The Voters’ Anger

The disenchantment of British voters with democracy, we are told, is to be explained by the anger they feel at the failings of politicians. Those failings, it is supposed, are to do with the perception that politicians are “on the make”; but that conclusion – while no doubt partly justified – is surely far from […]

A Litany of Errors

George Osborne may be just about the last person in Britain to believe that austerity offers a real path to recovery from recession and the resumption of growth – and it may be doubted that even he remains a true believer. The repeated fall back into recession, a government deficit that goes on rising, and […]

No Gifts for the Greeks

Europe’s politicians and bankers have no one to blame but themselves for Greece’s current agony, but they insist that the price of their foolishness should be paid – not by any sacrifice on their own part – but instead by ordinary Greeks. The euro-zone was always a disaster waiting to happen.  Yet, even now that […]

There Are Other Options

The Reserve Bank Governor, Alan Bollard, used a speech last week to defend the policy that has been applied in this country for over two decades – a policy that he inherited and has since perpetuated. That approach to running the economy essentially revolves around monetary policy – and Alan Bollard’s advice to his critics […]

Treasury Must Look Past Interest Rates To Boost Economy

As the participants prepare for the “jobs summit” this week, they will be hoping for a strong lead from Treasury and the Reserve Bank as to the way ahead. But, on the evidence so far, our policy-makers are floundering. After trying and failing to use monetary policy to grapple with our own home-grown recession throughout […]

When The Facts Change

“When the facts change, I change my mind. What do you do, sir?” Such was John Maynard Keynes’ famous riposte to a critic who accused him of changing his mind about monetary policy during the Great Depression. A similar response might be made today to those, like Don Brash, who maintain that they have been […]

An Ideological Straitjacket

With inflation falling, a full percentage point cut in interest rates at the end of the month now looks like a done deal. But while a relaxation of monetary policy is both welcome and overdue, it does not remotely measure up to what is now required if we are to ward off what could be […]

Yes, There Is An Alternative

The horror stories keep coming but even so it is doubtful whether we have yet grasped the scale and seriousness of what is happening in the global economy. And, as we stand transfixed by the need to surmount the current crisis, few will lift their eyes to the longer-term implications of what is sure to […]

Submission to Select Committee Inquiry Into Monetary Policy

SUBMISSION FROM BRYAN GOULD TO THE FINANCE AND EXPENDITURE SELECT COMMITTEE’S INQUIRY INTO THE FUTURE MONETARY POLICY FRAMEWORK Introduction 1. The Select Committee is to be congratulated on undertaking this inquiry. Concern has been mounting over recent months about the impact of current monetary policy. That concern has been expressed by a wide range of […]