Posts Tagged ‘Debt crisis’

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 […]

Is there going to be another crisis? Of course there is

by Ann Pettifor.

“You have a dog, and I have a cat. We agree that they are each worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners, but Icelandic banks, with a billion dollars in new assets.” (From The […]

The ‘socialism’ of Vince Cable: what’s changed?

by David Osler.

Such is the magnitude of the event that the definitive account of the financial collapse of September 2008 and its consequences has surely yet to be written. I do not mean by stating that to deride numerous worthwhile attempts at a first draft of history. Journalistic efforts such as Paul Mason’s Meltdown, Elliott and Atkinson’s The Gods […]

Don’t ​(cry for me) pay up now, Argentina

by Ann Pettifor.

“I had to let it happen I had to change Couldn’t stay all my life down at heel Looking out of the window Staying out of the sun So I chose freedom” (lyrics – Tim Rice) Few of our readers (we suspect) will have heard of NML Capital Ltd – a company which today is […]

There’s nothing to stop another financial crash

by Michael Meacher.

One of the great unspoken scandals of the post-2007 financial crash era is that no reform of the banking system has been put in place, though domestically the bank bail-out will cost UK taxpayers some £1.4 trillions by 2015 and globally the crash nearly collapsed the world economy. Despite those gigantic detriments, 5 years on […]

Why are we still so obsessed with preserving the banks?

by Michael Meacher.

It is sad, tragically if not pathetically sad, that 5 years into this long-drawn-out recession still virtually none of the key lessons have been learnt. It is not about injecting a new morale and spirit of Olympic aspiration into UK economic enterprise after two weeks of glorious athletics achievements. It’s about realising that the financial […]

How long can this go on? Not the Coalition, but peace on the streets?

by Michael Meacher.

The latest news about inflation – RPI up last month from 2.8% to 3.2% when wages are virtually flat – is bad enough, but the background makes this a whole lot worse. Since 9 August 2007 when the collapse at Northern Rock heralded the start of the Great Financial Crash, debt, despite all the privations […]

To consolidate its lead Labour now needs to correct 3 major mistakes

by Michael Meacher.

With business leaders, even the director general of the British Chambers of Commerce, now slamming Osborne’s policy for indecision, equivocation, short-termism and political manipulation, Labour must now be poised to take a decisive lead in the crucial area of economic policy. But if it is going to consolidate a lead which at present is much […]

Cancel the Greek debt

by Michael Burke.

The Greek general election on June 17 presents a clear political choice on whether to continue with the ‘austerity’ measures imposed by the Troika of the ECB, EU and IMF which have caused a disastrous economic slump. Greek GDP fell by over 13 per cent between 2007 and 2011 and contracted sharply again in the […]

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