Following up on intemperate twitter feuds seems to have become a theme around here. I had a lengthy set-to with Pawel Morski about voting for Ken Livingstone, in which I pointed out that Ken was right about Iraq, that in general being right about Iraq should be rewarded, and being wrong about Iraq should be…
Read More Balls to the BankJust to recover something from my twitter feed, last Friday, BT announced its Q4 results and (among other things) its management said that they were scaling down their capital investment plans, and that one of the reasons was low interest rates. What? Well, as a UK company BT has to capitalise the net surplus or…
Read More nonlinear response to interest ratesVia Jamie Kenny, a must-read translation of a Chinese investigative report into the case of Wu Ying, a Chinese businesswoman who is in deep trouble with the law. What’s interesting here is that the report provides a deep view into some of the most important interfaces in the political economy of China – between the…
Read More This is not a mafia business. This relies on credit!Dear Lazyweb, has anyone seen a data series showing the forecast for the UK government budget? Or will I have to download all the Treasury statements and re-chew it?
Read More lazyweb: old budget forecastsUpdate: I originally didn’t want to publish this because I didn’t think it was good enough, but I hit the wrong button. Anyway, Alistair Morgan read it and thinks one of the premises of the whole thing is wrong. Namely, the weapons were going in the same direction as the drugs, not the other way…
Read More Protection….Update: I originally didn’t want to publish this because I didn’t think it was good enough, but I hit the wrong button. Anyway, Alistair Morgan read it and thinks one of the premises of the whole thing is wrong. Namely, the weapons were going in the same direction as the drugs, not the other way…
Read More Protection….After the last post, I think it’s worth nothing that it’s not just an isolated lapse. The Guardian has recently been sucking up to the Treasury in a revolting fashion. Yesterday’s paper, in an astonishingly hagiographic profile by Nicholas Watt explained how clever George Osborne is in defining his “fiscal mandate” as being to get…
Read More 12 heads in a bag, I read it yesterday, buried like the others on page 27-AWhy has the Guardian gone so soft on George Osborne? Today’s paper is a fine example of the art of journalism as practiced to obscure rather than reveal. On the front page, we have this story headlined: George Osborne exploits fall in borrowing costs to boost growth Now, that’s pretty much precisely what the chancellor…
Read More Respectable mendacityThinking about the political castration of Ken Clarke and the fact that not even the Treasury in its most R.G. Hawtrey-esque mood seems to be able to stop the expansion of the prison industry, it struck me that the political class’s attitude towards the public service known as justice is fundamentally different to its attitude…
Read More Why not foundation courts?A good post on the notion of “hard Keynesianism” raises some important questions about the recent past of the Labour Party. Hard Keynesianism is the doctrine that, if the government should run a deficit when there’s a negative output-gap and therefore unemployment, it should run a surplus when there’s a positive output-gap and therefore inflation.…
Read More Sometimes history is written by the losers