Monday , February 24 2020
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Reality hits back

Donald Trump

In the wake of the 2008 crash, we developed a form of schizophrenia.  We began talking about two economies: the “real economy” – the manufacturing and trade of goods and services that we mere mortals engage in – and the “monetary economy” – the daily exchange of computerised electronic numbers …

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UK Budget: how ‘peak oil’ plays out in practice

Buried beneath George Osborne’s cuts to disability benefits and his damascene conversion to a sugar tax was a measure that should alarm us all.  Osborne has made the tacit admission that energy is more important than the public finances. Between 1979 and 1999, Britain had been self-sufficient in fossil carbon.  …

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Does Britain have a savings crisis or a credit crisis?


It will not be a climate crisis or an energy crunch that will mark the start of our collapse.  Credit will be the first casualty of our predicament Claiming that Britain has a “savings crisis” is a bit like saying that someone infected with the Ebola virus has a fever.  …

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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?


“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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