Europe - No longer Fertile & Vibrant says the Pope

BBC: Juncker reveals giant EU investment plan

"European Commission President Jean-Claude Juncker has given details of a €315bn investment plan to kick-start Europe's economy. At the heart of his five-year agenda is a new €21bn fund, which would be used as seed money, to entice private backers to "pitch in" most of the rest. Only €8bn of the original money would come from the EU budget itself". Meanwhile, the details that have emerged in the so-called Luxleaks documents have put Mr Juncker in an uncomfortable position - but who cares, as long as the cronies get their cash and the proles get more austerity - so what? If anyone complains, give them a free Kim Kardashian app....

Posted by alan @ 10:30 AM 2 Comments

Firing those loose cannons

Counterpunch: Trotsky at the IMF

Firing (terminating) loose cannons is one way of keeping wealth flowing upwards and workers in their place. Eliot Spitzer, then governor of NY, wrote an editorial exposing the collusion between the Treasury, the Fed and Wall Street in deregulating the banks (in the guise of regulating them). A month later he was 'fired' for a sex thing. Dominic Strauss-Khan, the IMF CEO, gave a speech opposing austerity - 'market discipline', 'fiscal consolidation' and 'labour flexibility' - and advocating full employment, wealth sharing, public investment, collective bargaining and taxing financial activities as means of achieving economic stability and prosperity. A month later he was 'fired' for a sex thing. As the Americans say, 'go figure'.

Posted by icarus @ 10:23 AM 2 Comments

The Recovery - Latest

Telegraph: UK GDP growth powered by consumer spending as business investment contracts

"Economists raise concerns about rebalancing as growth figures show UK expansion powered by higher consumer and government spending, while business investment contracts" ."The UK economy grew by 0.7pc between July and September, following growth of 0.9pc in the second quarter, the Office for National Statistics (ONS) confirmed".

Posted by alan @ 10:19 AM 1 Comments

Tuesday, Nov 25, 2014

George Clooney look-alike

Telegraph: BoE will raise interest rates despite euro gloom, says Mark Carney

Carney needs an academy award for acting. In 2009, Cooney was included in Time's annual Time 100 as one of the "Most Influential People in the World." Alas, Mark Carney can't seem to make up his mind what's what. The Guardian recently advised him to say as little as possible to avoid more confusion - but he's not happy with a walk on part. To help him, Google has reminded us that stocks of Ouija Boards are all but depleted in advance of Black Friday. Maybe the MPC are still trying to find another way forward?

Posted by alan @ 06:51 PM 4 Comments

What’s Keeping Millennials at Home?

MISH'S Global Economic Trend Analysis: Fed "Mystified" Why Millennials Still Live at Home

Bearish blog comment on a Fed study and analysis of housing trends of American young adults. I suspect the stats are similar in the UK and many parts of the world.

Posted by mountain goat @ 03:42 PM 0 Comments

Life under Tory policy

Guardian: Revenge evictions: ‘An electrician said our shower was unsafe. The landlord’s response was to evict

What next ? Bring back the mills and pits ? "More and more tenants are being evicted – often unfairly – new figures show. But pressure is growing for change"

Posted by doomwatch @ 01:25 PM 6 Comments

Is Nationwide a safer home for savers?

BBC: Mortgage lending falls almost £1bn at Nationwide

"There is concern that the rules are prompting lenders to restrict mortgages to anyone who will still be paying off their loans into retirement". "Nationwide also said it had increased deposit balances by £3.5bn as the number of members with a Loyalty Saver account reached almost one million". Quick question: Is Nationwide safer than the main big banks?

Posted by alan @ 09:25 AM 13 Comments

Sunday, Nov 23, 2014

Black Swan rising?

Reuters: China ready to cut rates again on fears of deflation

"China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making". "Many Chinese economists had been calling for bolder policy actions, as recent data showed the economy losing more steam in the fourth quarter and consumer price inflation falling. Full-year growth is on track to undershoot the government’s 7.5 percent target and mark the weakest expansion in 24 years". If true, this will hit the UK and EU.

Posted by alan @ 07:23 PM 10 Comments

Saturday, Nov 22, 2014

Something is very wrong

Department for Communities and Local Government: House Building: September Quarter 2014, England

Free markets generally respond to demand and rising prices with innovation and supply. Except when it comes to buidling houses it seems. Compare completions for housebuilding with prices over a similar period: This is where I found the DCLG report:

Posted by quiet guy @ 12:23 PM 2 Comments

Friday, Nov 21, 2014

What was that about a recovery?

Mail: Blow for George Osborne as government borrowing RISES sending the country's debt pile to £1.5 TRILLION

Borrowing increased by £3.7 billion in the 12 months to October UK's debt pile has now hit £1.5 trillion up £150 billion in just a year Debt now represents 79.5 per cent of Britain's entire economic output

Posted by hpwatcher @ 10:03 PM 2 Comments

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