Posts under ‘Finance’

The light dawns … on the failure of austerity to overcome recession

by Bryan Gould.

A complete understanding of great events will often have to wait until well after the shouting and the tumult die away and a longer perspective permits a more objective assessment of what really happened. Even then, though, greater elucidation proceeds at a glacial pace. Today, we may well find ourselves again at the beginning of […]

The dozy watchdogs who make vast profits but are immune from prosecution

by Michael Meacher.

When last year multinationals like Starbucks, Google and Amazon came under fire over tax avoidance, the focus naturally turned to the accountancy firms that enabled them to do it. In particular after it was revealed in September that Tesco had over-stated its first-half profits by £250m, the spotlight fell on PricewaterhouseCooper (PwC), Tesco’s auditor for […]

Banks ‘too big to fail’ in the credit crunch are now far bigger

by Michael Meacher.

There several dangers that face the world economyat the start of this New Year – further outbreaks of violence both within and outside the Middle East, destabilisation caused by the abrupt halving or more of the oil price, the slow-down of world growth (China), deflation and possible breakdown in the Eurozone, and another banking crisis. […]

The German Chancellor and Grexit

by Tom Gill.

This article by Jacques Sapir originally published on his own blog is translated from the French by Tom Gill A Greek exit from the Euro, following the election on 25 January, is no longer unthinkable, Chancellor Angela Merkel admitted in the German weekly Der Spiegel on Saturday. This is an important statement, which can be analyzed in […]

Why won’t Labour tell the truth?

by Michael Meacher.

Why does Labour, when the Tories lie and lie and lie, keep on turning the other cheek? Hardly out of an excess of Christian charity, more because of cowardice in failing to confront the British people with the truth. Osborne, a snake oil salesman if ever there was one, began his time in office in […]

How the government’s super-platinum credit card works

by Guest.

This brilliant, witty explanatory piece by Neil Wilson first appeared at 3Spoken three years ago but is never more applicable Modern Monetary Economics shows us that monetarily sovereign governments (like the US, UK and Japan) are able to spend money before they receive any tax. That’s what puts the ‘fiat’ [Latin for “let it be […]

Tories buy election

by Michael Meacher.

Democracy is a great system, except that those in power do their uttermost to subvert it, circumvent it, and twist it to their own ends, and quite often succeed. Take the current state of play between the parties in Britain. In March this year the Electoral Commission recommended there should be no increase in spending […]

Labour views economy through the wrong end of a telescope

by Ann Pettifor.

“There is no path to growth and prosperity for working people which does not tackle the deficit”. So said Ed Milliband last Thursday. The Labour leader has finally succumbed to a baying media pack that insisted he commit himself to an economic goal set by Labour’s opposition: namely “tackling the deficit.” I am no politician, but […]

Banks’ culture is still fundamentally rotten

by Michael Meacher.

In a pre-election party political broadcast called the Autumn Statement, the Chancellor was at pains to tell us that his ‘long-term economic plan’, which he echoed 15 times like a demented obsessive perhaps to cover up that he doesn’t actually have one, was firmly on track. The economy had been saved from ruin and was […]

What do Britain’s private sector firms contribute?

by Michael Burke.

The main factors that account for economic growth are increases in the workforce or in the amount of productive capital in the economy. A far smaller contribution is made by improvement in productivity as a result of innovation. Since mid-2009 the British economy has grown. But this is wholly accounted for by growth in the […]

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