The main factors that account for economic growth are increases in the workforce or in the amount of productive capital in the economy. A far smaller contribution is made by improvement in productivity as a result of innovation. Since mid-2009 the British economy has grown. But this is wholly accounted for by growth in the […]
Posts under ‘Finance’
Strip the private banks of the power of money creation
Nov 23rd, 2014 by Michael Meacher.The House of Commons held a very important debate this last week on the creation of money, a process which the Big 4 banks have monopolised and thus privatised the money supply. The abuse of this power over the last 3 decades has been enormous, and I used this debate to propose an entirely […]
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The Osborne forked tongue is cranking up for the Autumn Statement
Nov 14th, 2014 by Michael Meacher.The Chancellor’s response to the £1.1bn windfall handed to him by the fine on the banks is a classic in Osborne double-speak. We’re told the money will be “used for the wider public good”. He means tax cuts as an electoral bribe. He says “today we take action to clean up corruption by a few […]
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Why should rich posh crooks (aka bankers) get away with it?
Nov 14th, 2014 by Newsdesk.The banks: how am I here again? Standing outside RBS, Paul Mason asks why action is not taken against crooked bankers. They plead not to over-regulate them, not to imprison them or they won’t be able to recruit the talented people they need. Talented at what, you may ask. Ripping off their costomers? Certainly not […]
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Facing eviction by Christmas, by publicly owned banks with no public service ethos
Nov 13th, 2014 by Michael Meacher.When because of the bankers’ crash RBS, Lloyds, Northern Rock and Bradford & Bingley went bust and were taken over by the State, one of the worst indictments of the Blair-Brown governments – copied and exacerbated further by this current Tory government – was that the losses were borne by the taxpayers, but they continued […]
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Central banking, state capitalism, and the future of the monetary system
Nov 12th, 2014 by Ann Pettifor.The role of commercial and central banks in the process of providing credit may seem to be clearly understood by economists, bankers, and policymakers. But there are common misunderstandings about money creation, equilibrium, public money, central banks, and interest rates. The outlook for the global monetary system is not overly optimistic in the absence of […]
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Big accountancy firms’ corrupt fiddles for the banks must be stopped
Oct 22nd, 2014 by Michael Meacher.The evidence piles up that the private sector auditors of banks have manifestly failed in their duties. All the major banks received unqualified audit opinions from Deloitte & Touche, PricewaterhouseCoopers, KPMG, and Ernst & Young. Private sector auditors have a history of silence and are immersed in too many conflicts of interest. The evidence is […]
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Financial weapons of mass destruction remain UK’s biggest unexploded bomb
Oct 20th, 2014 by Michael Meacher.Despite the recent howls from the City of London about the new criminal offence of reckless misconduct by senior bank executives, little or nothing has been done to curb the very real and big risks associated with derivatives which were at the heart of the financial crash 6 years ago. It is little understood that […]
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‘Secular stagnation’ is the outcome of deliberate policy — it can (still) be reversed
Oct 16th, 2014 by Ann Pettifor.Martin Wolf in the FT today strikes a different direction from those secular stagnaters shepherded by Larry Summers towards the cliff-edge of endless doom. Larry Summers devised and popularised the term, “secular stagnation”. He has a lot to answer for. His misjudgements, poor advice to the Obama administration, and flawed analysis have been catastrophic for the global […]
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The causes of the next crash are clearly visible
Sep 29th, 2014 by Michael Meacher.In hindsight it is extraordinary that the warning signs of the 2008-9 crash were almost universally missed, largely because the hoped-for fantasy of bull markets continuing uninterrupted blinds investors to the nature of the capitalism they’re riding on. But lessons are rarely learnt, and the signals of over-exuberance and over-reach are apparent again today, with […]
