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

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