Originally posted on A different perspective:
In an exclusive interview, Paul Krugman — who just published a new book titled End This Depression Now! — tells us how the Euro crisis will end. He basically sees two possible outcomes, both of which are “impossible.” One possibility is that the ECB aggressively buys peripheral debt and caps the…

Originally posted on Whistling In The Wind:
Once upon a time there was a car manufacturer. One day he proposed to double his workers wages. The business community was stunned. Was this man insane? A socialist? Did he not understand the laws of economics? Surely his business would instantly go bankrupt and nothing more would…

Thursday’s IMF report has shown conclusively that George Osborne’s Plan A has failed. Austerity is pulling Britain back into recession. The International Monetary Fund (IMF) has long been an advocate of fiscal retrenchment and market-oriented “neoliberal” reforms. Indeed, the IMF is in part behind the current austerity programs currently being imposed upon Greece and Southern Europe, […]

Rail is back on the agenda in Britain. An average of 3.3 million people get on a train every day- and the number is growing, fast. The UK’s rail infrastructure is far behind that of continental Europe, with just 60km of high-speed line, compared to 3480km across the continent. HS2 will begin to change this. Meanwhile, […]

As things stand, the banks are the permanent government of the country, whichever party is in power Lord Skidelsky, economic historian and biographer of Keynes, in a speech to the House of lords It’s time to put bank nationalisation back on the agenda. The recent revelations about the Libor scandal- revealing that fraud was routine, […]

Since deregulation in the 1980s and 1990s, diversity in the financial services industry as it has gradually become monopolised. From Mother Jones: The nation’s 10 largest financial institutions hold 54 percent of our total financial assets; in 1990, they held 20 percent. In the meantime, the number of banks has dropped from more than 12,500 to about […]

There was a period of remorse and apology for banks- I think that period needs to be over. Bob Diamond, Group Chief Executive of Barclays plc. On Wednesday, the Commodity Futures Trading Commision (CFTC), US Department of Justice and UK Financial Services (FSA) authority released their statements on Barclays, which is facing a fine of some $450 million. They revealed systematic, routine fraud in the organisation, […]