Food – Project Fact

Some very worrying research has come from the University of Liverpool and Imperial College London, which suggests that the shortage of fresh food which would certainly be caused by the disruption engendered by any no deal Brexit and also, importantly, a free-trading agreement with the EU and even with third-party countries. All scenarios would necessitate… Read more

MMT as nonsense economics – or not

The first point—that (fiat) money is ultimately a governmental construct in modern capitalist economies, and central banks can indeed produce as much of it as they want—is not news…. is the promising way Jonathan Portes kicks off his argument in ‘Prospect’ against Modern Monetary Theory (MMT), which he calls ‘Nonsense Economics’. He continues: a sovereign… Read more

Contracting out democracy – why not?

During the 1971 debates over the UK’s entry to what was then called the “European Communities”, the violinist Yehudi Menuhin suggested that Britain offer other countries a “rent-a-government” service, so great were the UK’s politics and civil service. Actually I would have probably – just about – agreed at the time – but how are… Read more

Anyone for prestige gilts?

There is an interesting article in the New Statesman by Ann Pettifor where she indicates that currencies are made stronger by the taxpayer. She appears to share her view with Thomas Edison: If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt-edged paper. Why?… Read more

Oh to be in New Zealand

Th FT of 21st January had an item by the New Zealand Prime Minister Jacinda Ardern ‘New Zealand hopes to lead the world with wellness-based policies’, which was perhaps, ostensibly pretty pedestrian-based stuff. But it has notable insight. Starting with: Ours was the first country where all women won the right to vote back in… Read more