asterisk2a + account   37

Budget 2017: Asset sales to thank for UK's figures? - BBC News
'we are not paying our way in the world' -- highlight the cheat the Tories are. 1 sale of national assets to lower debt. still horrible trade balance deficit now w even weaker pound. And not mentioned the recovery supported greatly by household debt bubble and mortgage party. GDP per capita, wage growth v inflation, living standard, current account deficit, underinvestment/austerity in edu and health (see imf paper), ... UK becoming a basket case.
Budget  Tories  Conservative  PFI  Assets  George  Osborne  Theresa  May  Manufacturing  underinvestment  Philip  Hammond  London  Services  nasty  party  ZIRP  NIRP  QE  household  debt  consumer  credit  card  creditcard  mortgage  housing  bubble  Productivity  output  gap  skills  STEM  education  policy  Austerity  current  account  deficit  GFC  bank  bailout  GDP  per  capita  IMF  technological  unemployment  David  Cameron  social  mobility  income  wage  growth  downward  gini  Coefficient  child  poverty 
march 2017 by asterisk2a
Brex and the City – Brexit podcast | Politics | The Guardian
BREXIT SENDS SIGNAL YOU ARE NOT WELCOME. // Financial Services 70bn for Treasury (Philip Hammond), not including the english law services, (international) consulting, and all the contractors, shops, consumption coming from good salaries. London is biggest exporter, if ther would be no London, trade deficit £ would be twice as big. // http://www.bankofengland.co.uk/pra/Pages/authorisations/passporting/default.aspx
Brexit  London  Philip  Hammond  current  account  deficit  trade  banking  financial  services  passporting  rights  BOE  FSA  regulation  self-regulation  GFC  economic  history  FDI  underinvestment  regulators  bank  bailout 
february 2017 by asterisk2a
Sterling: A political animal | FT Markets - YouTube
fx vigilante. bond figilante. collective market doesnt like brexit. thus sells off. NO BUYING INTEREST! now £ is a political currency!!! // fall of £ is a painful solution to possible adjustment towards healthier economy. // E/£ parity by end of next year as we get concrete about exit with negotiations. this is uk prob not eu prob, brexit.
Brexit  foreign  exchange  FX  British  Pound  Sterling  FDI  direct  investment  current  account  deficit  currency  war  devaluation  budget  BOE  Mark  Carney  QE  ZIRP  NIRP  inflation  RPI  CPI  property  bubble  fiscal  monetary  policy  austerity  GDP 
october 2016 by asterisk2a
Alan Greenspan on Brexit, U.S. Economy, and Inflation (Full Interview) - YouTube
UK out of Euro Currency but part of free trade single market was best option on table. // lack of leadership for political union and fiscal union aka ever closer union. not just currency and trade union (free trade). // GET AT THE ROOT ISSUE; productivity, ageing population (entitlement crisis), stagnant wages, secular stagnation = desperate population // European banks some still burdened by sov debt crisis/NPL (= zombie banks) & NIRP & QE & lack of uptake in business & consumer loans. // no back-up to the ECB (balance sheet) yet. what happens if the EURO stops being a hard currency? get Greece out, is a liability. // EU can not go on in Status Quo indefinitely. ie funding southern states. States have to get on course of economic harmony! everyone has to give up something! // Precariat/Squeezed Middle Class/Social Mobility = creates desperate people. // Entitlements are a legal issues. Productivity and Growth Rates can't fund entitlements. = There will be a crisis. // Career Politicians won't touch it. // History (look at M2) this environment ends up in inflation. not time or data.
