Posts under ‘Macroeconomics’

Now they’re aiming to go back to non-prime mortgage securities which caused crash

by Michael Meacher.

If you want evidence of how reckless and desperate bankers and investors have now become in search of higher yields, look no further than the widespread decision to return to a variant of the mortgage-backed securities which precipitated the 2008-9 crash. Then it was sub-prime securities which were knowingly sold to households handicapped by low […]

It’s about the fundamentals, silly

by Michael Meacher.

The basic reason that the leadership election has been so disappointing, until Jeremy Corbyn came on the scene, was that it was stuck on issues (insofar as it was stuck on any issues at all) that, while certainly important, did not have the makings of a vision. Even when Corbyn prompted the others to produce […]

Win or lose, Corbyn has ended the mantra that “there is no alternative” to austerity

by Bryan Gould.

No one, surely, could begrudge Jeremy Corbyn the odd chuckle or two when he contemplates, in his private moments, the consternation he has caused by his unlikely candidature for the Labour party leadership. It is not just the discomfort of his opponents, though that is sufficient cause no doubt for a little schadenfreude, but the […]

Corbynomics and crashes: investment versus speculation

by Michael Burke.

Words matter. But in economic discussion as elsewhere they are frequently abused. In economic commentary one of the most frequent falsehoods is to describe speculative activity as investment. Stock market ‘investors’ are in fact engaged in speculative activity. There is no value created by this speculation. The claim made by its apologists that it provides […]

Carney’s rose-spectacled survey of the economy as Parliament returns does not convince

by Michael Meacher.

The UK economy’s ticking over fine: that’s the view of Carney, Osborne’s man. So that’s alright then. Or is it? With time-honoured spin we were treated to the most optimistic scenario on every count, with the flip-side downturn kept carefully out of sight. His central message was that “there is no clear evidence of deflationary […]

Ending ‘life support’ for western economic model underlies China crisis

by Ann Pettifor.

After two days of trouble and strife in global stock markets, the Federal Reserve’s New York President William Dudley said in remarks to reporters that a September interest rate hike seemed “less compelling” now than in recent weeks. These two words alone calmed global financial markets, and pushed up the price of oil. So everything’s […]

Extreme? Back to the 80s? How Corbynomics compares with the SDP manifesto

by James Meadway.

Jeremy Corbyn’s economic programme may be seen as radical by many today, but economist James Meadway finds it has a surprising amount in common with the 1983 SDP manifesto There’s been a lot of excitable chatter about Jeremy Corbyn’s economic policies. Newspaper pundits and Labour Party grandees have queued up to denounce his plans as a return […]

The justification for Corbynomics goes far beyond re-nationalisation

by Michael Meacher.

It is curious that the main charge thrown against Jeremy Corbyn – apart from all the bluster and hysteria – is that his policies lack ‘economic credibility’. The assumption presumably is that the economic policies pursued by UK governments, both Labour and Tory, as well as by the EU, were sufficiently credible and rewarding as […]

Labour’s panicky establishment referencing the wrong period in history

by Ann Pettifor.

“This young country will be proud of its identity and its place in the world, not living in its history, but grasping the opportunities of its future.” Tony Blair: Leader’s speech, Brighton, 1995. Tony Blair and those associated with Blairism embraced globalisation and studiously ignored Labour Party history – except to denounce and disown “Old Labour”. […]

Why the Euro is the gold standard writ large…

by Ann Pettifor.

The euro not only replicated key elements of the gold standard – but went much further: European currencies were simply abolished. States lost control over both their currency and their central bank. Parallels with the operation of the gold standard explain why, like the gold standard, the euro will fail. The euro system denies monetary […]

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