Posts Tagged ‘Debt crisis’

“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 […]

What’s Labour’s answer to the Tory line of attack?

by Michael Meacher.

“Labour left behind a dreadful economic mess; it’s been painful for everyone the way we had to deal with it; but the policy’s working and we’ve turned the corner; so do we really want back the people who caused it in the first place?” It’s clear that’s going to be the Tory mantra right up […]

Did austerity lead to recovery? No, GDP was increased by government spending

by Michael Burke.

The government and its supporters have been quick to claim that the most recent GDP data have. George Osborne says the argument in favour of austerity has been won some more excitable commentators have even talked of a boom.  Usually, we would provide analysis of the GDP data after the publication of the national accounts, the third release in […]

A ‘recovery’ without legs will soon topple over

by Michael Meacher.

Just about everything about this so-called UK economic recovery is wrong. It’s not just today’s report from the Resolution Foundation that the lop-sidedness of the labour market is becoming entrenched, with bonuses to the City financial and insurance sector rising to £14bn this year while the pay of those in the bottom fifth, mainly women […]

Who is to blame for the crisis? Not unions, immigrants or ‘scroungers’

by Michael Burke.

A crisis is an objective fact to which there can essentially be only two responses. The cause can be identified and addressed, or some other explanation can be advanced which effectively shifts the blame for the crisis elsewhere. The government and the supporters of austerity are increasingly bent on the second course. A succession of […]

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