European  Union  Brexit  fiscal  Political  Union  ECB  Alan  Greenspan  Fed  Yanis  Varoufakis  Janet  Yellen  PIGS  sovereign  debt  crisis  secular  stagnation  productivity  gap  disposable  income  discretionary  spending  ageing  population  current  account  deficit  budget  deficit  GFC  entitlement  spending  Abenomics  monetary  policy  fiscal  policy  pension  obligation  babyboomers  Baby  Boomers  immigration  NIRP  ZIRP  QE  economic  history  Germany  Angela  Merkel  BOE  Mark  Carney  rising  middleclass  squeezed  middle  class  working  poor  Precariat  populism  demagogue  demagogy  Donald  Trump  western  world  savings  rate  Gini  coefficient  social  mobility  income  mobility  triple-lock  pension  pension  fund  pension  scheme  democracy  Career  Politicians  politician  output  gap  M2  inflation  targeting  M3  commodity  prices  global  economy 
june 2016 by asterisk2a
Firms plan to quit UK as City braces for more post-Brexit losses | Business | The Guardian
The IoD said a quarter of the members polled in a survey were putting hiring plans on hold, while 5% said they were set to make workers redundant. Nearly two-thirds of those polled said the outcome of the referendum was negative for their business. One in five respondents, out of a poll of more than 1,000 business leaders, were considering moving some of their operations outside of the UK. //&! The chief executive of Deutsche Bank – which employs 11,000 in the City – has played down the long-term impact. John Cryan, who is British, told Handelsblatt: “The financial centre won’t die but it will get weaker.” - bit.ly/28WkoMZ
Brexit  recession  City  of  London  European  Union  FDI  foreign  direct  investment  GBP  current  account  deficit  budget  deficit  fiscal  deficit  austerity  monetary  policy  fiscal  policy  BOE  ZIRP  NIRP  QE  distortion  inflation  targeting  inflation  expectation  business  confidence  consumer  confidence  British  Pound  uncertainty 
june 2016 by asterisk2a
‘The City’, by Tony Norfield - Banking as seen from the belly of the beast
[ current account deficit only affordable (thus also living standards) bc of City of London ] This is a man who writes without irony about “financial parasitism”. In The City: London and the Global Power of Finance, he seeks to document just how the UK and the US extract their pound of flesh from the rest of the world by dominating the financial flows that make international trade possible.

He argues that London’s leading role in foreign exchange trading, derivatives and overseas lending is an extension of its imperialist past. Creating complex financial products and charging for them has enabled the sector to requisition for the UK and London — and, of course, bankers themselves — a disproportionate share of the benefits of global trade. [...] [ extracting value from around the world channelling it back ] &! Novara Media interview - bit.ly/297c6D3
Brexit  City  of  London  banking  business  investment  banking  current  account  deficit  GBP  derivatives  financial  product  financial  services  Global  Finance  British  Empire  Imperialism 
june 2016 by asterisk2a
CURRENT ACCOUNT DEFICIT ON THE BALANCE OF PAYMENTS: THE MOST DAMNING STATISTIC!
If you want to understand how an economy is performing and how sustainable its economic growth then look at the current account balance. Officially it is often ignored and there are attempts to play down its significance. After all it is always only just a few years away from an election so the very short term is considered much more important than the long term strength and economic health of the economy. Dire straits is not an underestimate of the current damaged state of the UK economy and indeed many other western economies. [ affordable only bc of City of London (Banking and Co.)! - bit.ly/297c6D3 - Novara Media - The City: In Conversation with Tony Norfield ]
UK  current  account  deficit  trade  deficit  fiscal  deficit  Brexit  western  world  secular  stagnation  inflation  targeting  nominal  GDP  targeting  austerity  aggregate  demand  USA  Manufacturing  industrial  policy  energy  policy  GBP  City  of  London  book  British  Empire  unitedkingdom  standard  of  living  living  standard  economic  history 
june 2016 by asterisk2a
Pound falls further in Asian trading on Monday
Traders will be watching the UK's financial position closely over the coming months. "The funding position of the UK, with its twin current account and fiscal deficits, are the next pressures to weigh," Mr Cook said. The UK's current account deficit measures the balance of trade, investment income and money transfers. That deficit means that the UK must borrow to pay its way in the world. The fiscal deficit refers to the gap between government expenditure and income that has to be financed by borrowing.
