A Tale of Two Financial Crises: the 1930s and Now

As the seventh anniversary of the start of the economic crisis approaches, it is an appropriate moment to take stock. At the time, the recession was simply not recognised by conventional economic forecasts. These continued to foresee positive growth until the collapse of Lehman Brothers in the autumn of 2008. But the latest national accounts […]

Recovery and summer are in the air, but doom mongers still lurk

The GDP growth figures announced last week for the second quarter of this year have sent most people away on their holidays in a cheerier mood than last year. The recent weather has certainly helped. But gloomy clouds may hover over the exclusive settings of Tuscan villas and beach houses in Martha’s Vineyard, where bien pensant commentators […]

How expert are experts? Time to end the independence of the Bank

The Bank of England has held short-term interest rates very close to zero for several years, with devastating consequences for the incomes of millions of frugal people.  The Bank’s latest wheeze suggests that savers pay the banks for the privilege of holding their money.  The Bank has pumped hundreds of billions of pounds into the […]