GFC 2008: cock-up not conspiracy

A new study by the US National Bureau of Economic Research has found that the reason for the high default in mortgages prior to the 2008 financial crisis was not, after all because of loans to sub-prime lenders. It builds on the conclusions of the Massachusetts Institute of Technology who have long maintained that sub-prime… Read more

Anyone for “unfunded borrowing”?

In yesterday’s speech the Prime Minister refers to “unfunded borrowing”. It’s here  (To spare you having to endure the full half hour it is mentioned at about 23.58 in.) It’s not a stumble, it is clearly spoken, yet it is prima facie nonsense. Borrowing isn’t going to get to be borrowing if it is unfunded…. Read more

Moody Fantasy

The attention given by the Mainstream Media to the downgrading of British debt by Moody’s to slightly less than triple A only goes to prove how ill they serve us. It might be more interesting if it were Cornwall that had been downgraded, which is one of the few UK counties to have a credit… Read more

False conclusions on the Brexit vote

At least someone agrees with me that austerity caused the Brexit vote – even if it is only Alistair Darling on Radio4’s ‘Westminster Hour’. I have long been of the view that with the population increasing, yet with no investment in schools, housing, health or much else (apart from the largely useless prestige project of… Read more