Posts under ‘Finance’

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 […]

Strip the private banks of the power of money creation

by Michael Meacher.

The House of Commons held a very important debate this last week on the creation of money, a process which the Big 4 banks have monopolised and thus privatised the money supply.   The abuse of this power over the last 3 decades has been enormous, and I used this debate to propose an entirely […]

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 […]

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