From a magnificent article by Philipp Bagus – Why Is There a Euro Crisis? Today’s banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks’ survival depends on privileges and government interventions. Such an intervention explains the unusual stock gains. On Wednesday night, an […]
Read MorePost Tagged with: "Banking"
Sometimes, a US presidential candidate inspires: “End the Fed”
There is no greater threat to the security and prosperity of the United States today than the out-of-control, secretive Federal Reserve. Imagine that parents, overwhelmed by debt and months behind on their bills, sent their spendthrift teenagers out each weekend for a night on the town with credit cards and […]
Read MoreThe APPG on Economics, Money and Banking
I am delighted that today I was relected Chair of the All-Party Parliamentary Group on Economics, Money and Banking. Mark Garnier MP continues as Vice Chair and Alun Cairns MP has agreed to be Secretary. I founded the Group to provide a forum through which diverse ideas on economics, money and […]
Read MoreSpeaking notes from Positive Money conference yesterday
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 […]
Read MoreRemarks on the Eurozone crisis at the People’s Pledge Congress
At the People’s Pledge Congress today, I appeared on a panel discussing the political implications of the Eurozone crisis. I would have loved to focus on democracy, freedom and the rule of law but the cause of the crisis was the key theme. As ever, I blamed our statist, inflationary […]
Read MoreMore banking sector bailouts? When will the madness end? – Telegraph Blogs
The excellent Andrew Lilico: More banking sector bailouts? When will the madness end? The IMF Global Stability Report suggests that banks might be €200-€300 billion down as a result of the Eurozone crisis. The predictable cry has arisen that this shortfall should be made up by governments. Really? So, let’s […]
Read MorePressing the Chancellor on accounting standards for banks
As The Telegraph in particular has reported, there are serious concerns about the IFRS accounting standard applicable to banks. It may enable and encourage banks to report false profits and fake capital. If my specialist colleagues are right, the banks could be in much worse shape than commonly thought. Via […]
Read MoreBBC News – Make foreign currencies legal in UK – Douglas Carswell
Via BBC News – Make foreign currencies legal in UK – Douglas Carswell: A Conservative MP is to call for a basket of foreign currencies to be made legal tender in the UK. Such a move would protect savers by allowing them to hold the currency least likely to be […]
Read MoreConservativeHome’s Platform: Steve Baker MP: The Fed is very nearly bust and it is probably not alone amongst central banks
A review of the US Federal Reserve’s own document: “FEDERAL RESERVE statistical release, H.4.1: Factors Affecting Reserve Balances of Depository Institutions and ?Condition Statement of Federal Reserve Banks”, issued on August 23rd 2011, reveals some interesting information about the state of the Federal Reserve, the US central bank: it’s very […]
Read MoreBuffett’s $5 billion ‘vote of confidence’ in Bank of America » The Cobden Centre
Warren Buffett is the most successful investor on the planet and a very smart fellow. His core team also gave me a job in October 2000 at GenRe Financial Products, and I have always held him in high regard. He has invested $5 billion in Bank of America on 25th […]
Read More
