Posts Tagged ‘Debt crisis’

Global economic crisis: has Labour dodged a bullet?

by Ann Pettifor.

While Labour and LibDem activists mourn, and political opportunists seize the moment, is the loss of the election such a bad thing? Might this be a good time to lose an election? I think so. The reasons can be found in both domestic and global financial imbalances, in the advance of de-globalisation trends that are […]

Fake US & British recoveries are damaging the global economy

by Michael Burke.

Official economic opinion from the IMF is that the US and the British are the only industrialised economies that are growing strongly and that their growth model should be reproduced generally. The reality is very different. Both recoveries are the weakest on record and are fuelled by an unsustainable (debt-fuelled) rise in consumption. The international effects […]

With ballooning debt and oversized banks, another financial crash isn’t far off

by Michael Meacher.

In election Britain this last week has been consumed with business and finance, mainly the hedge funds, lambasting Labour for being ‘anti-business’, as though massive indulgence in tax avoidance and continued insistence on de-regulation of finance were the conditional requirements of a successful global economy. Actually they are the forerunners of the next financial collapse […]

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. […]

© 2015 Left Futures | Powered by WordPress | theme originated from PrimePress by Ravi Varma