Cameron’s seeking to explain away yesterday that the national economy was now shrinking by 0.2% in the last quarter of 2011 won’t wash. He blamed high inflation, Labour ‘mismanagement’ and the eurozone problems. High inflation is irrelevant to a contraction of national output which is clearly down to lack of demand because of squeezed incomes. [...]
Posts Tagged ‘Recession’
UK stagnation is home grown & down to government
Oct 11th, 2011 by Michael Burke.George Osborne and other Tories as well as their supporters in the media are now promoting the idea that the stagnation of the British economy is a function of the turmoil in the Eurozone economy and financial markets. The main channel for economic weakness in the Eurozone to be expressed in British economic activity is [...]
There’s no avoiding doom for the Eurozone now
Oct 5th, 2011 by Michael Meacher.The 3-notch downgrade of Italy’s credit rating by Moody’s. The near-collapse of the French-Belgian bank Dexia despite the stress tests it passed only 3 months ago. The growing consensus that only a 50% haircut imposed on investors in Greek debt can save the country from insolvency. The drastic fall in share prices in the UK, [...]
If Greece goes pear-shaped, Britain may go too
Oct 4th, 2011 by David Osler.The righteous have their work done for them by others, the old Jewish proverb insists. Now that newspapers from the Daily Mail through to the Financial Times routinely run headlines describing ‘capitalism in crisis’, what purpose can possibly be served by rising at the crack of dawn to sell Socialist Worker to the early shift? [...]
Opposing New Labour orthodoxy may well be a winner
Oct 2nd, 2011 by Michael Meacher.What is so striking about the reaction to Ed Miliband’s speech on the Tory/New Labour Right is their sheer disbelief that any alternative to globalised markets and the corporate ascendancy is feasible, such is their belief in the inevitability of unfettered market capitalism. The arrogance of this view takes some beating. The current neoliberal system [...]
The mother of a crisis is on its way
Aug 19th, 2011 by Jon Lansman.The crisis is coming, and, though the bankers are still raking it in, the shit is really about to hit the fan. I can’t put it better than three wise men, whose concise views I quote at length: Duncan Weldon is terrified by bond yields: We have falling equity prices, falling commodity prices, record low [...]