Those indicators of the UK's financial health will also affect how much the UK government has to pay to borrow. On Friday there was demand for UK government debt, which drove down the yield - an early indication that the UK should be able to continue to borrow cheaply. //&! George Osborne will issue a statement early on Monday morning in a bid to calm markets after the surprise Brexit vote triggered turmoil on Friday. - bbc.co.uk/news/business-36636762
Brexit  fiscal  deficit  fiscal  policy  current  account  deficit  foreign  direct  investment  FDI  austerity  George  Osborne  BOE  ZIRP  NIRP  QE  Mark  Carney  secular  stagnation  recession 
june 2016 by asterisk2a
Pascal Lamy: Gove is 'pie in the sky' on Brexit - BBC Newsnight
Trade w europe may be currently shrinking (eu 'crisis'), but how much negotiation lever do you have as UK vs Europe (one single market/consumer!?) That is what Daniel Hannan does not highlight, the leverage of size to access, in negotiations with other countries. [...] 'trade negotiations are so long because they are so tough' [...] what will the UK have to give up, to gain access to foreign markets for their measly 20% of the whole economy (production, ie also house building, not just export/manufacturing)!? (2015, 80% of UK GDP growth consisted of consumption). Competing with much more competitive industry now! ( ie Cars. Ford's new plant in Mexico/Latin America ...) [...] "You can not exit and keep the benefits while you were in!" //&! >> What kind of trade deal could we get if we left the EU? - youtu.be/Pj9nPncM61M &! youtu.be/r8MiUI2eN6c
Brexit  free  trade  trade  agreement  TTIP  TTP  CETA  NAFTA  FDI  foreign  direct  investment  trade  deficit  current  account  deficit  Manufacturing  industrial  policy  policy  folly  policy  error  energy  policy  Steel  Industry  Steel  Crisis  competition  competitive  competitiveness  competitive  advantage  comparative  advantage  macroeconomic  policy  microeconomic  policy 
april 2016 by asterisk2a
Future of Steel - Ken Clarke & Paul Mason - BBC Newsnight
[TORIES CRISIS: bedroom tax, JSA sanctions killing people, Food Banks, redefining child poverty and fuel poverty, Independent Living Fund closed, Housing Crisis, tax cut defeat in Lords, mental health, NHS strikes, Hinkley Point C, energy prices, London Airport expansion/3rd runway, ESA cut, PIP cut and resignation of IDS, Brexit splitting the Party, shit world economy, can't touch triple-lock pensions, Academy plans, Panama Papers (British Territory: Bahamas, Cayman & Co).] Now - Tories are victims to their own policy of underinvestment since 2010 of a future-proof economy "long-term predictability" [BREXIT & austerity not predictable]. Energy prices too high, not competitive. Manufacturing never recovered. Monetary policy has run its course (sedative + Chinas credit bubble). policy folly now wholly exposed! AND now they tinker with the idea of picking winners! LOL! nationalising or part-nationalising through guarantees or subsidies on energy price. & youtu.be/QJw24Z-cEoQ
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april 2016 by asterisk2a
Waiters And Bartenders Rise To Record, As Manufacturing Workers Drop Most Since 2009
On the surface, the March jobs reported was better than expected... except for manufacturing workers. As shown in the chart below, in the past month, a disturbing 29,000 manufacturing jobs were lost. This was the single biggest monthly drop in the series going back to December 2009. But not all is lost: as has been the case for virtually every month during the "recovery", virtually every laid off manufacturing worker could find a job as a waiter: in March, the workers in the "Food services and drinking places" category, aka waiters, bartenders and minimum wage line cooks, rose again to a new record high of 11,307,000 workers, an increase of 25K in the month, offsetting virtually all lost manufacturing jobs. This is how the two job series have looked since the start of 2015: 24k manufacturing jobs have been lost in the past 14 months compared to an increas of 365K food service workers.
