Tag Archives: debt

USA: The budget (a history)

This week on Facebook: Just before Christmas I commented on an article posted on Facebook [see Facebook — The Nation] — not something that I do very often as comments on the election that resulted in Donald Trump being nominated President of the USA and the outcome of the Brexit referendum are for the most part simply (to my mind) the ravings of the disaffected. In this case I did listen to the related podcast giving rise to the leader by Robert Reich: Why Republicans Are Wrong About Taxes, commenting that Robert Reich may well be wrong. Read more of this post


This week on Facebook: With the election of new President having taking place in the USA on Tuesday and the global obsession with the outcome becoming a reality, I didn’t expect my articles to be widely read. So: belonging to the economically obsessed group, I posted reprises on some of my past observations. However I am not an economist or financial advisor,  nor do I claim to write with any personal professional authority.

I have thought that I should post on such matters as Cassandra  – a metaphor for cases of valid alarms that are disbelieved — and just maybe, a Trump victory in the USA presidential election will bring some reality to global economics. As painful and inflationary as that may be this global economic bubble has to burst sometime. Read more of this post

Fleeced Again!

This week on Facebook: Being somewhat surprised by the scale of the political incompetence (although political connivance would fit equally well) that I came across in last week’s article on pensions, I decided that this week I would look a little deeper. I found that the sorry saga continues with perhaps the only positive slant that could be put on it would be that of politicians caring for their own stipends.  Read more of this post

Points about Hinkley

This week on Facebook: A conversation with a friend drew my attention to Hinkley Point and the cost. In researching the cost of what is termed Hinkley Point C nuclear reactor the estimated construction costs alone are running at £18 billion and rising. Finding an estimated overall project cost on Hinkley Point C nuclear reactor — from conception to decommissioning — is very difficult as those financially involved in the project are quite coy about pricing. Read more of this post

Helicopter Money

This week on Facebook: Sees me return to economics, yet more history and the despair of an old man who — like all old men before me — thinks that the world is going to hell in a handcart. My first instinct was to ignore articles on helicopter money as it being something that I was incapable of having an influence on (which is true) and finding myself totally confused by the rationales offered by economists and politicians. Nevertheless, the notion of helicopter money made me think of some historic precedents that I believe are valid allusions to its use. Read more of this post

The Troika & The IMF

This week on Facebook: My innate cynicism tells me that that this exercise in flagellation by the International Money Fund (IMF) issuing their critical report¹, is not a pursuit of penance but rather a manipulation of the media. The Moving Finger writes; and, having writ, Moves on:… and so does the IMF. The media criticism of the IMF’s handling of crises mentioned in the report, especially the crisis in Greece and that of the Eurozone, will soon be forgotten as the media also moves on. The IMF will be left to continue dispensing its euphemistic aid regardless of its efficacy to those in receipt of it. Read more of this post

Green and Fiscal Ineptitude

This week on Facebook: The media are full of self-righteous indiction about Sir Philip Green and the BHS scandal, particularly when taking some moral high ground on the issue. Successive governments have always use other people’s money to fund their fiscal profligacy be it financiers or taxpayers, while those in government remain financially immune from their own ineptitude. Their financial consequences are avoided by governments, their financial advisors and bankers placing an ever increasing burden on the taxpayer. Governments run budget deficits that can never be large enough to repay the national debt but large enough to cover interest payments on monies borrowed (at least at the moment — countries do default). This borrowing includes the issue of gilts, the government’s legal Ponzi scheme, where future interest is guaranteed by yet another burden on the taxpayer. Read more of this post

Free Trade — not so transparent

This week on Facebook I intended to post some links on the age of transparency. This interest in transparency was prompted by a comment on a previous post, perhaps itself prompted by the recent revelations of the Panama Papers. Papers which raised great cries of indignation around the world and which will inevitably lead to less transparency in regard to their revelations. My web research for articles on transparency led me to conclude that we are living in an age of pseudo transparency, in which administrations, whatever their political hue, will constantly seek greater control over the pseudo transparency they permit. Articles on transparency are not easy to find, in fact the opposite is the case, there is a concerted effort to counteract and, where possible, suppress articles in the social media that could lead to any opposition an administration’s viewpoint. Read more of this post

That sacred cow the NHS

This week on Facebook I posted some links on the National Health Service (NHS). By the 1980s if society was divided by notions of a welfare state all strata of society were united in giving the NHS the status of a sacred cow. Yet from the moment of its inception in 1948 by the newly elected post World War II Labour Government, the NHS was unaffordable as a free service. Aneurin Bevan who, as the minister of health, was responsible for establishing an NHS that included free diagnosis and treatment for all, resigned from the government in 1951 as a protest against the introduction of prescription charges for dental care and spectacles. Read more of this post

The Budget Deficit – The Record

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.”

Peter F. Drucker, The Practice of Management (1954)

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