Posts under ‘Finance’

Asset-backed securities precipitated the crash: let’s do it again!

by Michael Meacher.

It is almost unbelievable, but true, that at the highest levels of today’s capitalism it is being proposed that the asset-backed securities which provoked the banking crash in the first place should now be relaunched as the best avenue for recovery. Both Draghi, president of the European Central Bank, and Carney, governor of the Bank […]

Gideon’s promise of a Goldilocks recovery is pure fantasy

by Michael Meacher.

George Osborne preened himself – yet again – at the IMF conference 2 days ago that the Western economies are now set for a prosperous future, even as central banks steadily withdraw the lifeline that kept them afloat after the 2008 crash. Apparently normality is returning after the unfortunate blip five to six years ago. […]

Innocent JSA recipients lose all benefit while guilty bankers bailed out by their new banks: what’s new in Tory Britain?

by Michael Meacher.

Next Thursday I have secured a debate on the floor of the House on the sanctioning of benefit recipients. The details about the sheer injustice of the practice, its inappropriate targeting and its devastating impacts, all of which are horrendous, I shall spell out in full, but I will also be making another comparison. Why […]

Benneconomics – a tribute

by Andrew Fisher.

I got to know Tony Benn well when I worked as a researcher to the Socialist Campaign Group of Labour MPs in the mid-2000s. I’d first met him when he was about to stand down from Parliament “to devote more time to politics“, a promise which he fulfilled. He filled venues around the country with […]

Government’s own budget watchdog rips into Osborne

by Michael Meacher.

If you read George Osborne’s budget speech in the Commons, and then read his own Office of Budget Responsibility (OBR) analysis of it, it is like reading Fifty Shades of Grey and then turning to the Handbook of Morality and Sexual Ethics. They’re so much like chalk and cheese that it’s almost impossible to take […]

What’s in the box, Gideon? Hand-outs for the rich and a phoney recovery

by Michael Meacher.

Osborne didn’t mention the most important fact about the budget. While the OBR’s growth forecast for this year has been raised to nearly 2.7% (though their previous four have each been grossly over-optimistic), they recognise that this ‘recovery’, such as it is, will fade after 2015. In other words, this is not a real recovery, […]

The Banking Reform Act is rearranging the deck chairs on the neoliberal Titanic

by Prem Sikka.

Some six years after the banking crash, the UK has wheeled out its answer – the Banking Reform Act. Some deckchairs have been rearranged, but little attention has been paid to the key drivers of the crisis. The biggest financial crisis has coincided with the rise of neoliberalism, which emphasised faith in free markets and light-touch […]

We can end the despotism of finance, at a price

by Ann Pettifor.

After the 2008 global financial crisis and panic, the international banking system very nearly collapsed. In the days after Lehman Brothers failed, panic prevailed. ATMs were on the very brink of denying punters access to their own money. A prominent international banker advised his wife to withdraw all their funds from the banking system. To […]

The next big crash is already in sight

by Michael Meacher.

The 2008-9 crisis highlighted two fundamental flaws in the UK banks. The first was illiquidity when their creditors and depositors withdrew their money at the first sign of serious trouble, but the banks couldn’t call in their loans in order to pay them, and the Bank of England had to intervene to provide them with […]

We need a banking system that helps small businesses, not hinders them

by Grahame Morris.

People in East Durham are facing the worst cost of living crisis in a generation. Prices are soaring, wages are falling, working people are £1,600 per year worse off and small businesses are struggling to access the finance they need to grow. Yet David Cameron continues to demonstrate how out of touch he is with the […]

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