Tuesday , November 19 2019
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Economy

Reaching that Wile E. Coyote moment

In just about all of the Roadrunner cartoons, the Wile E. Coyote character ends up running off the edge of a cliff and plummeting to earth.  Unlike real life, however, Wile E. Coyote is able to keep going until he looks down.  It is for this reason that observers down …

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Peak oil demand is now

The theory of “peak oil demand” was a techno-utopian response to the supposed debunking of the peak oil theory first set out by M. King Hubbert in the 1950s.  Hubbert’s simple observation was that oil fields tend to reach peak production roughly 40 years after they are discovered.  Since most …

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Yellowhammer: a taste of collapse

The – largely unmentioned – benefit of a no-deal Brexit is that since the neoliberal global economy is declining, Britain might as well get its collapse in early to avoid the rush.  That is, as the net energy available to the economy declines because of the remorseless rise in the …

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Masking the collapse

As the spectre of a no-deal Brexit looms larger, picking your way through news about the state of the UK economy is increasingly difficult.  Mainstream media report every item of economic news (depending on their Leave v Remain bias) – as a product of Brexit.  If the economic news is …

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Your enemy’s enemy is not your friend

There is an Arabian saying that “my enemy’s enemy is my friend.”  It is a saying that was put into practice in the sixteenth century, and inadvertently created the USA.  The thanksgiving story about how the Native Americans gave food to European settlers who would otherwise have starved, is a …

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Inflation on Wall Street; deflation on Main Street

Chances are that when you visited your local Tesco Express to buy a sandwich and a soft drink for lunch, the queues were pretty much the same as they always are.  That, however, was not enough to prevent Tesco – the UK’s largest supermarket chain – announcing another big round …

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Toxic medicine

Introducing the reforms that were to come to be known as “neoliberalism,” British Prime Minister Margaret Thatcher famously explained: “Yes, the medicine is harsh, but the patient requires it in order to live. Should we withhold the medicine? No. We are not wrong. We did not seek election and win …

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Reliving old glories

It is not often that you get to feel sympathy for a Tory minister.  This morning was one of those few occasions (a little bit at least).  The latest, hapless, British Foreign Secretary, Dominic Raab – who apparently only a few weeks ago discovered that the English Channel is a …

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The art of painting lipstick on a pig

Financial journalists are engaged in a form of psychological warfare with the wider public today.  With a few notable exceptions, the aim is to paint as rosy a picture as possible to the unwashed masses whose pension contributions and continued borrowing are the only things keeping the bubble inflated.  Unfortunately, …

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That ‘Great Moderation’ moment again

In 2004, when then Fed Chairman Ben Bernanke popularised the term “The Great Moderation,” it seemed to almost all concerned that humankind had finally conquered the vagaries of the free market.  Both inflation and unemployment were low and the stock markets were booming.  Monetary policy, independent of government interference and …

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