Austerity, the Paradox of Thrift and a great graph.

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Definition of ‘Paradox Of Thrift ‘ The notion that individual savings rather than spending can worsen a recession, or that individual saving is collectively harmful. This idea is generally attributed to John Maynard Keynes, who said that consumer spending contributes to the collective … Continue reading

Why does the Structural Deficit remind me of LIBOR?

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(I know this might sound rather boring but the facts are actually a bit incredible…) The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and affects trillions of dollars of loans worldwide – mortgage … Continue reading

Has George Osborne been taking Trans-Atlantic lessons from Jude Wanniski and the Republicans?

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Many commentators have been puzzled by George Osborne’s management of the economy…  Others share cartoonist Martin Rowson’s assumption that this is a ‘wrecking’ government implementing ‘scorched earth policies’  (see ‘anti-cuts protest’s ‘hooligan’ minority’) (1) ‘What is George Osborne playing at?’ … Continue reading

What is George Osborne playing at?

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RichardJMurphy “@AnnPettifor: Extraordinary how a private banking crisis became a welfare state crisis – with just the swish of an ideological wand… On a day when previously supporting economists urged George Osborne to change tack (1) we learnt that many … Continue reading

Simon says: QE is the biggest confidence trick of all time.

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Simon (Jenkins) says ‘QE is the biggest confidence trick of all time’: ‘It is a cheat, a scam, a fiddle, a bankers’ ramp, a revenge of big money against an ungrateful world. It is called quantitative easing, and nobody has … Continue reading