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for previously archived news article pages, visit the news archive page (click on the button above)
recent economics articles: |
a useful article on market failure and pyramiding house prices
The last paragraph would be better replaced with one on proposed legal rules/sanctions. For example, much of bonuses only paid after, for instance, five years. [Linked by the Limbic blog.]
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there’s no money out there - like hell there ain’t
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monopoly money versus real money What happens to the auction price of gold bars if you give idiots monopoly money and tell them they can bid against people with ‘real’ money?
And after they’ve ‘won’ the auction, a few weeks later comes the bailiff saying, “Now I want my money back with interest, and the gold bar”. That’s about the way the mafia hooks you. monopoly money part 2 - too amusing for added comment
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hidden away - china engages in massive monetary expansion
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and you wonder why america is so far ahead of the uk’s socialism
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2008 2nd quarter world housing index A press release, probably an early release of the full report.
The complete table is at link above. Here is a useful page with links to several international housing research reports.
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amazing what a motivator profits can be - airline industry goes on a slimming diet Who will be the first to dare charge fatties by weight!
More at link above, as ever.
And where do the weightier passengers live?
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how america and britain handle a credit crisis Context: Fannie Mae [Federal National Mortgage Association (FNMA)] and Freddie Mac [Federal Home Loan Mortgage Corporation (FHLMC)] have both run into heavy financial problems. The US government is giving them financial support. They own or guarantee nearly half of the USA’s $12 trillion in mortgage debt. A guarantee is not an expenditure. It is merely a risk, and a rathere distant risk at that. The UK’s Northere n Rock was nationalised when it got into trouble. ‘New’ Labour caused the Northere n Rock problem by errors made during the cack-handed partial independence of the Bank of England. The USA runs a much more free economy, though the Clinton administration put into place pressures to enforce foolish lending to the impecunious. Run a free economy as (partially) in the States, and free market methods are the preferred options. Run a socialist society as in the UK, and every problem becomes more government interference. ‘New’ Labour is the cause of the problems in the UK. The lesser problems in the USA, in the area of sub-primes, date to Clinton socialists. However, Bush has failed monumentally in conservation and preparation beyond the oil age. Bush is also heavily subsidising his oil friends and protecting them. But Bush has a planet to run, whereas Gordon Brown the Clown is meddling with a parish council. And work for the less able is running out. Modern problems will not be solved with sticking plaster. That merely puts off the problems, and there eby make them worse. The USA has a government cartel in money, that is a socialist money system. Socialist money is a means of political control. It is not a free market. Socialism encourages people not to work. The USA keeps more of a balance. Not working is not an easy option in the States, because the socialist disease is not so far gone. The social farmers in the USA who control the money system also have attitudes of patronage/noblesse oblige. Thus, they seek to ease the stress on the ‘poor’, without encouraging them to degeneration. Socialism encourages degeneration. That is what ‘New’ Labour does. It is what the right in the USA tries to avoid. The prime alternatives to democracy are anarchy, or dictatorship by one form of loon or anothere . Socialism sets up the stage for dictatorship as society breaks down. Healthy democracy depends on balances. Britain is not a full democracy. The USA is a far more advanced democracy. You cannot expect to understand the USA with a socialist UK perspective. Even France is a more advanced democracy than the UK. Britons live on a small offshore island, a partial tax haven. Britain is tolerated as a semi-dependency of the USA. As with a place like Guernsey, there e are two markets: a protected one for the proles, and the houses on the hill for the farmers. The headquarters of the British Empire has moved to Washington. ‘Bailing out’ the banks is a part of protecting the proles. Money at that level is about power, not about anothere TV set or a holiday in Majorca. Bush has been acting correctly to run the Empire. The Clown is not even up to running the parish council. This is not about ‘bailing out the banks’. This is about minimising the damage to the sheep in such a way that they do not become complacent. It’s about scaring the sheep enough without putting an excessive number on the streets. The people who own the banks (shareholders) will take their hits. Many of the people who run the banks will ‘retire’. They will have suffered some Darwinian selection. In Britain, the sheep will be encouraged by ‘New’ Labour and the ridiculous Clown to be even more dependent. related
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Oil is not cheap fuel. It has long been kept too cheap through subsidies. The world is (currently) becoming rapidly more wealthy. You will have to pay more for energy, but that more will become a lower proportion of the growing wealth. That growing wealth is primarily driven by the USA. The quicker we can see the end of the filthy fossil fuel age, the better for us all. The USA have long been oil rich. That is changing and the faster the USA adjusts, the better for everyone - especially for the USA.
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equality pay - a fundamental economic error
Her ‘equality’ rhubarb is economic idiocy and, if it has any real effect, it is likely to see less women employed, or the jobs offshored. On average, women are less able, less experienced and less reliable in the workplace. Differential pay allows them to compete. It is a fundamental and elementary economic error to suppose ‘equal’ pay legislation helps those on lower wages. It does not, it harms them. With differential pay anybody can get employed, for they can compete on price, thus raising themselves up via experience and a good employment record. No sane employer will employ people who are worth less for equal pay, rathere than those worth more. No sane employer will employ an overpriced group when anothere similarly qualified group are offering themselves on the market at lower rates. Harman is an ignorant fool, just like the rest of ‘New’ Labour. She is making it harder for females to compete, not easier.
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are gas (petrol) prices really so inelastic? Present prices in the UK are around $8.60 per US gallon.
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rumbling on: brown the clown’s errors leading to the northen crock failure
It is clear that Mervyn King, the current Governor of the Bank of England, knew what should be done. It is clear that Eddie George (the previous B.o.E. Governor) also knew his onions, and had balls. Gordon Brown the Clown replaced Eddie George. Mervyn King trims. As far as I am concerned, the main blame lays primarily in one place, but who ever expected any socialist to have intelligence or ethics. It was Brown the Clown who set the pseudo-inflation rate. It was the Clown who appointed/controlled the current Bank of England board. The ongoing UK economic problems of house price boom/bust and huge personal indebtedness are Gordon Brown’s responsibility. An inflation rate of 2-3% is considered optimal. Gordon Brown set a pseudo-inflation rate that ends nearer 10% [see Perception of value, and inflation]. Brown (and now the finance minister he appointed, Alistair Darling) sets the terms, that is: his fake inflation rate is used in place of meaningful data. The Clown has (naturally) made a complete pig’s ear of the economy, where short-term advantages for socialism = long-term failure for society. there e is no blame anywhere else, unless you consider anyone with balls would refuse him as an employer. And the Prime Minister is chosen by fellow Parlimentary members, no doubt looking to their future prospects and comfort. related
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