What Would Have Happened Had The UK Been In The Eurozone?

The other day, we discussed the recovery in the UK, and suggested that the fact that austerity was not invoked as harshly as it was, say, in Greece, Ireland or Spain, in part helps to explain why the UK did … Continue reading

What’s The Real Reason For UK Growth?

The Cameron Administration is busy trumpeting the UK recovery as a sign that the “hard measures” the government took over the last few years are now bearing fruit.  That’s bogus.  What’s happening is that the government has EASED up on fiscal austerity … Continue reading

Matteo Renzi And The Perils Of Political Suicide

A political Wunderkind, Italian Matteo Renzi is a flamboyant leader with a keen understanding of media and spin, and a knack for political cleansing. Like a hermit crab, Renzi has hollowed out Italy’s largest centre-left party, the PD, and turned it into his … Continue reading

Oil Wars (Part II)

In hindsight, it does appear that the downward drift in oil prices over the last few months signaled an intensification of deflationary pressures, which was partly masked by bubbling stock markets.  It has been suggested that the break in the markets … Continue reading

Germany’s Export Machine Is Slowing Down

The always provocative FT columnist, Wolfgang Munchau, takes apart the notion that Germany’s “reforms” and sound public finances have paved the way for its economic recovery: “One of the biggest misconceptions about the Eurozone has been a belief in the … Continue reading

Oil Wars?

The Saudis continue to pump out large quantities of crude and the price is hitting multi-year lows.  A lot of existing oil producers are upset with the Saudi actions, notably the Russians, who have suggested that the surplus of oil … Continue reading

US In The Middle East: Lay Off Assad And Make Friends With Iran

The president’s White House staff was controlling, insular, and often ignored the advice of its senior national security officials, former Defense Secretary and CIA Director Leon Panetta charges in his yet-to-be-released memoir. The result, Panetta says: botched U.S. policies from … Continue reading

The Troika In All Of Its Awfulness Exposed

According to Irish newspapers, senior European and European Central Bank (ECB) officials agreed to threaten Ireland with national bankruptcy if the government made any attempt to burn bondholders (http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html#sthash.wBft9fCO.yVNqF4zi.dpuf). Yet another case of the Troika acting in the interests of a … Continue reading

The IMF Recants On Fiscal Austerity, But Still Has The Wrong Paradigm

In its most recent publication, the IMF advocates substantially increased public infrastructure investment, and not just in the US but much of the world. It asserts that when unemployment is high, as it is in much of the industrialised world, the stimulative … Continue reading