Breaking Up the Banks Mervyn King has called, again, for the banks to be broken up, so that what we call retail banking is separated from what has become known as investment banking. This blog fully supports the Governor and has advocated this course continuously. There is good reason for this. Well capitalised retail banking, […]
Labour and the Economy If David Milliband had been elected Labour leader, thus keeping alive the concept of New Labour, the current economic posture of the Opposition would serve. The prospects of a return to power would be negligible. But it was not David, but Ed, who was elected, signalling the end of New Labour, […]
Growth Figures These have turned out better than expected for the third quarter at 0.8%. Annualised that would come to 3.2%. Actual growth over the past twelve months is 2.8%. All this is very respectable, but the effect of the cuts is yet to feed into the economy, although those of the past year by […]
U.S. Mid Term Elections and the Tea Party There is something very interesting going on in America. On this side of the Atlantic all people are aware of is the simple fact of elections, in which either the Democrats of Republicans will win the most seats in both Houses of Congress. There is also something […]
WikiLeaks and the Pentagon It is hardly surprising that the Pentagon is up in arms at another tranche of its files seeing the light of day. The MOD follows in its shadow. But times have changed. The Pentagon, as everyone else, has something to learn. We know about revolutions. America was founded on not one but two. There […]
Dr David Kelly The post mortem records have been released. They tell us nothing we did not know already. Neither do they answer questions posed by experts challenging the assumptions made. The issue is very simple. Hutton is a discredited Report, since few who read its conclusions overall, who had also followed the evidence day […]
George Osborne, the Cuts and the Economy The debate now begins. Just right or too much or too soon? Fair or unfair? Do the poor suffer most? George Osborne has become a decisive and focussed parliamentary performer. He often appeared inadequate in opposition. This is the case no longer. The government front bench is beginning to […]
Defence Review I think the government got this about right. They did not start with a clean sheet. They were committed to two useless aircraft carriers, with no suitable planes immediately available and with the wrong kind of power plant. They have to be built because it would cost more to cancel. That is over […]
London Bombings A witness, one of the survivors, of these terrible bombings described fire crews waiting in the wings whilst victims died without first aid. Apparently they were under orders not to put themselves in danger in case there was a second explosion. If this is correct it is a national disgrace. The emergency services […]
Iran in Iraq Perhaps the most intersting piece of real world news yesterday was a story carried in the Guardian about the active part the Iranian authorities are playing in brokering a deal to break the impasse in the government forming process in Iraq, following the deadlocked elections. If this turns out to be correct, Iraq […]