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	<title>Steve Baker MP &#187; Business</title>
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	<link>http://www.stevebaker.info</link>
	<description>One life. Live it.</description>
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		<title>Survival of the unfittest: why the worst infrastructure gets built—and what we can do about it</title>
		<link>http://www.stevebaker.info/2012/01/survival-of-the-unfittest-why-the-worst-infrastructure-gets-built%e2%80%94and-what-we-can-do-about-it/</link>
		<comments>http://www.stevebaker.info/2012/01/survival-of-the-unfittest-why-the-worst-infrastructure-gets-built%e2%80%94and-what-we-can-do-about-it/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 13:05:24 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[HS2]]></category>
		<category><![CDATA[Infrastructure]]></category>
		<category><![CDATA[Liberty]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[Rail]]></category>
		<category><![CDATA[Transport]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10681</guid>
		<description><![CDATA[Via Survival of the unfittest: why the worst infrastructure gets built—and what we can do about it: [...] Taken together, the UK and US studies both account well for existing data on cost underestimation and benefit overestimation. Both studies falsify the notion that in situations with high political and organizational pressure the underestimation of costs ]]></description>
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		<slash:comments>2</slash:comments>
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		<title>Bank of England&#8217;s Haldane endorses concerns on bogus bank accounting</title>
		<link>http://www.stevebaker.info/2012/01/bogus-bank-accounting/</link>
		<comments>http://www.stevebaker.info/2012/01/bogus-bank-accounting/#comments</comments>
		<pubDate>Fri, 20 Jan 2012 10:52:52 +0000</pubDate>
		<dc:creator>Tim Hewish</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Adam Smith Institute]]></category>
		<category><![CDATA[Bank of England]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[Banking Reform]]></category>
		<category><![CDATA[Cobden Partners]]></category>
		<category><![CDATA[Financial Crisis]]></category>
		<category><![CDATA[Gordon Kerr]]></category>
		<category><![CDATA[Law of Opposites]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10610</guid>
		<description><![CDATA[The Bank of England&#8217;s Executive Director Financial Stability, Andy Haldane, has set out the case for banks to be held to different accounting standards because the existing rules have may allowed banks to overstate their profits and exacerbate their losses. This is something I covered in a private members&#8217; bill last year, with particular reference ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Hayek&#8217;s neglected truths about credit, capital and the trade cycle</title>
		<link>http://www.stevebaker.info/2012/01/neglected-truth/</link>
		<comments>http://www.stevebaker.info/2012/01/neglected-truth/#comments</comments>
		<pubDate>Sat, 07 Jan 2012 10:07:41 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Credit]]></category>
		<category><![CDATA[Economic Cycle]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[Hayek]]></category>
		<category><![CDATA[Keynes]]></category>
		<category><![CDATA[Money]]></category>
		<category><![CDATA[Wolf]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10530</guid>
		<description><![CDATA[Last night, I caught up with Martin Wolf&#8217;s November programmes for Radio 4 Analysis, which you can find here. He offered a predictable blend of commentators calling for more money printing, world central banking and greater global governance. It prompted me to look out Monetary Theory and the Trade Cycle (1933). Hayek wrote (emphasis mine): ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Criticising HS2 via the FT</title>
		<link>http://www.stevebaker.info/2012/01/criticising-hs2-via-the-ft/</link>
		<comments>http://www.stevebaker.info/2012/01/criticising-hs2-via-the-ft/#comments</comments>
		<pubDate>Fri, 06 Jan 2012 14:40:37 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[FT]]></category>
		<category><![CDATA[High Speed Rail]]></category>
		<category><![CDATA[HS2]]></category>
		<category><![CDATA[Media]]></category>
		<category><![CDATA[Rail]]></category>
		<category><![CDATA[Transport]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10527</guid>
		<description><![CDATA[Via High-speed rail link must be built, economists insist &#8211; FT.com: Steve Baker, MP for Wycombe, said he was unconvinced that the huge cost of the scheme was justified. “The maths doesn’t add up; this is just sinking capital into a lossmaking project. If you’re going to use the power of the state to do ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Wishing everyone a prosperous new year</title>
		<link>http://www.stevebaker.info/2012/01/prosperity/</link>
		<comments>http://www.stevebaker.info/2012/01/prosperity/#comments</comments>
		<pubDate>Tue, 03 Jan 2012 13:26:18 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Entrepreneurship]]></category>
		<category><![CDATA[Legatum]]></category>
		<category><![CDATA[Opportunity]]></category>
		<category><![CDATA[Optimism]]></category>
		<category><![CDATA[Prosperity]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10476</guid>
		<description><![CDATA[After so much economic turmoil, the traditional wish for a prosperous new year can be given with considerable vigour. The 2010 Legatum Prosperity Index (PDF) – &#8220;the world’s only global assessment of wealth and wellbeing&#8221; – showed that entrepreneurship and opportunity are the primary keys to prosperity, that they correlate more closely to a nation&#8217;s overall ]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Pressing the Chancellor on bank accounting</title>
