Tag Archives: banking

Britain Faces a Lost Decade, Deeper than Japan’s

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, […]

Heroes of the Week: Higgs et al, and the LHC Project

Today’s heroes of the week go to the six theorists who formulated the Higgs Mechanism in the 1960s: Englert, Brout, Higgs, Guralnik, Hagen and Kibble, and the entire LHC (Large Hadron Collider) Project, in particular the two great experiments, CMS (Compact Muon Solenoid) and ATLAS (A Toroidal LHC Apparatus), which have effectively confirmed the existence of the corresponding Higgs particle this […]

The Case for a Nationalised Bank

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, […]

My Hero of the Week: François Hollande

After tense all-night negotiations on Thursday, Europe has taken its first serious step towards solving its financial crisis, with the beginnings of what may become a banking and fiscal Union. Such measures have been widely praised by French newspapers from across the political spectrum, the IMF, and welcomed by Spain, Italy, Ireland and Greece, but are […]

How Banks Became Too Big to Fail

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 […]

Criminal Fraud is Routine in the Biggest Banks: Time to Prosecute the Bankers

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, […]