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april 2016 by asterisk2a
George Osborne: A profile of the man behind the Budget - BBC Newsnight
// 70% of UK economy growth (GDP), 2015, was consumption. // and trade deficit/current account deficit for 2015, biggest ever on record ---- The UK's current account deficit widened to a record high in the final quarter of last year.
The deficit in the three months to December was £32.7bn, the equivalent of 7% of GDP, said the Office for National Statistics (ONS).
For all of 2015, it came to £96.2bn or 5.2% of GDP. Both figures were the highest since records began in 1948.
A current account deficit means the value of imports of goods, services and investment income exceeds exports.[...] "An obvious potential trigger for the markets losing confidence in the UK economy could be a vote to leave the EU in the 23 June referendum." [ harder to finance w weak Sterling and higher interest rates, rating agencies hinted at the case of a downgrade of UK's credit worthieness ] - bbc.in/1ZMEvAg
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march 2016 by asterisk2a
UK trade deficit widens further as exports suffer | Business | The Guardian
Nevertheless, the UK’s goods trade gap with the rest of the world widened by £1.9bn to a record high of £125bn in 2015. Howard Archer, chief UK economist at IHS Global Insight, said: “UK exports have clearly struggled in recent months, as they have been hampered by sterling’s overall strength in 2015, particularly against the euro, and moderate global demand. [...] Recent declines in the value of sterling are expected to support exports sales, though the deteriorating global situation could mitigate against an improved exchange rate. [...] “Nonetheless, any progress in reducing the trade deficit is likely to be extremely slow in the near term, leaving the recovery reliant on domestic demand.” [...] [ you can lower your corp tax, but if your country is shitty in business environment ie infrastructure and employee qualifications and immigration ... nobody wants to do business ]
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february 2016 by asterisk2a
Adam Posen: What Japan and the UK Demonstrate about Macroeconomic Stimulus - YouTube
Confidence Fairy - Paul Krugman. (sov debt crisis) only applicable if you don't have a central bank. like Greece. that can do QE as much as you need to stabilise monetary system. ie stop deleveraging, only serving debt. meaning deflation. // different QE, diversity. shift risk appetite to more riskier debt. ... // fiscal activism can't overcome austerity ... // UK has it work because it doesn't have the manufacturing base. but its population is growing, not shrinking. but job creation - multiplier to economy is 1 or lower because of mostly service sector job creation which lot need to access welfare state through tax credits. // min 11. Gordon Brown and Alistair Darling did lots right! GPB depreciation. budget deficit growth. But imports stayed high!!! current account deficit and trade deficit. Austerity undermines growth and BOE policy! cut you future and investment (4-1 ration). UK got no credibility bonus from bond vigilantes, no FDI inflows.
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january 2016 by asterisk2a
Meet the Renegades Steve Keen - YouTube
[ chicago school of economics ] 17:25 - private debt // demand will never be again so starong as before GFC. growth of debt/credit is normal. but without growth and high debt is cancer. + current account deficit/trade deficit = means things for UK can not go in indefinitely. austerity will run its course, will not make things better. next is property bubble! and NPL as normalisation to 2% nears // China margin trading & leverage via credit bubble. property bubble. // 24:20 - there is still room to grow household/private debt. Tories treat gov budget like a household rather than a bank! UK will stumble along at lower rate than America. Will not get better! Just rearranging deck chairs of a painfully slowly sinking ship.
