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 […]
Posts Tagged ‘Banking’
Banks: time to move your own money
Jul 7th, 2012 by Newsdesk.We all know that the banks have failed us and something has to change. The banks won’t change of their own accord and politicians and regulators are too narrowly focused on maintaining the status quo, so we must be the agents of change. It is simple: make a positive decision about where to put your […]
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Bank inquiry could open up secret Tory-City deals which threaten government
Jul 5th, 2012 by Michael Meacher.So why are the Tories so determined to block a proper judge-led inquiry into the whole corrupt culture of banking which is so obviously needed? Their only argument is the need for speed to deal with the shocking LIBOR revelations. Ed Miliband yesterday at PMQs neatly overturned that argument by saying that a judge-led inquiry […]
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Leveson-style inquiry into banks needed, not inter-MPs mud-slinging
Jul 4th, 2012 by Michael Meacher.They’re being forced to yield inch by inch. First, Barclays’ chairman Agius said he had no intention of resigning; 24 hours later he’d gone. Then the shameless and disgraced chief executive Diamond announced that he was the best person to oversee a change in culture at the bank, having told us a few months ago […]
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Labour after LIBOR
Jul 2nd, 2012 by David Osler.If anyone out there is still making the intellectual case for further banking deregulation, they are keeping strangely quiet right now. And yet for the longest time, an automatic presumption in its favour constituted the prevailing orthodoxy among Conservative and New Labour politicians alike. Last week’s revelations about Barclay’s complicity in rigging the London Interbank […]
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Be angry at bankers, be angrier at economists
Jul 2nd, 2012 by Ann Pettifor.Like millions of others I am outraged by the LIBOR scandal; the wrongdoings of the ‘submitters’ and other traders at Diamond’s Barclays Bank and their fellow travellers at the British Bankers Association. Which is why we at PRIME economics launched a government e-petition calling for a judicial public inquiry into the wrongdoings of banks, and for […]
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Osborne genuflects to banks, but still can’t turn up economy
Jun 17th, 2012 by Michael Meacher.It is astounding that some political leaders can be so wilfully blind. Osborne, faced with a collapsing economy and banks that are unwilling to lend because they have such lack of confidence in the economy that they don’t believe they’ll get their money back, has now in utter desperation bowed to banks’ demands to water […]
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Another credit crunch looms
Mar 9th, 2012 by Ann Pettifor.The finance sector is signalling alarm, and our politicians are once again asleep at the wheel. Another “credit crunch” may be looming. The most significant evidence emerged from the ECB’s second Long Term Refinancing Operation (LTRO) on Thursday last week. The LTRO is simply language intended to disguise the “printing of money” by the ECB […]
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Expect the government to shrink the banks? Think again. But the markets….
Dec 30th, 2011 by Michael Meacher.The feebleness, impotence and tardiness of the Government in dealing with the banks could hardlybe more starkly highlighted. Everyone (almost) agrees that the UK finance sector is far too big – its liabilities equal 5 times Britain’s GDP – and the economy urgently needs to be rebalanced away from the City towards a revival of manufacturing. […]
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Standard & Poor’s is right, ‘austerity’ has no economic clothes
Dec 8th, 2011 by Ann Pettifor.So European politicians want to shoot the messengers? Sure, ratings agencies haven’t always been reliable, decent or honest. And sure, like Eurozone politicians Standard & Poor is just following events, not shaping them. But on this occasion S&P’s analysis, if not their solution, is right. Credit Crunch 2.0 is fast accelerating and squeezing life out of […]
