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

Poisonous tendencies

Cross-posted on  Brave New Europe. Anyone that has tried to balance a seesaw – not touching the ground – knows about equilibrium. We know how to adjust our position to correct any movement away from perfect balance. The seesaw fluctuates and we cannot relax, but if we react correctly it never moves far from the… Read more

Trickle up in pictures

How trickle down led to trickle up is probably a familiar story to most readers of Progressive Pulse but still it is worth seeing the evidence in the data. This data is for the US and comes from the work of Piketty, Saez and Zucman. (The UK is slightly less extreme but has been following the… Read more

The unbalanced economy

I’m pretty certain that Capx website is not for the most radical of writers. And certainly the author I stumbled upon used to write for the ‘Telegraph’. But under the heading: ‘There’s a new sub prime crisis’ and ‘the payday lending market has exploded since 2008’ the article considers Provident’s problems. This is a company… Read more

Money’s golden connections

A recent email from Positive Money posed an interesting question: “How is it that lack of money, the only resource that can be created at will, forms the main obstacle for addressing effectively society’s problems?” If we presume that the resources they refer to are labour, land, energy and money, then it is delightfully true… Read more