secular  stagnation  private  debt  household  debt  consumer  debt  credit  card  debt  UK  USA  Japan  economic  history  car  loan  GFC  credit  bubble  debt  servitude  consumer  confidence  junk  bond  NPL  ZIRP  NIRP  QE  monetary  policy  fiscal  policy  Richard  Koo  student  debt  student  loan  debt  debtoverhang  deleveraging  balance  sheet  recession  mortgage  market  trade  deficit  current  account  deficit  austerity  dogma  neoclassical  economics  book  ideology  margin  trading  leverage  western  world  Hegemony  China  Super  Cycle 
january 2016 by asterisk2a
Börse: Warum Schwellenländer für die Kurskrise sorgen - Kolumne - SPIEGEL ONLINE
Chronisch überschüssige Leistungsbilanz [ & Over capacity for less/stagnant demand ... + biggest credit bubble (china) popped as the west can't afford more. QE and ZIRP has run it's way! ] [...] Der Grund, warum der deutsche Aktienindex weitaus mehr betroffen ist als andere europäische Indizes, liegt allein an der strukturellen Abhängigkeit der deutschen Industrie von Blasen in anderen Ländern. Anstatt auf bessere Stimmung zu hoffen, sind Anleger gut beraten, sich über den weiteren Verlauf der Schwellenländerkrise Gedanken zu machen. [...] [ Fed taper makes things more difficult to serve debt ] [...] Langfristig sind es die Gewinne und nicht die Zinsen, die die Aktienpreise treiben. //&! China (Asia/BRIC/Frontier Market) Corporate Bond Yields up - bit.ly/1Sme7fV & NPL probably too. //&! If property is biggest item of household wealth in a property bubble (UK, China, ... USA) - bit.ly/1Zpiy8M
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january 2016 by asterisk2a
Osborne warns of 'dangerous cocktail' of economic risks - BBC News
[ repeat phrases - "strong economy", "strong economy, strong NHS" ] The UK faces a "cocktail" of serious threats from a slowing global economy as 2016 begins, Chancellor George Osborne has warned. Speaking in Cardiff, Mr Osborne said this year is likely to be one of the toughest since the financial crisis. He told business leaders that far from "mission accomplished" on the economy, "2016 is the year of mission critical". His message is in stark contrast to the positive tone of his Autumn Statement, when he said the UK was "growing fast". [...] that the Autumn Statement had put in place a four-year plan to restore the UK's public finances, and make the economy more productive, with businesses more competitive so they could create jobs. [...] Mr Osborne told the Today programme the UK's economic recovery was not "a debt-fuelled recovery", citing the support of the governor of the Bank of England in his assessment. [ not public, but private household debt! ]
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january 2016 by asterisk2a
Raghuram Rajan - One-on-One: an investigative interview - 44th St. Gallen Symposium - YouTube
Relying too much on the wrong instrument, monetary policy, unconventional QE2 & 3 >> little domestic positive impact but spilled over much across the world! // consequences now seen (1) taper tantrum late 2014 & then summer 2015; china slow-down/equity crash & taper anticipation moves followed up by pulling money out of emerging/developing markets! financial market are divergent from domestic business market. cycles shifted apart slightly. investor, business, financial market & consumer confidence are not linked as tightly before! // financial markets are now global, business markets itself not as much! money can be pulled out digitally in an instance. // no net-positive 4 whole world. selfishness. long-run danger. unintended consequences, unknown unknowns. // global sub-optimal monetary policy // global system (monetary system) broke // uncertainty, unknown of taper. timing debate. game of chicken. volatility bc of lots of froth, distortion! // &! youtu.be/SZe3issLIb8
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september 2015 by asterisk2a
Labour leadership races can change fast; interest rates, not so much | Business | The Guardian
The fact of the matter is that, while George Osborne is obsessed with shrinking the size of the public sector and causing hardship and misery, the real crisis in this country concerns not the size of the budget deficit, but the record peacetime balance-of-payments deficit of a whopping 6% of GDP. With this in mind, John Llewellyn and Russell Jones of Llewellyn Consulting have been urging the Bank to encourage the overvalued pound to fall towards more realistic levels, to avoid an almighty sterling crisis when the markets finally wake up to the real crisis in the British economy.
