Posts under ‘Finance’

The Osborne forked tongue is cranking up for the Autumn Statement

by Michael Meacher.

The Chancellor’s response to the £1.1bn windfall handed to him by the fine on the banks is a classic in Osborne double-speak. We’re told the money will be “used for the wider public good”. He means tax cuts as an electoral bribe. He says “today we take action to clean up corruption by a few […]

Why should rich posh crooks (aka bankers) get away with it?

by Newsdesk.

The banks: how am I here again? Standing outside RBS, Paul Mason asks why action is not taken against crooked bankers. They plead not to over-regulate them, not to imprison them or they won’t be able to recruit the talented people they need. Talented at what, you may ask. Ripping off their costomers? Certainly not […]

Facing eviction by Christmas, by publicly owned banks with no public service ethos

by Michael Meacher.

When because of the bankers’ crash RBS, Lloyds, Northern Rock and Bradford & Bingley went bust and were taken over by the State, one of the worst indictments of the Blair-Brown governments – copied and exacerbated further by this current Tory government – was that the losses were borne by the taxpayers, but they continued […]

Central banking, state capitalism, and the future of the monetary system

by Ann Pettifor.

The role of commercial and central banks in the process of providing credit may seem to be clearly understood by economists, bankers, and policymakers. But there are common misunderstandings about money creation, equilibrium, public money, central banks, and interest rates. The outlook for the global monetary system is not overly optimistic in the absence of […]

Big accountancy firms’ corrupt fiddles for the banks must be stopped

by Michael Meacher.

The evidence piles up that the private sector auditors of banks have manifestly failed in their duties. All the major banks received unqualified audit opinions from Deloitte & Touche, PricewaterhouseCoopers, KPMG, and Ernst & Young. Private sector auditors have a history of silence and are immersed in too many conflicts of interest. The evidence is […]

Financial weapons of mass destruction remain UK’s biggest unexploded bomb

by Michael Meacher.

Despite the recent howls from the City of London about the new criminal offence of reckless misconduct by senior bank executives, little or nothing has been done to curb the very real and big risks associated with derivatives which were at the heart of the financial crash 6 years ago. It is little understood that […]

‘Secular stagnation’ is the outcome of deliberate policy — it can (still) be reversed

by Ann Pettifor.

Martin Wolf in the FT today strikes a  different direction from those secular stagnaters shepherded by Larry Summers towards the cliff-edge of endless doom. Larry Summers devised and popularised the term, “secular stagnation”. He has a lot to answer for. His misjudgements, poor advice to the Obama administration, and flawed analysis have been catastrophic for the global […]

The causes of the next crash are clearly visible

by Michael Meacher.

In hindsight it is extraordinary that the warning signs of the 2008-9 crash were almost universally missed, largely because the hoped-for fantasy of bull markets continuing uninterrupted blinds investors to the nature of the capitalism they’re riding on. But lessons are rarely learnt, and the signals of over-exuberance and over-reach are apparent again today, with […]

Why trust Labour to implement austerity when Tories do it with more conviction?

by Bryan Gould.

Labour leaders have often been eloquent in articulating a vision of the kind of society they want; it is explaining how that vision is to be realised that seems to be the problem. We have seen a further demonstration of this sad truth at this year’s Labour conference. Ed Miliband had good things to say […]

Why the Scottish uprising will not lead to independence

by Ann Pettifor and Jeremy Smith.

The Scottish campaign for independence is effectively an uprising against the British state and its collusion with the globalized, mobile finance sector and supranational corporations. It is a protest against an economic and political system increasingly centralised and aloof—a protest bound to spread to other equally neglected regions. It is a campaign to end allegiance […]

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