The Bank of England Owns Up At Last

For those of us who have argued for a long time that orthodox monetary policy is fundamentally misconceived, a significant milestone was achieved this week.  In an important paper published in the Bank of England Quarterly Bulletin*, three Bank of England economists have acknowledged that the overwhelmingly greatest proportion of money in the economy is […]

Holding Banks to Account

The dramatic and damaging collapse of the New Zealand finance company sector over the last three or four years has attracted a good deal of attention, largely because of the multi-billion losses that investors have suffered. One of the consequences has been a boost to the confidence felt in banks which have reinforced their reputation […]

Holding Banks to Account

The dramatic and damaging collapse of the New Zealand finance company sector over the last three or four years has attracted a good deal of attention, largely because of the multi-billion losses that investors have suffered. One of the consequences has been a boost to the confidence felt in banks which have reinforced their reputation […]

Who Controls The Banks?

The recession may not yet have reached its mid-way point, but already the lessons that seemed so stark in the immediate aftermath of the financial meltdown are receding fast. The way out of recession is apparently being directed by traffic lights and signposts controlled by worryingly familiar faces. Foremost amongst these phoenix-like revivals are the […]

Governments As Banks

The G20 summit seems certain to demonstrate that for most world leaders the conversion to Keynesian economics is no more than skin-deep. The global crisis may have compelled some re-assessment of the “free” market doctrines previously thought to be unchallengeable, but many of those attending the summit are reluctant to accept the responsibilities that a […]