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september 2015 by asterisk2a
Jeremy Corbyn wins economists’ backing for anti-austerity policies | Politics | The Guardian
In the letter to which David Blanchflower, a former member of the Bank of England’s monetary policy committee is a signatory, the economists write: “The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity.” // UK can't compete with energy rich countries - ie through rebuilding (through subsidies) its industrial and manufacturing sector - it has to add value through expert services, knowledge, digital, research to existing products goods and services that then can be re-sold across the world - high energy cost, expensive transport through lack of infrastructure of the future, and lack of in-pipeline educated mobile youngster, is a structural deficit.
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august 2015 by asterisk2a
Frankreich verliert Status als Deutschlands wichtigstes Exportland - SPIEGEL ONLINE
IMF rechnet für 2015 mit einem Anstieg des BIP US um 2,5 Prozent und für 2016 mit 3 Prozent. "Wir sehen zudem eine Reindustrialisierung in den USA: Dort werden wegen der niedrigen Energiekosten viele neue Fabriken und Produktionsstätten hochgezogen", sagte Treier. "Dafür werden Maschinen und Ausrüstungen aus deutscher Produktion benötigt." Hilfreich sei zudem der schwächelnde Euro, [...] "Die Amerikaner sind relativ preissensible Käufer, auch wenn es um Luxusprodukte wie deutsche Autos geht", // Germany & UK are energy dependent, especially after Desert Storm Energy project failed. UK need the bet on STEM and digital economy and knowledge economy, added value services that can be exported & leverage "British" brand. It can not compete against cheap energy fuelled China and USA! But it did nothing, UK has to even import Nurses and Doctors now! Thanks to short-sighted ideological dogmatic austerity & policy for established businesses. low corp tax & deregulation to compete w price only.
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august 2015 by asterisk2a
Japan Exports Its Way to Irrelevance - Bloomberg View
[ Politicians as always will react with reactionary unimaginative policy, competing for the same pie. instead of enabling, supporting new pies to be created. ] But Abe needs to recognize, as China already has, that this is only the latest sign of a broader reality: Asia's old export model of economic growth no longer works. [...] All the stimulus BOJ Governor Haruhiko Kuroda can muster won't change the worsening trajectory of the region's most-populous nation. That's why Abe needs to take a page from Beijing and focus more on creating new industries at home. [ the base of home grown new market/category/vertical also includes sound middle class to buy those products. demand at home. social safety net (security). and less inequality. progressive taxation. fight tax evasion/avoidance, monopoles, monopsonies, bribery, corruption. and politicians making policy for lobby. ]
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august 2015 by asterisk2a
Global economic growth to slow, NIESR predicts - BBC News
'Domestic risk' While NIESR was generally upbeat about the UK economy, it believed that weak productivity would remain a challenge. Simon Kirby, an economist at the institute, said: "It's the major domestic risk." NIESR expects inflation to remain about zero until the end of the year due to low oil prices and the strong pound, but that it will return to the Bank of England's target of about 2% a year by 2017. The think-tank expects the Bank of England to finally raise interest rates in February next year. Economists polled by Reuters last month mostly expect the Bank to raise rates in the first quarter of 2016.
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august 2015 by asterisk2a
UK interest rate rises - waiting for lift-off | Business | The Guardian
In 2018 – by when, bear in mind, most of the work of austerity is expected to have been done – Miles calculates that fiscal consolidation will still drag interest rates downwards by more than 0.75% compared to what would otherwise be the case. This is one of the factors explaining the (commonly held) assumption that interest rates will approach a “new normal” over the next few years that is likely to be about half as high as the 5% that prevailed pre-financial crisis. Even in the second half of the parliament this “fiscal headwind” will still be blowing strong. [...] The case for introducing more transparency isn’t mere technocratic trimming. The balance struck between monetary and fiscal policy has big consequences. There are obvious distributional implications (all else equal, mortgage holders win; savers lose). There are ramifications too for the capital allocation process, the current account, and the risk of an asset-bubble. The list goes on: the macro-mix matters.
