A government can never ‘over’spend…

Spending is literally what governments are for. Governments may not tax back sufficient of their expenditure to prevent inflation, but the level of inflation is a democratic choice. It cannot be ‘over’spending for exactly that reason. I thought the explanation (below -just over two minutes) of how the BBC has, helped, over the last decade,… Read more

Libra is not so free

It seems that Facebook’s intentions have been unwittingly exposed in this article. Zuckerberg cautioned that the U.S. might lose its “financial leadership” on the world stage if Libra is not allowed to launch, noting that “China is moving quickly to launch similar ideas in the coming months.” Of course China – or at least its government… Read more

Economics as ‘moral science’

There was an fascinating recent edition of Renegade Inc on the Book by Dr Jonathan Aldred of Cambridge University entitled ‘Licence to be Bad’ – how economics corrupted us. He starts by suggesting that people used to admire ‘doing your bit’, which is basically an indication of a contribution to a collective, co-operative task. Nowadays… Read more

Neoliberal lies are certainly present in Brexit too

This was the FT’s front page yesterday (double click to enlarge): I’ll spare comment on Mr Putin’s Siberian holiday… in favour of the second article – an estimate by HMRC that outside the EU it would cost British business 15 billion pounds to fill in time-consuming and inconvenient customs declarations – based on the 215m… Read more

Capitalism’s indebted dynamism

Paul Mason has an interesting article in the New Statesman, which starts: In his own dumb way, Matt Hancock just summed up the survival strategy for global capitalism. Blinking into the camera lights, Britain’s hapless Health Secretary assured viewers that he could promise to build 40 new hospitals with just £100m because “the rest of the… Read more