nef and the Tax Justice Network have paired up top economists and journalists to write a series of guides exploring the truth behind common economic myths. This first mythbuster, prepared by Howard Reed and Tom Clark, addresses the question: is Britain really ‘broke’?
He told MPs: “The key difference this time is that I am making it much easier for people with no money to get a mortgage.
Far from an emergency that requires dramatic action to slash the federal deficit, the various components of the “fiscal cliff” are all consequences of legislation passed at various times during the Obama administration and can be averted by the passage of further legislation by Congress, regardless of whether that legislation adds to or subtracts from the deficit. Deficit reduction is not a requirement of any previous legislation, but a political mandate from the financial aristocracy, which is demanding that its two political parties take joint action to make working people pay for a fiscal crisis that is the product of the 2008 Wall Street crash and the trillions expended to bail out the banks and corporations.
As a Conservative I have no pleasure in exposing David Cameron's deficit claims. However, as long as the party continues to talk down the economy via the blame game, confidence will not be given an opportunity to return. For it is an undeniable and inescapable economic fact: without confidence and certainty there can be no real growth.
President Obama called on lawmakers Friday to immediately freeze income tax rates for most Americans while allowing taxes on the wealthy to increase, in his opening bid in the high-stakes struggle with Republicans over the nation’s ballooning debt.
George Osborne has opened the way for a fresh round of £10bn welfare cuts by securing agreement from the work and pensions secretary, Iain Duncan Smith, and promising the Liberal Democrats that the cuts will be balanced by a bigger contribution from the rich.
George Osborne's goal of building an economy that can pay its way in the world looks more distant than ever as official statistics showed Britain ran up the largest current account deficit on record in the second quarter of 2012.
A few people wrote to me this morning asking me about Dan Primack’s critique of my Romney piece ("Greed and Debt," August 29) on CNN.com. His article ("Greed, Debt, and Matt Taibbi") purports to provide a list of factual inaccuracies, but like a lot of these pieces that pore through long features in search of mistakes, the resultant list ends up mainly being a discussion of non-factual issues where Primack and I simply disagree.
What Rolling Stone got right, and wrong, about Bain Capital.
Very few of my friends understand private equity, let alone care about it. But some of them wrote me this past weekend, after reading Matt Taibbi's new cover story for Rolling Stone about Mitt Romney's time with Bain Capital. For example, this was from my former college housemate Andrew:
How the GOP presidential candidate and his private equity firm staged an epic wealth grab, destroyed jobs – and stuck others with the bill
When you hit hard times, it is time to pawn or part with the family silver – and an unprecedented clearout is now under way in Athens.
Greece has announced it will sell anything it can do without – and in the case of the debt-choked nation that means letting go of islands, royal palaces, prime real estate, marinas, airports, roads, the state-owned gas company, lottery and post office. Indeed anything, really, that can be sold.
The voters will not be placated for ever by governments that fail to deliver on their word
The former Tory health secretary Stephen Dorrell carefully did not put the blame on his own party, which first introduced PFI in the 1990s, for the crisis facing the South London Healthcare NHS Trust, which is likely to be placed in a form of special measures after accumulating a deficit of £150m.
Ever since Greece hit the skids, we’ve heard a lot about what’s wrong with everything Greek. Some of the accusations are true, some are false — but all of them are beside the point. Yes, there are big failings in Greece’s economy, its politics and no doubt its society. But those failings aren’t what caused the crisis that is tearing Greece apart, and threatens to spread across Europe.
Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into their camp” and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.
The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.
FRANKFURT — Everyone in Europe seems to agree that government austerity has been overdone. Now comes the hard part: finding someone to pay for less of it.
Classic fiscal stimulus through increased deficit spending by governments does not seem to be an option, analysts say, simply because not enough private investors are willing to lend more money to the countries that need it most, like Spain.
WASHINGTON — With the victory of the Socialist candidate, François Hollande, in the French presidential election, the White House has lost one of its closest allies on the Continent, but perhaps gained one with economic policy beliefs more closely aligned with its own.
"I don't know that I'll ever collect a dime, but if I can get their operation shut down, that would make me very happy."
Hospital patients waiting in the emergency room or convalescing after surgery could find themselves confronted by an unexpected visitor: a debt collector at bedside.
An 11-year-old boy's plan to save the eurozone has been commended in a major competition that has attracted some of the world's top economists. Schoolboy Jurre Hermans from the Netherlands gets a special mention - and a 100-euro gift voucher. He suggests how Greeks could swap euros for their old currency, the drachma.
Last week I visited Paul Adcock, joint owner of Adcock & Sons, a small retailer of TVs, washing machines and other consumer electrical goods in the small market town of Watton in Norfolk.
Like many retailers, especially in sectors facing sharp competition from the internet, he is struggling. So what is special about Adcocks, other than that this is its centenary year? Well one reason why Adcocks is in serious financial difficulties is that it is paying an interest rate of 9% on a commercial mortgage of approximately £900,000, generating a bill of just under £80,000 a year.
After three years the government will be technically insolvent and will have to be split up into a good government and a bad government. The good bit will be bought by Richard Branson and the fat man who owns Top Shop and the bad bit will be left to fester in a disused fridge.
Amid thousands of comments left on the Guardian website about Scottish independence there has been strong demand for more facts about the debate. This week we are going to work with readers to tackle five of the key questions about Scottish independence