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august 2015 by asterisk2a
STEPHANIE FLANDERS: It's borrowing and debt driving Britain's recovery | This is Money
New forecasts that went with his speech paint a different picture, of a recovery driven in large part by households borrowing more, and saving less. The level of household debt, relative to income, has been falling since the crisis, as families have cut back and worked to pay off debt. But the new Budget forecasts show it starting to rise again, from the final quarter of this year, moving from 142 per cent of income back up to 166 per cent by 2019. That’s more or less where household debt had got to in the lead up to the financial crisis, after all that irresponsible ‘debt fuelled growth’ under Gordon Brown. [...]And total level of investment is now more than 20 per cent below where it was at the start of 2008. // &! bit.ly/1IxXKax - low inflation, no inflation pressures expected till 2016 // &! bit.ly/1DepsJ2 - The UK has the most unbalanced economy of any OECD country.
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july 2015 by asterisk2a
The escape from the balance sheet recession and the QE trap: An interview with Richard Koo - YouTube
"deflationary" is a symptom of balance sheet recession, deleveraging, debtoverhang ... of the private sector, corporate sector (& public gov sector) (to repair balance sheet). inflation of price of goods 2 live is still existent. you cant eat laptops. inflation is still present. actions of private sector, corporate sector to repair balance sheet (and even public sector, all three together) is deflationary. // UK! interesting is that consumer still borrows ie via credit card and mortgages. // question is how long UK can run such a big current account deficit. somebody has to pay for it, if not the gov with debt, then it has to be the private sector. as long as it can serve debt payments, as long as it has wage growth (increase of productivity, closing of output gap). But job creation during recovery was mostly Service Sector Jobs & self-employment. Not added value STEM. // corporate sector will not, in the long-run, pay for current account deficit w debt. &! youtu.be/EhYvaMc3f44
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july 2015 by asterisk2a
UK's inflation rate falls to 0% - BBC News
bit.ly/1IXuomp >> Carney: Current account deficit is a risk highlighted by FPC. UK is relying on the kindness of strangers to finance current account deficit. Household borrowing isn't driving the deficit Tighter fiscal policy is needed. Tighter macroeconomic policy is needed also. Deficit highlights importance of maintaining the attractiveness of the UK for foreign investment // &! bit.ly/1I07olT - BOE's Miles doesn't see secular stagnation in the UK [...] Carney - Health of the financial system is likely to boost productivity [really?] [...] McCafferty: Low income jobs have kept productivity low &! bit.ly/1JfaSxr - Bank is looking at the household sensitivity to rate rises [ mortgage bubble will prevent BOE to raise rates faster as demand stokes as more disposable income is spend on serving interest payments thus depressing GDP growth bc 70% of it is consumer spending ] &! bit.ly/1HtySg1
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july 2015 by asterisk2a
BBC iPlayer - Newsnight - 08/07/2015
"Comprehensive analysis of the Budget with Evan Davis and guests." // During the election David Cameron said child tax credit/benefit was off the list of welfare spending cuts. - broken election campaign promise // --- SHOULD BE (Labour Party Policy for next election):: make work pay and eliminate child poverty AND help people (everyone) w education and support to find better and more gainful work that lift them and the economy by producing added value products. // no path to higher wages, no path to higher productivity, no path to added value British Products export increase (manufacturing, research, STEM, ...) // low wage jobs have no to very little economic multiplier ... take into account tax credits etc and it is net-negative for state and the council //
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july 2015 by asterisk2a
George Kerevan: A merciless attack on the poor ... to the sound of cheers | Comment | The National
What about the cut to Corporation Tax, to 18 per cent? UK firms currently sit on £550bn in cash reserves which they have little inclination to spend, other than to buy back their shares. Cutting their taxes will only swell this useless cash mountain, not lead to more investment. Indeed, the independent Office for Budget Responsibility, in papers published with the Budget, forecasts Britain’s current account deficit on trade will worsen in the next five years – a sure sign of failing productivity and competitiveness. The Tories cheered George Osborne to the rafters yesterday but just wait until the economic roof falls in when American interest rates rise and Britain’s bubble economy has to face the real world.
