Sticking to Neoliberaslism

I see Simon Wren Lewis is puttting his oar in in support of James Meadway – in the sense that he is supporting his Fiscal Credibility Rule (FCR). This same article is also, by the way, published in the New Statesman. Since Simon Wren Lewis (together with Jonathan Portes – both former Treasury Civil Servants)… Read more

Cash or Data Protection?

This, remarkably, from a recent issue of ‘The Times’ As Sweeden is in the vanguard of the cashless society it just goes to show how completely misleading such an idea is. We might also like to consider whether we really want the payment processors taking their commission percentage on everything – for ever, and knowing… Read more

MMT is real gold

The misleading title is because one reader has suggested (thank you, Damien) that I might respond to an ‘Economist’ article on MMT (Modern Monetary Theory). Which seems to go under various headings ‘Magic or logic?’ ‘Nutty or essential?’ depending on which Economist edition you are reading. Remarkably, it summarises MMT fairly well, whilst pointing out… Read more

Money is abstract not physical

There is an interesting piece from Joanna Montgomerie of King’s College London, on Storytelling about Debt in which she calls out the: …£1.64 trillion of private debt [86% of GDP]. This enormous stock of debt must be fed a steady stream of present-day income, flowing from households… and she shows that this private debt is almost… Read more

Thinking like China

There is a very interesting piece in the FT about China building a road in Montenegro, to link the Adriatic port of Bar to Serbia’s capital Belgrade. The Montenegrin government’s borrowing from China to finance the road’s cost, estimated at €1.3bn, has sent the country’s debt soaring from 63 per cent of gross domestic product… Read more