Banker’s deficit solution: work longer with less pay and half the benefits

Everyone knows that capitalism has become globalized. What begins in one part of its international system quickly spreads to another, be it financial crisis or economic policy.

Consider then, the recent remarks of a German investment banker who has a quick fix for European capitalism's woes: Work harder, longer, for less pay and cut social benefits in half.

This is what Hans-Jörg Rudloff, who works for Barclay's Capital, said recently. In his own words:

Europe is carrying a social rucksack, which makes us uncompetitive in this world. We have provided living standards for our populations which are unheard of, which no one ever thought would be possible, for the last 50 years. People do not want to give up these living standards.

He continues, "Populations are not ready to voluntarily discipline themselves in more work, less rewards, and less security." Since, he says, it's only natural that the population would react like this, what's required is his brand of "democratic leadership and a question of whether indeed we are able to reinvigorate ourselves and to state publicly in this world that that we want to be competitive."

His solution, according to Business Insider:

Half of the social benefits (pensions, universal health care) have to go; people have to work more, longer hours, longer years; otherwise, it is impossible to continue to fund the present system.

If this sounds similar to the GOP politicians aboard the tea party express, don't worry too much. So far, as Raw Story reports, the Republicans who campaigned last November promising jobs have instead called for:

Curtailing abortion rights;
Getting rid of Planned Parenthood;
Defunding NPR;
Investigating Muslims;
Affirming "In God We Trust"; and
Making English the official language of the U.S.

It seems the GOP national committee is leaving its more direct class war tactics to state governors. However, should the Republicans win in 2012, get ready for 16-hour days at less pay and a 50 percent cut in benefits. And if we're lucky they just might spread the pain, by adding child labor.

Think that's too far fetched? This week we commemorate the centennial of the Triangle Shirt factory fire, in which many children died.

If the GOP attack on collective bargaining succeeds, those unhappy days may again be just around the corner.

Post your comment

Comments are moderated. See guidelines here.


  • There definitely needs to be a plan of action. I am just not sure that to work longer with less pay and half the benefits is the right way. It sounds like it would be increasing the debt instead of decreasing debt.

    Posted by Debt Relief, 05/04/2011 10:03am (5 years ago)

  • "it is impossible to continue to fund the present system"

    That's absolutely correct, but... you seem to want to look at the solution from only one direction, and that is... more money is needed. But you know... that as soon as you satisfy the amount of money needed to feed the bad system... it will only be milked for profits yet again, and need even MORE funding. Its been seen over and over. So, the only solve... is to make that system COST LESS... or moreover... cost nothing. This activity happens via abolishing economies. Not a single other living creature on the entire planet... uses economies (money, ownership, price tags). Why do capitalists? Eliminate the COST of running a health care system, and you have eliminated the cost (and monetary discrim/affording) to USE said health care system. But many... think a society that doesn't use money or ownership... is impossible to accomplish. It isn't. The USA military supply/survival system, and the USA public library system... are both moneyless ownerless communes (they do custodianship instead). Neither system has ANY monetary discrimination (affording). Do you see any fear for survival due to lack of basic survival supplies... in members of the USA military? No. Now look at the NOT-all-on-the-same-team system that civilians use. Fear for survival is RAMPANT. Its all easy to see... once capitalism lovers "own"-up to the disgusting pyramid scheme-o-servitude called capitalism.

    Admin: We black-backgrounded Windows users are still black text on black backdrop... in your comments and captcha boxes. Still needs some CSS. PLEASE? Hurry.

    Posted by Wingnut, 03/25/2011 9:13am (5 years ago)

  • Okay, English IS the primary language of America. Our laws are not written in Spanish and Chinese. When Russia was ussr communist, Russian was the default langauge, as their laws were written in Russian, not English.

    Capitalism is destined to fail. They want the poor to work for free, and 24/7... Like robots. USA needs to convert to communism, and fast! Rent is almost 3 times the salary of every normal, hardworking American, tea partiers do not care about our education. They have all the money to send their toddlers Harvard so they may learn the alphabet the correct way. So why care about the people who help your economy and defend your freedom?

    That is the mind of a cold hearted capitalist. The very same reason why the E.U. and U.S.A. will fail... Miserably. But it was a good run while it lasted. Now wake up, dreamers!

    Posted by Holly Golightly, 03/23/2011 11:14pm (5 years ago)

RSS feed for comments on this page | RSS feed for all comments