Are Martians in control of some central banks
30 Jun 2010 [4 Comments | 1,220 views]
This time, the European Central Bank sits at the centre of a storm. It is a little odd. The Bank of International Settlements, which is the closest we have to a world central bank, the IMF and the OECD have turned into arch hawks. They have thrown out 80 years of economic theory, and turned [...]
Obama wears flares to latest G20 fashion parade, but he may be ahead of his time
28 Jun 2010 [0 Comments | 576 views]
David Cameron reckons these G20 jaunts are a waste of time. Judging by the latest attempt to present unity when actually there is profound disagreement, you can understand our PM’s reservations. The reason why this column is a fan of the G20 meetings has little to do with economics. Churchill, a man whose economic judgement [...]
Osborne wants to hit welfare, but business angels are left without a halo
28 Jun 2010 [0 Comments | 420 views]
George Osborne has let his ideas for solving the fiscal deficit slip while at the G20 summit. Mr Osborne wants to hit welfare, at least that is what he is saying . At the G20 in Canada, he told the press: “Some of these benefits individually are very much larger than most government departments … [...]
Chermany and Chreece
25 Jun 2010 [0 Comments | 381 views]
You may know, but the FT’s Martin Wolf has come up with a phrase to describe the world’s big export block, he calls it Chermany. China and Germany are similar in the sense that both have high savings, and both export more than they import. It could be argued of course, that just as China’s [...]
Work till you drop, or work until you want to stop
25 Jun 2010 [0 Comments | 569 views]
There are always two ways of looking at things. Some might say: “It’s a scandal, now we have got to work until we drop.” Others might greet the news with glee, and thank their good luck that they won’t be put out to grass at 65. To an extent your reaction to the news will [...]
The three musketeers have riposte for German queen
24 Jun 2010 [0 Comments | 898 views]
And while all around there was Armageddon, Mr and Mrs UK Press had a picnic. Okay, that’s a little harsh and maybe a touch over the top. But the truth is, this week’s budget should have been no more than a sideshow while some serious stuff was taking off in other parts of the world. [...]
Osborne puts all his money on black
23 Jun 2010 [5 Comments | 1,888 views]
It was a bold Budget, all right. It was hailed as the most significant Budget in years, which is odd because they said much the same of Alistair Darling’s Budget of just a few months ago. You could say there are two key points that stand out. Firstly, George Osborne wants to reduce what’s called [...]
The Great Wall that is China’s currency begins to crumble
21 Jun 2010 [0 Comments | 432 views]
It all boils down to the same thing. The French are preparing to outdo everyone and launch massive cuts in government spending. Meanwhile, at Number 11 Downing Street, George Osborne has been burning the midnight oil. You can imagine the ideas clashing in his head: “Should I increase VAT or capital gains tax, should Gerard [...]
When it comes to the economy, gold does not glisten
20 Jun 2010 [0 Comments | 469 views]
It’s happening. Where are the surplus countries to cut their wealth? Forget the euro, and sterling. The dollar may be enjoying its last hurrah. China absolutely does not want the yuan to fill that role. That leaves a certain yellow metal. According to the FT, Saudi Arabia’s reserves of gold are twice the size we [...]
Union unrest, good or bad?
20 Jun 2010 [0 Comments | 319 views]
We are told that for China strikes and unions flexing thier muscles is a good thing because low wages are a part of China’s problem. But in the West, workers just have to remove their heads from the sand. The CBI has joined the debate. This morning it is releasing a report calling for more [...]
