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Tag Archives: Financial Crisis

New campaign page – injustice in the financial system


Today, I have released a new campaign page introducing my work on injustice in the financial system, including fighting unfair bonuses and the misery created by our systematically inflationary monetary system. You can find it here but, for example: The UK money supply tripled between 1997 and 2010, widening wealth inequality, raising house prices out of the reach of young people and reorienting the economy towards the City, the South East and housing. Arguably, such an inflation will have destroyed real […]

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Presentation on the financial crisis


This evening, I made the following presentation on the Government’s financial position and intentions and on the genesis of this crisis. The PDF is here: How to create a crisis.

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The Real Asset Company interviews Detlev Schlichter on the Austrian School and the financial crisis


Following my recent interview with The Real Asset Company, I am delighted that they have published this three-part interview with my Cobden Centre colleague, Detlev Schlichter. Here’s the first part: For ten possible solutions to the problems inherent in our present financial system, see my article here.

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Via Detlev Schlichter: Deceits and delusions – Some thoughts on the euro-crisis and democracy


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Anybody with any knowledge of economics should feel uneasy at the sight of a country where half of recorded economic activity is conducted by the state. Are such semi-socialist societies operable, and if so, for how long? Read the article via Deceits and delusions – Some thoughts on the euro-crisis and democracy. Here’s the growth of the British Government to over half of GDP: We can escape this mess towards sustainable prosperity, but that escape will require substantial reforms towards […]

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Bank of England’s Haldane endorses concerns on bogus bank accounting


The Bank of England’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’ bill last year, with particular reference to derivatives. As reported in the Guardian: Accounting rules for banks have bent with the financial stability wind in ways which have amplified investor and […]

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Helping a Spanish team explain the crisis: Fraud


I recently gave an interview to fraudedocumental.com towards their forthcoming documentary on the crisis. A good number of my colleagues in the UK and Europe will be appearing in the film: Fraud. Why the Great Recession (Official Trailer) from amagifilms on Vimeo. One of the stars is Jesús Huerta de Soto, author of the brilliant Money, Bank Credit, and Economic Cycles , which set out, from a sound theoretical basis, the mechanisms of this crisis as long ago as 1998 […]

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Speaking notes from Positive Money conference yesterday


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I opened the Positive Money conference yesterday, explaining the wide range of damaging flaws in our monetary system, how these have emerged and what the range of potential solutions might be. As I have often said, I favour the constitutionalisation of our present fiat money system, followed by the denationalisation of money. Positive Money’s proposals may meet that first step. Michael Meacher spoke later in the day; I am delighted that this important subject has cross-party appeal. My speaking notes […]

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The horror of the European Stability Mechanism


On the horror of the European Stability Mechanism: The path on which the EU is embarked is not only profoundly anti-democratic but it also tramples the classical Rule of Law. The benefits of trade are tremendous but that shouldn’t stop us being concerned that our neighbours are headed this way. The Treaty is here. It does at least provide for vetos over some of the worst decisions possible. Proposals for Euro breakup are here.

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Merkel wins rescue fund vote after raising spectre of war – Telegraph


Via Merkel wins rescue fund vote after raising spectre of war – Telegraph: She told MPs: “Nobody should take for granted another 50 years of peace and prosperity in Europe … that’s why I say: If the euro fails, Europe fails. Quite. It’s what I was getting at when I wrote this. If I can, I will try to expand the argument in tomorrow’s general debate on the UK Chairmanship of the Council of Europe. The arguments are available in the […]

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Via ZeroHedge: BBC Speechless As Trader Tells Truth: “The Collapse Is Coming…And Goldman Rules The World”


Via ZeroHedge, an interview which astonishes me only in as much as this has appeared on the BBC: As I have indicated again and again and again and again, our present economic system is in profound trouble and it will not be fixed by bailouts. We need money which holds its value: money which has meaning, not money which can be systematically debased to secretly cover politicians’ promises. As I said on the Vine Show recently, generations of politicians have failed us. […]

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