Tag Archives: deficit
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
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
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
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
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
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.”
Thomas Gresham had served three Tudor monarchs as their Royal Merchant¹ in Antwerp and had grown rich acting on their behalf. However, his success in arranging England’s financial transactions with bankers and money lenders was not always favourably received. It had also made him enemies in both financial and political circles. Some believed that he would often quite deliberately manipulate the money markets — cleverly duping them in his games of thimblerig² — disadvantaging them financially and often politically. Knowing that his activities in Antwerp and elsewhere had made him these enemies, Gresham had an awareness of danger when confronted by it. This was obviously no chance encounter with a stranger who called himself Frances Walsingham. Not only had he identified Gresham in the crowded Antwerp bourse, he had addressed him by name and acknowledged by name his two factors Clough and Spritwell. The significance of this was not lost on Gresham nor was Walsingham’s demeanour, which was that of a dangerous man who it would be unwise to cross. Hoping that his alarm was not apparent, Gresham enquired if he could be of any assistance. Speaking in a low voice, almost a whisper, Walsingham told Gresham that he was under instructions to deliver a message to him only and that they should find somewhere quiet where they be could be certain of privacy. Read more of this post
Der Spiegel reported in May 2010 that without bribes virtually no foreign company could do business in Greece. In How German Companies Bribed Their Way to Greek Deals, Der Speigel claimed that the money from bribery enriched industrialists, civil servants, the military and politicians. Read more of this post