On QE, overproduction and the economics of a negative carry universe.

In the run up to last week’s announcement of more QE from the Bank of England there have been a couple of interesting posts on FT alphaville talking about “negative carry universes” and why banks are finding it so hard to make money recently, and why despite all the money being pumped into them we’re [...]

Move Your Money month launches today!

Marloes Nicholls, Move Your Money UK Chances are you’re not happy with your bank. In a recent poll half of all adults were ‘dissatisfied’ or ‘extremely dissatisfied’ with their bank, and 60% of British adults agree that the economic crisis has led them to trust high street banks less. There’s no wonder why: events and [...]

Dick of the Year – credit rating agencies

These 3 companies are the guardians of the masters of the universe. Moody’s, Fitch, and Standard and Poor are tasked by the world of finance with assessing the risk of loans. It is them who tell investors what the safety is of a particular package of mortgages, or a given government. But in 2007 something [...]

Occupy Toronto

By Juliette Daigre & Tom Malleson Occupy Toronto began on Saturday 15 October, with a 2,000 person march (a pretty impressive size for Canada) through the financial district before setting up camp in a downtown park. For weeks we’d been following with interest the news coming out of Occupy Wall Street: from the initial Adbusters [...]

Murdoch, New Labour, Credit Crunch, Expenses: collapses of concentrated power

Four years, and four great institutions of British capitalist hegemony have been shaken by crisis. In 2008, the banks collapsed. In 2009, it was expenses and ‘trust in MPs’. In 2010, New Labour – the machine which coaxed the working classes to vote for neo-liberalism. And in 2011, it’s News International. Each seems in a [...]

The Dependency Paradox

Personal responsibility is a recurring theme in Conservative rhetoric, although they tend to use the more down-to-earth expression of “doing the right thing”. David Cameron and Iain Duncan Smith in particular like to use this to block any criticism of the proposed reforms to the benefits system and public sector pensions. Instead, they champion a [...]

UK Uncut – the support is growing, and diversifying

All across the country today, UK Uncutters took to the high street. This time, our target was banks. This time, we were shouting about the health service. This time, our message was a new one – “restructure the banks, not the NHS” – “It’s the banks that caused this mess, don’t sell off the NHS”. [...]

The bitter irony of using the financial crisis to scrap the NHS

This post first appeared on the UK Uncut blog Around 50% of American bankruptcies are triggered by medical bills. When we talk of ‘sub-prime mortgages’, we are talking about real people facing financial ruin. The main reason that these Americans are thrown out of their homes is that they get sick. When a whole economic [...]

Privatising profit and socialising risk

This is essentially the modus operandi of the modern western government: to promote the interests of corporate gloabalisation and to offload the risks onto the people. This has manifested itself in many ways over the last few decades, but interestingly many have been demonstrated in only the last few years and even days. As the [...]

US Uncut – James Meredith didn’t sit quietly, and neither can we

Carl Gibson is the founder of US Uncut and CIVIL USA, the US Uncut chapter in Jackson, Mississippi. On the night before James Meredith was admitted to the University of Mississippi as the school’s first black student, Segregationist Mississippi Governor Ross Barnett addressed a crowd of 41,000 Ole Miss Rebel fans at the Ole Miss [...]

keep looking »