Posts under ‘Finance’

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 […]

The economic ‘recovery’ won’t hold till election next May

by Michael Meacher.

Fortunately for Osborne, Scotland is keeping the parlous state of the economy out of the news. UK manufacturing export orders have now turned negative for the first time in nearly 2 years, dimming any expectations that manufacturing and exports would lead the way in any upsurge. The immediate reasons blamed are the flagging Eurozone economy, […]

Where’s accountability over Shaun Wright, Rotherham child care, police apology 3 years late?

by Michael Meacher.

I never expected, having called for bankers, doctors, business executives, MPs, police, media to be held to account for serious wrongdoing by sacking and/or prison in the worst cases, that the imperative for such accountability would be so quickly manifested. On 26 August Sir Bernard Hogan-Howe, the Metropolitan Police Commissioner, was finally forced to apologise, […]

Twenty-two days that changed the world

by Ann Pettifor.

Review of The Summit by Ed Conway, published by Little, Brown, 2014 In this carefully researched book Ed Conway tells a gripping human tale about the July 1944 Bretton Woods Conference – “the biggest battle of the Second World War – fought behind closed doors”. He provides remarkable insights into the personal, geopolitical and intellectual dynamics that […]

Unrepentant banks put up two fingers to regulators

by Michael Meacher.

Today it is reported that the Financial Conduct Authority (FCA) has imposed a fine of £14m on RBS for deficient mortgage record-keeping and poor advice to borrowers. It has still not imposed any penalty on RBS for its far more serious offence regarding the sale of US mortgage-backed securities. By contrast, only last week the […]

Holding public figures to account must lead to prison in worst cases

by Michael Meacher.

Once again it is instructive how they do things in the US, the citadel of capitalism, which is so very different from the secretive British State which protects its elites even from their worst wrongdoings. The Bank of America has just been fined $16.7bn for misleading investors in its mortgage-backed securities, a colossal sum which […]

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