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Economy

Italy on the verge of destroying the Euro

beppe grillo

On the back of the slow collapse of the Italian banking industry, Italy is just three all too plausible steps away from destroying the Eurozone according to John Hulsman at City Am: Step one is that Prime Minister Matteo Renzi loses the autumn referendum on reform of the political system …

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Forget GDP – it is per capita GDP that indicates our demise

Recession

Across the Western World there is a growing sense that something is wrong.  The economic ‘recovery’ that we have experienced since 2008 feels for all the world like a depression.  Despite official GDP figures showing (at least some) growth, more people have been forced to turn to foodbanks (UK) and …

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Doing the same thing in the hope of a different outcome

Bank of England

It is doubtful that Britain’s economic woes are entirely the result of Brexit.  In the ordinary course of the business cycle, we were overdue for a recession anyway.  Add to that the spectacular current account deficit and vast public borrowing that resulted from Osborne’s ill-conceived and ideologically-driven attempt to run …

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Forget Brexit – banking looks set to kill the EU dream

EU banks

While public attention has focussed on the British vote to leave the European Union, an even deeper crisis has been brewing in the EU banking sector.  Italian banks are desperate for a new round of bailouts, while similar crises are worsening for Spanish and Portuguese banks. All three countries pose …

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The global economy has stopped passing go!

Monopoly

Economists and central bankers often chastise us for likening the global capitalist system to a game of Monopoly.  But according to US investment advisor Bill Gross from Janus Capital that is exactly how we should see it: “If only Fed Governors and Presidents understood a little bit more about Monopoly, …

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Economists’ blind spot to Britain’s biggest danger

Household debt

Following the referendum vote to leave the European Union, the Bank of England Financial Policy Committee has highlighted the biggest dangers to the UK economy.  These include the potential for a crash in commercial property, the growing current account (balance of payments) deficit, fragile markets and problems in the wider …

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Italy next in the slow motion Eurozone train crash

Italian Government

The impossibility of running a single monetary union without a central government to operate fiscal policy is becoming increasingly clear to those at the heart of the Eurozone.  Having witnessed the collapse of economies on the periphery of Europe – Greece, Ireland, Portugal and Spain – with the inevitable imposition …

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UK economy was collapsing prior to Brexit referendum

Construction

When it comes to political legacies, David Cameron’s is already in tatters… and things about to get a lot worse.  Although most of the Remain Campaign’s warnings about the imminent appearance of Conquest, War, Famine, and Death following the June 23 vote did not materialise, the UK economy is clearly …

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The end of the market?

Market Economy

Growing inequality.  An economic elite that has captured political institutions.  The growth of a financial sector on the back of unsustainable asset bubbles.  Increasing civil unrest and controls on individual rights and freedoms.  These are all recognisable signs of the imminent decline of… market economies in 12th century Iraq, 15th …

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Brexit in context

Brexit fallout

For all of the howling and gnashing of teeth among the 48 percent of British people who lost the referendum on Britain’s membership of the EU, the rest of the world has remained largely unmoved. While the Bank of England has taken action to bolster UK markets and to prevent …

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