It may only have been a fraction of a percent but make no mistake, last week’s interest rate increase was a big deal. It signalled the Bank of England has given up on reviving the economy, having already inflated the assets of the already rich through its dangerous game of monetary policy. Bank and Treasury economists (aided and abetted by the OBR) are guilty of defeatism. They argue that despite their powers, there is nothing to be done.
Dear Catalans, You are not allowed to secede from Spain. The EU ‘owns’ Spain, and Spain ‘owns’ you. Catalonia is a wholly owned subsidiary of Spain. Spain is a subsidiary of the EU. And the EU is non-negotiable. Vast amounts of capital went into this project; if it fails it will bring down the global banking system.
There is no other way to describe economics in 2017 than wilful blindness, writes economist Professor Steven Keen. Nobel Laureates who claimed financial crises were now impossible also claimed the 2008 Global Financial Crisis could not have been predicted. This is all, of course, nonsense. The evidence was there all along. Those with the power to change the course of history simply chose to ignore it.
We are at a critical stage in the ‘end-game’ of a monetary system in desperate need of reform, but the government has neither the stomach nor the spine for the job. So instead Uncle Sam is coming after your taxes. Mark GB on why growth and progress is about to run off a cliff.
They say if you like laws and sausages, you should never watch either one being made. Banking belongs on that list also, but it seems most people would rather not know. Economic conditions are poor. We are not in a recovery; we are in a depression. Central Banks don’t understand the problem because central banks are the problem.