		<link>http://www.stevebaker.info/2011/12/pressing-the-chancellor-on-bank-accounting/</link>
		<comments>http://www.stevebaker.info/2011/12/pressing-the-chancellor-on-bank-accounting/#comments</comments>
		<pubDate>Mon, 19 Dec 2011 21:15:06 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[Parliament]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10450</guid>
		<description><![CDATA[Via Hansard: Steve Baker (Wycombe) (Con): Chapter 3 of the Government’s report, on loss absorbency, seems, perhaps reasonably, to take for granted the adequacy of accounting standards. I press the Chancellor in his forthcoming White Paper to consider seriously the pernicious effects of the international financial reporting standards, which were applied to banks by the previous ]]></description>
		<wfw:commentRss>http://www.stevebaker.info/2011/12/pressing-the-chancellor-on-bank-accounting/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How banks unjustly inflate profits, boost capital and pay unearned bonuses</title>
		<link>http://www.stevebaker.info/2011/12/how-banks-unjustly-inflate-profits-boost-capital-and-pay-unearned-bonuses/</link>
		<comments>http://www.stevebaker.info/2011/12/how-banks-unjustly-inflate-profits-boost-capital-and-pay-unearned-bonuses/#comments</comments>
		<pubDate>Wed, 14 Dec 2011 11:32:06 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Adam Smith Institute]]></category>
		<category><![CDATA[Cobden Partners]]></category>
		<category><![CDATA[Events]]></category>
		<category><![CDATA[Gordon Kerr]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[Parliament]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10424</guid>
		<description><![CDATA[Yesterday in Parliament, I chaired an event with Gordon Kerr, launching his report The Law of Opposites, which is covered in the Guardian today: Banks use accounting loopholes to inflate their profits and bolster staff bonuses, according to a report published on Wednesday that calls for changes to the international accounting rules. According to the ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Banker and economist to explain to Occupy St Paul&#8217;s how bankers falsify profits and misappropriate bailout funds</title>
		<link>http://www.stevebaker.info/2011/12/kerr-speaks-to-occupy/</link>
		<comments>http://www.stevebaker.info/2011/12/kerr-speaks-to-occupy/#comments</comments>
		<pubDate>Fri, 09 Dec 2011 11:23:27 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[Books]]></category>
		<category><![CDATA[Corporatism]]></category>
		<category><![CDATA[Crony capitalism]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[Gordon Kerr]]></category>
		<category><![CDATA[Kevin Dowd]]></category>
		<category><![CDATA[Occupy]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10393</guid>
		<description><![CDATA[Tomorrow, Saturday December 10th at 1.30pm, my colleagues Gordon Kerr and Kevin Dowd will appear on the steps of St Paul’s Cathedral to explain how bankers falsify profits and misappropriate bailout funds for personal benefit. Kerr will set out: How derivatives transactions are structured to game flawed accounting rules and Basel regulations and create illusory ]]></description>
		<wfw:commentRss>http://www.stevebaker.info/2011/12/kerr-speaks-to-occupy/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>If this is capitalism, I am not a capitalist</title>
		<link>http://www.stevebaker.info/2011/12/capitalism/</link>
		<comments>http://www.stevebaker.info/2011/12/capitalism/#comments</comments>
		<pubDate>Wed, 07 Dec 2011 10:05:09 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Austrian School]]></category>
		<category><![CDATA[Bank of England]]></category>
		<category><![CDATA[Central Banking]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[MA]]></category>
		<category><![CDATA[Money Supply]]></category>
		<category><![CDATA[Parliament]]></category>
		<category><![CDATA[Unemployment]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/?p=10377</guid>
		<description><![CDATA[I spoke last night in the general debate on the economy, saying*: As I rise to speak I am reminded of a quotation from an economist who was a fierce critic of Keynes, a chap called Henry Hazlitt, who said: “Today is already the tomorrow which the bad economist yesterday urged us to ignore.” We have ]]></description>
		<wfw:commentRss>http://www.stevebaker.info/2011/12/capitalism/feed/</wfw:commentRss>
		<slash:comments>10</slash:comments>
		</item>
		<item>
		<title>We won&#8217;t achieve financial stability under IFRS</title>
		<link>http://www.stevebaker.info/2011/12/we-wont-achieve-financial-stability-under-ifrs/</link>
		<comments>http://www.stevebaker.info/2011/12/we-wont-achieve-financial-stability-under-ifrs/#comments</comments>
		<pubDate>Thu, 01 Dec 2011 18:12:16 +0000</pubDate>
		<dc:creator>Steve Baker</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[IFRS]]></category>

		<guid isPermaLink="false">http://www.stevebaker.info/2011/12/we-wont-achieve-financial-stability-under-ifrs/</guid>
		<description><![CDATA[I spoke by Skype link to the Local Authority Pension Fund Forum this afternoon on a panel about the International Financial Reporting Standard and its faults. The LAPFF has just published a report which critiques the Standard as a key contributor to the financial crisis. I first met IFRS in a technical capacity when working ]]></description>
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		<slash:comments>0</slash:comments>
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