Posts Tagged ‘Depression’

It’s about the fundamentals, silly

by Michael Meacher.

The basic reason that the leadership election has been so disappointing, until Jeremy Corbyn came on the scene, was that it was stuck on issues (insofar as it was stuck on any issues at all) that, while certainly important, did not have the makings of a vision. Even when Corbyn prompted the others to produce […]

A milestone reached in the British slump

by Michael Burke.

The release of the second estimate of GDP in the 3rd quarter of 2013 marks an important milestone in the current slump. The fall in investment has for long been the driving force of the current crisis and in fact preceded it. As in many other countries investment (Gross Fixed Capital Formation) in Britain began to […]

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 […]

How can the monstrosity of doomed austerity be stopped?

by Michael Meacher.

The evidence that prolonged austerity has failed is now overwhelming. The economy is experiencing the slowest and feeblest recovery from slump on record, and the longest depression since 1873. The double-dip recession is extending into a long contraction with no plausible scenario of growth in sight. Manufacturing, which initially rallied in 2010, then slipped slowly […]

Greece: Answering the critics of a united front against austerity

by Kate Hudson and Andrew Burgin.

Greece stands on a precipice. There can be no return to the old politics there and a revolutionary situation is emerging amid the chaos of everyday life. The classic conditions for revolution are present: a working class no longer prepared to live in the old way and a ruling class no longer able to rule […]

Three speeds In Europe, all slower

by Michael Burke.

The latest publication of the GDP data for the EU shows three distinct trends but one unifying theme – slower growth. In an important but dwindling group are those economies which are still expanding, led by Germany where GDP grew by 0.5% in the first quarter of 2012. In a larger group are those countries […]

The far left and capitalist crisis

by David Osler.

Recent capitalist history has thrown up sharper economic declines and higher levels of unemployment than the ones we are currently witnessing in Greece and Spain. It’s just that they haven’t occurred in nice Mediterranean countries that Britons visit for beach holidays and long weekends.

We need Balls-plus

by Michael Meacher.

Were Ed Balls prescriptions desirable? Yes. Were they sufficient? No. He wants to repeat the bank bonus tax, bring forward long-term investment plans, reverse January’s damaging VAT rise for a temporary period, cut VAT to 5% on home improvements, and give a 1-year national insurance tax break for every small firm that takes on extra […]

Ed Balls speech: a right and left perspective

by Carl Packman.

Ed Balls today did exactly what he was supposed to do: he offered something by way of a plan to boost jobs, created a soundbite on Labour’s economic plan (“fiscal responsibility in the national interest”), apologised for what Labour got wrong in the past (75p pension rise, the abolition of the 10p tax rate), put […]

Ed Balls speech: in denial

by David Osler.

This is the darkest, most dangerous period for the global economy that most of us have ever lived through, Ed Balls correctly insisted in his speech to the Labour conference today. But never mind; a temporary cut in VAT will soon sort things out. I exaggerate, of course. But only slightly. At a time when […]

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