New data shows that growth in house prices is outpacing growth in wages. However, reports suggest that low interest-rates are making housing …
Economic Analysis, Theory
Debt Inequalities – A New Report
The Office for National Statistics (ONS) has released a new report on household debt inequalities between July 2012 and June 2014. While the …
Money creation and sustainable development
In the previous blog posts we discussed why a new financial system is needed and what the alternative, a system in which the state is …
BIS Warns of a Global Debt Crisis and a Lack of Policy Response Options: Time to Update the BoE’s Policy Toolkit?
The Bank for International Settlement (BIS) has just warned that the global economy faces a “gathering storm” brought on by too much …
Debt-free money: A brief reply to Randall Wray
L. Randall Wray is exercised by my suggestion that he has engaged in semantic sleight-of-hand. To summarise my argument: it is an obvious …
Mervyn King’s “Pawnbroker for All Seasons” Explained
Lord Mervyn King, who was Governor of the Bank of England from 2003-2013 and saw the financial crisis play out from the centre of the …
Accounting as religion: Buffett, Derrida, and MMT
A number of my recent posts seem to have wound up some of the more sensitive ‘mainstream’ economists, who don’t like the suggestion that the …
“Negative” Interest Rates and the War on Cash
Prof Richard Werner has written an interesting article on negative interest rates and the idea that "cash is a barbarous relic and needs to …
How much debt is too much? When should the Bank of England create new money to finance spending?
How much debt is too much? When should the Treasury borrow money and when should the Bank of England create new money to finance …