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Understanding the Money Creation and Society Debate

Together with colleagues spanning four parties – Michael Meacher (Lab), Caroline Lucas (Green), Douglas Carswell (UKIP) and David Davis (Con) – I have secured a debate on Money Creation and Society for Thursday 20 November. Here’s a quick guide to understanding the debate. First, we have a system of paper or “fiat” money: it exists due to legal mandate as opposed to being a physical commodity like gold. Reserves, notes and coins are created by the state but claims on money […]

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The central banks have backed their economies into a corner

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Yesterday, the US Federal Reserve decided not to reduce its money creation programme of $85 billion a month. The Cobden Centre publishes a response, No tapering, no surprise: It was not too surprising that there is going to be no tapering for some very good reasons. The commencement of tapering would have led deliberately to bond yields rising, triggered by an increase in sales of government bonds to the public and at the same time escalating sales by foreign governments as […]

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Mark Carney’s grand experiment began today » The Cobden Centre

An article for The Cobden Centre following my World at One appearance: The essence of what the Bank has announced is well known: they have begun using forward guidance to anchor both inflation and interest rate expectations as a cover for more active monetary policy. This will usher in a new age of monetary Kremlinology. Read more via Mark Carney’s grand experiment began today » The Cobden Centre.

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On double-dip recession, Tullett Prebon rightly ask “What’s the big idea?”

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  •   Apr-26-2012
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The latest strategy note from Tullet Prebon asks, “What’s the big idea?” with the subtitle “the imperative need for a new ideology”, writing: Effective government is not simply a matter of management. Even in good times, competence is barely enough. In bad times, ideological clarity is imperative, and the lack of a clear, ideas-based strategy is the black hole at the heart of the coalition administration. This chart is particularly informative: They comment, “The centre-right is in desperate need of a […]

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Philipp Bagus explains how to overcome obstacles to Euro exit

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  •   Apr-24-2012
  •   Politics
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Via Is there no escape from the euro? Intellectual honesty requires us to admit that there are important costs to exiting the euro, such as legal problems or the disentangling of the ECB. However, these costs can be mitigated by reforms or clever handling. Some of the alleged costs are actually benefits from the point of liberty, such as political costs or liberating capital flows. Indeed, other costs may be seen as an opportunity, such as a banking crisis that […]

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What kind of government? Looking forward to the budget

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  •   Mar-17-2012
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Via the TaxPayers’ Alliance, this video explains vividly that the Government is spending £22,218 every second. In this week’s MoneyWeek, Merryn Somerset Webb’s editorial is titled “Slash spending and taxes”. She refers to Dr Tim Morgan’s work which explains that the economy has for too long been dependent on private borrowing and public spending and that, now these are “dead in the water”, 70% of the economy is incapable of growth. I have previously explained that this Government will be […]

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Sean Corrigan: Still crazy after all these years

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  •   Dec-22-2011
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Via The Cobden Centre, Sean Corrigan reflects on the year from an economic perspective: So, here we are, drawing to the close of another year and still we struggle with the legacy of the last Boom, still we search around for macro economic Tooth-Fairy, ‘liquidity’ solutions to the problems caused by our earlier misallocations of capital instead of facing the fact that insolvent entities need to be liquidated and their assets put to work by people who’ve shown they can […]

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

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  •   Sep-26-2011
  •   Business, Politics
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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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Economics and King Canute

Via Phases of the crisis – are we approaching the endgame? » The Cobden Centre: “Let all men know how empty and worthless is the power of kings. For there is none worthy of the name but God, whom heaven, earth and sea obey”. So spoke King Canute the Great, the legend says, as waves lapped round his feet. Canute had learned that his flattering courtiers claimed he was “so great, he could command the tides of the sea to go […]

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Article on the money supply at thejc.com

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  •   Aug-26-2011
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Via Honesty is best policy | The Jewish Chronicle, my article on measuring the money supply: Ask economists how much money there is and you will get many answers. You know money is what you can exchange for real goods and services, but economists often include things like time deposits, which cannot be spent because they have fixed terms. Money is one half of every transaction, so its supply really matters. According to my colleague Dr Anthony J Evans of Kaleidic […]

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Steve Baker is the Conservative MP for Wycombe.

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