Bankers still rool…

I don’t agree with the idea that we have to borrow money in order to have any, but the calculation in the image below demonstrates that, even within the orthodox borrow to spend framework the calculations are favourable, if we presume that everyday people are as worthy as banks themselves for government help for short… Read more

Covid-19 continued ..3

This is from a twitterer which amused me: Owing to the worsening situation, I’ve upgraded the musical accompaniment for my hand washing to Wagner’s Ring Cycle. Doesn’t leave much time for anything else, but safety first… Yet, joking apart, the UK prevention system for Covid-19 seems highly ‘individual’ and even somewhat suspect (see below): With… Read more

Budget – or just trickery

According to The History of Parliament the phrase ‘to open one’s budget’ “was being used in the sixteenth century to mean that someone was revealing something which was secret, perhaps even dubious. It meant something like bringing out a box of tricks. “ Yesterday’s budget certainly seems to justify that description. The new Chancellor seems… Read more

Fiscal Rules

I suspect that the Conservatives’ fiscal rules will be thoroughly breached by the upcoming budget. But meanwhile, Simon Wren Lewis, architect of Labour’s fiscal rules, has (at last?) outlined what they are for. I trust he’ll forgive me for quoting at length: Fiscal rules are there to restrain governments from not being benevolent. For many… Read more