Posts under ‘Finance’

Capital strike: global corporations hoard cash and refuse to invest

by Michael Burke.

The world’s largest companies are hoarding cash and cutting productive investment at the same time. The Financial Times reports a survey from one leading ratings’ agency, Standard & Poor’s, which shows that the 2,000 largest private firms globally are sitting on a cash mountain of $4.5 trillion, which is approximately double the size of Britain’s annual GDP. […]

Wonga should be regulated out of existence

by Michael Meacher.

The payday lender Wonga should be investigated by the police for sending threatening letters from non-existent law firms ‘Barker & Lowe’ and ‘Chainey, D’Amato and Shannon’ in order to pressurise their victims into repaying their debts.   It is certainly not sufficient that Wonga has been forced under pressure to repay the 45,000 customers affected, […]

“A plan only banksters will love”: WikiLeaks reveals permanent global deregulation plan

by Jon Lansman.

The Trade in Services Agreement (TISA) a trade agreement covering 50 countries and more than 68 percent of world trade in services is being drawn up between the EU and the US. The draft agreement was supposed to remain secret and you weren’t going to be told why it was being agreed or what its effect would […]

A royal whimper when we need to supplant 35 years of Tory and pseudo-Tory rule

by Michael Meacher.

The Queen’s Speech, drafted in deathlessly trite prose by civil servants and special advisers, should – and occasionally does – rise to the challenge of setting the national agenda. This one was flat all the way through. There was nothing about countering austerity, allowing hard-working people to share in the recovery with a proper wage […]

Do we want a society based on work and innovation or on rent?

by Michael Meacher.

The Office of National Statistics data published last month found that the richest 1%in the UK owned as much wealth as the poorest 55%. Oxfam, even more poignantly, calculated that 5 billionaire families controlled the same level of wealth as 20% of the population (i.e. 13 million people). In fact these figures almost certainly greatly […]

Official: the banks are the new enemy within

by Michael Meacher.

One couldn’t put it better: ‘Some prominent firms/banks have been mired in scandals that violate the most basic ethical norms’. ‘Unchecked market fundamentalism can devour the essential social capital’. ‘A fierce industry push-back by the banks’ is blocking much-needed reforms and risks destabilising the global economy. When the high priests of capitalism at the IMF […]

Why are UK regulators so soft on British banks?

by Michael Meacher.

This week the Swiss bank, Credit Suisse, was forced by the US Department of Justice to pay a fine of $2.6bn for its secret activities in enabling its US clients to evade US  taxes. Ever since 2009 when UBS buckled under pressure from US prosecutors and agreed to pay $0.78bn in fines and to pass […]

Russia’s de-dollarization plan and its implications for the world

by Tom Gill.

By Juan Torres. Translated from the Spanish original at El Publico by Tom Gill Although the Western media is barely addressing it, Russia has been discussing in the last few weeks the adoption of a series of economic measures that would involve a significant change in direction and a powerful response to the sanctions and threats […]

Bankers back to business as usual

by Michael Meacher.

Two articles of faith in the banking class is that regulation always undermines growth and that financial crises are inevitable. Both these claims are wrong and cannot be supported by the evidence of the last 70 years. On the first, it was the absence of regulation which precipitated the epic 2008-9 breakdown. Starting from 1971 when Nixon […]

Why AstraZeneca’s ownership matters

by Phil Burton-Cartledge.

Some points about the attempted take over of AstraZeneca by American pharmaceuticals behemoth, Pfizer. 1. On Newsnight yesterday evening, Chuka Umunna made the dialectically nuanced observation that there are good takeovers and bad takeovers, regardless of the nationality of who is making the purchase. A bad takeover might be Kraft’s swallowing of Cadbury, who’ve cut jobs and […]

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