The FT is pointing out that the European Central Bank (ECB) is worried about the shadow banking boom (intermittent paywall) in Europe. Ten years after the world was rocked by an unprecedented banking crisis, policymakers are sounding the alarm about the spread of risk out of the now more regulated banks and into the “shadows”… Read more
Weimar and discovering the case against austerity
Having recently been criticised by someone who considers that the history of the Weimar Republic means that the government can never print money, and that governments should more properly follow the advice of sober bankers, I countered that the Reichstag was actually private at the time so it was not the government printing the money… Read more
Sugar tax own goal
We may now have the sugar tax, but of course what most of the soft drink suppliers have done is substitute other sweeteners for sugar (which we have consumed for about 500 years). I’m unaware of any trials that suggest the alternative sweeteners are in fact either any better or even good for us at… Read more
Why is the UK rejecting the NI Backstop?
I seem to be obsessed with the border recently. I would love to get back to looking at new economics, Modern Monetary Theory, tax, the optimal balance between the public and private sector spending and the myriad other difficulties afflicting modern Britain. We are also way behind on Book of the Month so suggestions please!… Read more
Ready to Eat – or not?
We should not forget that “Prêt à manger” actually means “Ready to eat”. Calling it PRET disguises the idea, though I’m sure those that work for them have rarely, if indeed ever, thought about their origins. So they completely lost the philosophy of the company name when a poor girl succumbed to her allergy. We… Read more
Northern Ireland and the Humpty Dumpty World of Schrödinger’s Cats
Note: this article is a co-publication with the award winning Slugger O’Toole portal as the first in the Future Ireland series. ____________ Apparently you follow the rabbit down a hole and you emerge in a wonderland …. Ken Clarke – House of Commons “When I use a word,” Humpty Dumpty said, in rather a scornful… Read more
Is the UK really a Services Export Superpower?
I had understood that whereas the UK has for many years had a very large trade defect in goods, this was made up for by the excellence in the UK services export sector. Indeed league tables generally put the UK as second only to the US in terms of services exports.The 2015 World Atlas for… Read more
The next financial meltdown …
Another Radio 4 programme “The next financial meltdown” should have been of interest – and it was, vaguely. But none of the high profile people included – and most were certainly intelligent – seem to know where money comes from. Or even if, perhaps, they do, they do not acknowledge it. The best commentary came… Read more
Bankrupt Legislation
An interesting programme last night on Radio 4 about bankruptcy – something to which I have been close for about 5 years or so of my life. What disaster befell me? Just a corrupt solicitor, who unfortunately deceived me. He went to jail in due course – and I doubt he enjoyed it as he… Read more
Positive Money edges towards Modern Monetary Theory
A recent article by Positive Money seems to indicate that they are gradually edging towards a view of money that takes on board Modern Monetary Theory (MMT). They quote with approval, the Bank of England: “Saving does not finance investment, financing does.” and then continue: Here lies the real overlap between the MMT and Positive… Read more
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