violation. Different countries respond variably to court rulings: the UK adapts laws relatively swiftly, while France lags with outstanding amendments. The ECHR holds states accountable not only for direct violations by "pure public authorities" (e.g., government departments, police) but also for breaches by private organizations performing public functions. A private entity may be deemed a "functional" public authority if: It operates closely with or under delegation from a state body, e xercises statutory powers of a public nature, o r wields coercive powers devolved by the state. Howeve...

Twenty Dollar Gold Coin (1 troy ounce fine gold) I was looking at my $20 dollar gold coin the other day, it is amazing how little it has changed since it was minted in 1887, the greatest change being the value of it which has ranged between $1,550 and $1,900 so far this year, which since it was worth $20 till 1933, then $35 till 1971 is a sign that the good times ended a long time ago. But the truth is that if the coin has not changed, if it is the constant, then what has changed? The answer has to be the value of the dollar. Inflation is a hidden tax and like all taxes is disproportionately levied on the 'poor'. By 'poor' I don't really mean the poor, who on a global scale are those who earn less than $800 per year, they have nothing anyway, so they have nothing to lose. In fact everyone who lives in Jersey is rich, everyone has an income of at least $7,500 per year. That places them in the top 20% of the world's rich. The 'poor' are those who are betwe...

The Welfare State The welfare state, as defined in textbooks, is a form of government where the state ensures the economic and social well-being of its citizens, based on the principle of public responsibility for those unable to secure a decent standard of living independently. While this concept encompasses various economic and social arrangements, critiques suggest it fosters dependence that aligns with governmental goals of social control. This dependence increases as higher taxation funds more generous social programs, ensnaring more citizens in a cycle of benefit reliance. This dynamic creates a tacit agreement between voters and politicians: politicians promise support and voters absolve themselves of personal responsibility, preferring leaders who pledge, "Trust me, I will look after you." Critics warn this collective complacency mirrors the behavior of a herd led unknowingly to unfavorable outcomes. Key concepts contextualizing this discussion include: Social Welfare...

Thirteen islanders have put themselves forward for one of four senatorial seats in the States of Jersey. The election race is now on, as senatorial candidates will be joined by constable and deputy nominations. In a crowded Town Hall on Tuesday night, 13 people were nominated by fellow islanders to run for senator. Nine had announced their intentions, but four were new additions to the group of candidates wanting an island-wide mandate. The list includes three women: Advocate Rose Colley, Sylvia Lagadu and Linda Corby. Three sitting States members have declared: Senators Freddie Cohen and Francis Le Gresley and Deputy Ian Gorst. Jersey's former Bailiff Sir Philip Bailhache and the former Health and Social Services Minister Stuart Syvret will both put their names on the ballot. Other candidates include Lyndon Farnham, Darius Pearce, Christopher Whitworth, David Richardson and Mark Forskitt. If any of those candidates put themselves forward to run as a constable or deputy, their sena...