Tag Archives: Banks
November 18, 2017Posted by on
This week on Facebook: Blissful ignorance, Tax Havens and the Paradise Papers —
To each his suff’rings: all are men,Condemn’d alike to groan,The tender for another’s pain;Th’ unfeeling for his own.Yet ah! why should they know their fate?Since sorrow never comes too late,And happiness too swiftly flies.Thought would destroy their paradise.No more; where ignorance is bliss,‘Tis folly to be wise.
April 29, 2015Posted by on
The role that economic theory plays in the creation of money — even if understood by a government — is ignored in favour of economic manipulation for the purpose of a fiscal policy. Self interested post war governments have little interest in the social responsibility that Peter Drucker applied to a private enterprise.
“The first responsibility of business is to make enough profit to cover the costs for the future. If this social responsibility is not met, no other social responsibility can be met.”
November 6, 2013Posted by on
The mantra of the previous New Labour Government was that it only borrowed money to invest. All borrowing became an investment and while the mantra may not be chanted by the present Government, the borrowing philosophy continues. Most people (I assume) would define an investment as:
September 25, 2013Posted by on
The 1979 Banking Act introduced by the Labour Government, was the first UK Banking Act to put banking regulation on a statutory footing. ‘The words “bank” and “bankrupt” date from the 13th century when it was bankers bankrupting banks. In the 21st century, bankers are still bankrupting banks. But it is no longer just banks. In England and Wales alone, over half a million individuals and nearly 100,000 businesses have found themselves in insolvency since 2007. Internationally, a growing number of sovereign states face a similar fate’. [2011 Andy Haldane – Control rights (and wrongs)] Read more of this post
February 23, 2013Posted by on
A recent article; 138 Years of Economic History Show that It’s Excessive PRIVATE Debt Causes Depression, states that government debt – over a certain level – does matter as it forms a drag on the economy, but private debt kills it.
Focusing on private sector debt (credit), the article referenced a National Bureau of Economic Research (NBER) working paper, The Great Leveraging, which analysed 138 years of economic history in 14 advanced economies. Read more of this post