Posts Tagged ‘Debt crisis’

Tory own goal on debt and the deficit pledges

by Michael Burke.

The Tory Party has decided to make public finances a key battleground for the election. Key supporters of austerity such as the FT’s economics editor Chris Giles have echoed that, arguing that the “defining battle of the 2015 general election [is] over borrowing and public spending“. It is only possible to stake out political ground on […]

Why are we so obsessed with the deficit?

by Michael Meacher.

In general election year 1970 a last-minute delivery of two US civil aircraft to the UK arguably changed the course of the election. The great issue that year was the adverse balance of payments, and the sudden and unexpected import cost of these two planes was seen to tip the scales against the incumbent government […]

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 […]

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 […]

“The new mediocre” sustains inequality and won’t beat recession

by Michael Meacher.

The ‘new mediocre’, as the response from the deepest recession in post-war history is now often called, is an anomaly that cannot be accounted for by the factors that mainstream economic models normally consider important. One explanation which is gaining currency is that excessive inequality is to blame. Even Lagarde, IMF Director, admits that inequality […]

Deficit rise this year destroys any purported case for austerity

by Michael Meacher.

The latest ONS Quarterly National Accounts tell a very significant story. For the media it was immediately a matter of Osborne likely not being able to provide a pre-election giveaway in a big new tax break to be announced in his Autumn Statement on 3 December. But that isn’t the real point at all. A […]

The downward spiral: private debt rising, wages, productivity & inflation falling

by Ann Pettifor.

The Bank of England’s Andy Haldane is a fine economist. He occupies an ideology-free zone. This is highly unusual in central bank circles. He made a particularly skilful and nuanced speech last week. Many gushed over it. Gillian Tett of the Financial Times suggested that it was good enough to qualify Haldane as a journalist. […]

The next big crash is already in sight

by Michael Meacher.

The 2008-9 crisis highlighted two fundamental flaws in the UK banks. The first was illiquidity when their creditors and depositors withdrew their money at the first sign of serious trouble, but the banks couldn’t call in their loans in order to pay them, and the Bank of England had to intervene to provide them with […]

Europe’s debt – a con-trick binding the people to banks

by Tom Gill.

This article was translated by Tom Gill based on the original in Italian at  Il Fatto Quotidiano  by Loretta Napoleoni. From this year Italians have a 45 billion-euro–a-year bill to pay under the EU Fiscal Compact, a budgetary straightjacket binding Rome to 20 years of economically and socially lethal spending cuts and tax rises. It’s time to […]

The 2008 crash was no blip, but a complete change in trajectory for the British economy

by Jon Lansman.

Richard Murphy this morning draws attention to a quite startling graph comes from an academic paper by Prof Richard Jones of Sheffield University on the need to invest in innovation As Richard says, “what the graph shows is something anyone interested in political economy needs to understand: 2008 was not a blip; it was a complete change […]

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