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Economy

European banks still too big to fail

European Central Bank

MEPs from the European United Left/Nordic Green Left European Parliamentary Group have criticised the first annual report of the Banking Union for failing to deal with the structural problems plaguing European banks.  GUE/NGL Co-Shadow Rapporteur on the report, Rina Ronja Kari, explained: “When the big banks were saved during the …

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Is banking about to go supernova?

Supernova

“Why would someone lend money to a borrower with the certainty of getting less money back at a future date?” That’s the question posed by Bill Gross from Janus Capital group in his March newsletter to investors.  Comparing the contemporary state of the banking industry to the state of the …

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The flaw in Britain’s dash for gas

fracking rigs

When they were elected with a small majority in May 2015, Tory ministers salivated at the prospect of generating a hydraulic fracturing (fracking) boom similar to the one in the USA.  It was meant to be a win-win.  The Bullingdon Boys and their chums in The City could get rich …

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Banking layoffs gather pace

Wall Street sign

The heady pre-crash days of 2007 were the last time bank CEOs emerged to tell an unsuspecting public that all was well.  Within months, of course, banks and financial companies were falling like dominos and Western finance ministers were desperately looking for a means of preventing a financial meltdown.  The …

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A lesson in unforeseen consequences

Unforeseen consequences

One of the ways you know that you are dealing with a religion is when the priests reject evidence because it conflicts with the model of how the world is meant to be.  Indeed, history is littered with the corpses of apostates, blasphemers and heretics who had the temerity to …

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Clueless in Shanghai

G20 economic crisis

The G20 meeting in Shanghai has started with a round of finger pointing as it becomes clear that the policies put in place in the wake of the 2008 banking crash have failed to deliver the promised global economic growth. With the International Monetary Fund sounding alarm bells about the …

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The too big to fail banks are up to their old tricks again

City of London

Shares falling, CEOs taking huge bonuses, fears about bad debt and cascading bank failures, and senior bankers coming out to tell us (“trust me, I’m a banker”) that they do not have liquidity problems… it’s 2008 all over again.  And the UK banks have been taking liberties recently according to the …

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EDF calls for urgent reform of EU energy market

EDF visitor centre

French energy giant EDF has called for a radical shake up of the European Union energy market in order to increase generating capacity and to facilitate the transition to low-carbon energy. The current EU energy market was set up to encourage competition between suppliers to keep consumer prices low.  However, …

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