Our economic boomlet won’t last if monetary policy remains loose October 10, 2013 THE ECONOMY has rebounded strongly in 2013, surprising the pundits but vindicating “monetarist” optimism. George Osborne, among others, suggests that the economy “is turning the corner”, implying a return to “normality”. Normal, of course, is subjective, but to the average person it probably means an environment in which the economy grows steadily, inflation is contained, [...]
Letters to the Editor – 11/10 – Renewable energy, US debt ceiling, Best of Twitter October 10, 2013 Renewable energy [Re: Our energy crisis, like America’s debt ceiling, is self inflicted, Tuesday] The core issue with many renewables is that they’re only available when the wind blows or the sun shines. This often takes place when energy is not needed in large quantities. They are extremely unreliable, and expensive. James H Rust Wind has [...]
US debt ceiling division may be the harbinger of greater crises to come October 9, 2013 AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead. To understand why, we need only look back [...]
Beware the unintended consequences of well-meaning banking regulation October 9, 2013 FEW RECIPES deliver satisfaction first time. The array of banking reforms assembled in response to the financial crisis have many of the ingredients needed to allow firms to offer the products and services customers want, in a manner that restores trust and confidence to the sector. But some parts still need tweaking if they’re not [...]
The Fed is in desperate need of change – sadly Janet Yellen won’t be it October 9, 2013 PRESIDENT Obama has now officially announced his intention to nominate Janet Yellen, current vice chair of the Federal Reserve, to succeed current chair Ben Bernanke. And while Yellen is likely to receive a frosty reception from Republicans, she has a very good chance of garnering the necessary 60 votes needed to achieve Senate confirmation. She [...]
Letters to the Editor – 10/10 – Press freedom, Best of Twitter October 9, 2013 Press freedom [Re: Coalition rejects media’s bid for self-regulation, yesterday] A free and independent press is the most effective, economical and accessible tool we have to secure and defend the interests of ordinary people. I may be unusual in this, but I would sooner trust the press than politicians. Britain already has among the toughest [...]
Grounding planes means grounding growth: We must act on airports now October 8, 2013 A SOLUTION to London’s airport capacity crisis is a national imperative. After years of indecision and inertia, we have got to act to support growth. Heathrow opened in March 1946, less than a year after the war, and has since grown to become the world’s third busiest airport. Yet in the time it took to [...]
Against the Grain: Who will guard the guards? Put the regulators on trial for reckless behaviour October 8, 2013 THE TREASURY’S amendments to the Banking Reform Bill mean that senior bankers could face up to seven years in jail for “reckless misconduct” which leads to the collapse of a bank. Certainly, the behaviour of prominent individuals in the run up to the crisis left much to be desired. If only we could have put [...]
Rejection of proposals for self-regulation is dire news for our press October 8, 2013 TODAY, the Privy Council is set to reject the newspaper industry’s proposals for new forms of press self-regulation. Various press-fearing politicos and censorious celebrities wanted statute-backed regulators. But all national newspapers (bar the Guardian and Independent) backed the idea of self-regulation as an alternative to the system of state regulation floated by those politicians and [...]
Letters to the Editor – 09/10 – UK energy crisis, Best of Twitter October 8, 2013 UK energy crisis [Re: Our energy crisis, like America’s debt idiocy, is self-inflicted, yesterday] I agree that it is crazy for Britain to be closing its coal burners under the Large Combustion Plant Directive. But it is also important to mention the effects of the Emissions Trading Directive and the Energy Efficiency Directive, which have also [...]