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july 2015 by asterisk2a
Osborne's Budget: ‘High priest of an austerity cult’ | Politics | The National
At its heart was a commitment to cut the deficit and bring the country in surplus by 2020. Osborne will achieve that partly through cuts to government spending, partly through new tax avoidance measures and substantially with hefty cuts to welfare. // &! John Swinney: The National Living Wage hides an attack on people in low-wage jobs -bit.ly/1CrSapj &! Equality: This Budget continues the project which impoverishes women - bit.ly/1D3dxrX - women make up ~70-77% of recipients of tax credit! &! tax credit essential for families on low income to top up to afford "living" [...] The Scottish Federation of Housing Associations is wholeheartedly against the removal of the automatic entitlement to Housing Benefit for 18 to 21-year-olds. This will have an adverse affect on the life chances and employment prospects of the 28,000 plus claimants in this group – over half of whom have young families of their own – as it could, for many, put their homes at risk. bit.ly/1LYCgWA &! bit.ly/1D3egtb
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july 2015 by asterisk2a
Where Next for the UK Economy? | 24.02.2015 - YouTube
min 37 BOE owns over 1/3 of outstanding gilts // pattern of global demand ([luxury, vanity, status, brand], [convenience, on-demand,] [software, automation, robots, driving down manual labour cost - corporate/wall street] [connection with your customer] [Data] // GDP growth (national income, profits from corp) outpaced income growth (income from labour). is double // austerity, fiscal policy: to force a surplus of the budget (and current account/balance of payments) over 10 year time frame (2x conservative parliament) without thinking where the demand comes from (income growth thus more disposable income thus consumer &* business demand (more employment), thus higher tax revenue). And only thinking about cutting, is a Career Politician move, sticking 2 his talking points of Plan A. // dont compete w BRIC/Developing/Frontier Market on price (exporting). It's a race to the bottom, it can not work. Thus it has to be Industrial Revolution 2.0 !!! Differentiate. Brand. Being Remarkable.
BOE  QE  ZIRP  NIRP  productivity  income  growth  GDP  distortion  trade  deficit  balance  of  payments  current  account  deficit  economic  history  IMF  Career  Politicians  Industrial  Revolution  2.0  Conservative  Party  David  Cameron  Liberal  Democrats  Nick  Clegg  George  Osborne  globalisation  globalization  borderless  flat  world  Brand  differentiate  differentiation  Software  Is  Eating  The  Mobile  Creatives  Mobile  Creative  Start-Up  lesson  Start-Up  advice  UK  Europe  Germany  USA  China  BRIC  monetary  policy  fiscal  policy  macroeconomic  policy  microeconomic  policy 
may 2015 by asterisk2a
BBC News - When will the UK pay its way in the world?
In absolute terms it has been impossible for UK debts to fall. >> Now what was a little worrying was that the deficit on the current account reached 5.6% of GDP, or economic output, in the third quarter of 2013 and fell to just a little bit lower, 5.4%, in the fourth quarter. That 5.6% was - ahem - something of a milestone: it was the biggest quarterly deficit since records began in 1955. And it explains why the record aggregate indebtedness of the UK has been falling so slowly, and is still not much below 500% of GDP on the Mckinsey measure (though see my previous blog). [...] UK's - limp trading performance - for YEARS! ... COMPETING against BRICs, Europe, G8, ... now and in the future competing with MINT countries too ( http://en.wikipedia.org/wiki/MINT_countries ). [...] "We have not got forever to reconstruct our economy and become a bit more like the European export emperor, Germany."
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may 2014 by asterisk2a
Schwarzman Says Cheap Financing Is Pushing Up Prices of Buyouts - Bloomberg
“We’ve seen prices higher than we expected as a result of very low levels of interest rates,” he said. “The Fed has created a lot of liquidity.”
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april 2011 by asterisk2a

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