Labour forcing banks into Third Sector

Friday, 21 November 2008

Labour forcing banks into Third Sector

But worse still, is the news that Chancellor Alistair Darling has teamed up with Labour Chairman of the House of Commons Treasury Committee, John McFall, to tell banks they must lend money to customers at 'competitive rates' or legislation may be brought forward that will see the banks lose their independence entirely. The banks, having finally...

Posted on The Waendel Journal.

Even Americans say Brown hurt UK economy

Gordon Brown may be revelling in his success at persuading the UK media that he is the global master of all things financial and that all other leaders are looking to him for a steer, but as we have pointed out elsewhere, it is not a picture that is recognised in other countries. In fact when you look overseas you can find that observers of economic...

Friday, 21 November 2008

 Even Americans say Brown hurt UK economy

Gordon Brown may be revelling in his success at persuading the UK media that he is the global master of all things financial and that all other leaders are looking to him for a steer, but as we have pointed outelsewhere, it is not a picture that is recognised in other countries. In fact when you look overseas you can find that observers of economic matters are pointing out that Gordon Brown did indeed help create the problems this country is experiencing. As the Wall Street Journal points out, he is also compounding problems with overblown claims that are designed help him politically rather than helping the economy:

But in the U.K., at least, talk of deflation as an inevitable consequence of the current economic crisis looks overblown -- particularly when most of the deflationary chatter is coming from government. There is a risk of falling prices across the economy. But overstating the case allows Prime Minister Gordon Brown to throw caution to the wind in trying to dig the domestic economy out of a hole he helped to create.

So much for this UK recession being made in America. But with slavish UK media reporting giving a different complexion to the reality the rest of the world sees, you can see why Brown is enjoying this recession so much. It allows him to conjour up the illusion of competence while distracting people from the damage he has done to the economy over the last 11 years. When it comes to Gordon Brown leading the economic world, the proof of the pudding will be in the eating. Search for the countries following Brown's 'strategy' and you will do so in vain.

Posted on The Waendel Journal.

IMF About To Smash The Gold Price

Pick up your Times today. Click on Bloomberg, or browse your Reuters. In fact look anywhere you like in today's media worldwide, and what do you find? Articles all making the case for gold to rise to new highs. And yet gold after tumbling from $1030 in February has been range-bound languishing near $740 for a month unable to punch its way back up. There are of course many reputable financial commentators backing gold and many private individuals piling into gold as a 'safe haven'. But is it?


Posted on The Tap Blog

Speed camera folly

It was good to see road safety being given a prominent billing on radio and television news yesterday. This was particularly true as I had covered a number of the failings of government and parliamentary committees when it comes to road safety - such as undue focus on speed and having too few traffic police, whose numbers are down 20%...

Posted on The Waendel Journal.

State mismanagement

Pensions for state employees have to be high, we were told last week, because the state needs to attract the best. So when Tim Stone, the government's nuclear adviser, seemingly wanted to review possible obstacles to building nuclear power stations, did he turn to those comfortable, high powered civil servants? Er ... no. ...

Posted on The Purple Scorpion

The Role Of Politicians In The Meltdown

In the UK the media narrative is so dumb as usual. The sub-prime crisis and the financial crisis were caused in and by the USA, goes the tale. Don't believe a word of it. Did any world leaders offer one word of complaint when the Basel 2 banking rules were concocted by supranational committee? Banks were as good as told to lend to people who would be unlikely to pay their debts, and the extra risk was to be swept away by repackaging and selling on the debts to others.

Posted on The Tap Blog