Archives for: Unemployment

Ed Miliband has a point. When this country toppled into crisis in 2007-08, it was widely feared that the financial collapse would lead to mass unemployment on a scale that dwarfed the recession of the early 1980s. And it hasn’t happened, or not quite. Yes, unemployment is really bad. Yes, the statistics are manipulated. And [...]

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UK Chancellor Builds Economic Policy On a Ponzi Property Scheme

by Mitch Feierstein about 1 year 1 month ago

At the last election, during a TV debate between the three putative chancellors (Messrs Darling, Osborne and Cable), Krishna Guru-Murthy, asked, ‘Do you agree that cuts we are going to be facing will be deeper than the cuts that Mrs. Thatcher had to put through Britain?’ Alastair Darling answered, ‘Well, … they’re going to have [...]

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  On the first day of Christmas, my country gave to me A debt bigger than GDP Yep, that’s right. US Public debt stands at more than 100% of GDP. The last time debt was this high, we were fighting a World War across two continents and building a peaceful prosperous world, whose basic shape [...]

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WE ARE A NATION OF LIONS LED BY DONKEYS IN THIS ECONOMIC TRENCH WARFARE

by Mitch Feierstein about 2 years 1 week ago

A hundred years ago, a generation of men – many of them volunteers – fought an unprecedently bloody war for almost invisible gains. The men were heroes, but the generals commanding them were too often blunderers, too little conscious of the ever-mounting casualties. David Cameron is right to demand that our schoolchildren are reminded of [...]

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Last week I wrote a piece about Congress: its failure to take responsibility for problems, the way its un-shining example has a tendency to corrupt all our other national institutions. The post garnered a remarkable number of comments, the majority of which agreed strongly with the view I expressed. Just one thing disturbed me, however, which [...]

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Hogging the headlines: In recent years, financial news has dominated the front pages – most recently the scandal at Barclays You know, there would have been a time when a financial contributor for the Daily Mail was restricted to the little stuff. Share tips, muttering about monetary policy, that sort of thing. Not any more. [...]

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This Time It’s Different: Why It’s Time to Fire Bernanke

by Mitch Feierstein about 2 years 3 months ago

Two bits of news in the last couple days. One, Ben Bernanke, Chairman of the Federal Reserve, has decided to extend Operation Twist, a policy whereby the Fed sells short-dated government paper in order to buy the longer-dated sort. It sounds boring but it involves $267 billion, so it’s kind of consequential all the same. [...]

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Jose Manuel Barroso, the President of the European Commission, got snappish when asked about the Eurozone crisis by a Canadian journalist.  ‘Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy,’ he said. ‘This crisis was not originated in Europe; seeing as you mention [...]

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Spending our way out of debt with borrowed money is not the solution

by Mitch Feierstein about 2 years 4 months ago

The United Kingdom has too much debt. Reports normally focus on government debt: currently around 80% of national income, unless you take into account (as you should) the debts of the bailed-out banks and their toxic portfolios, which would pretty much double that figure. But what about consumer debt? Mortgage debt? Business debt? The huge [...]

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Capitalism Without Bankruptcy is Like Catholicism Without Hell

by Mitch Feierstein about 2 years 4 months ago

Barack Obama was recently on the stump, defending the latest set of lackluster jobs figures. Obama blamed ‘serious headwinds’ including higher gas prices and, more recently, the developing crisis in the Eurozone. Having handed much of the blame to foreign oilfields and European crises, he returned to more familiar ground, bashing a Republican-controlled House for blocking some of the proposals in [...]

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