Wednesday 6 November 2024

TIMES RADIO: Elon Musk's Dad Claims His Son Has 'Seen the Light' on Donald Trump

Nov 5, 2024 | "Elon is not far Right, let's just get something clear here, Donald Trump is not far-right...He's dead centre"

Tuesday 5 November 2024

Contraband Whiskey and a Secret Royal Dinner: Wall Street Goes to Riyadh

THE NEW YORK TIMES: Are you an international business titan on the hunt for billions of dollars of Saudi oil cash? Prepare for “a mind game.”

At exactly 6:19 p.m. last Tuesday, in a gold-trimmed hallway snaking off the lobby of the Ritz-Carlton, Riyadh, a lesson emerged in money, power and what Arabs call wasta, or influence.

The scene was opened by Marc Rowan, the private equity billionaire, pacing the carpet leading up the unremarkably named Meeting Room B — where a few minutes earlier chairs had been arranged in a semicircle.

Mr. Rowan, clad in a neat suit rather than his usual sweaters, was 11 minutes early — he actually doubled back a few times, apparently unwilling to arrive first — but was soon followed by a dozen or so titans of technology and finance, including top executives of the Carlyle Group, BlackRock, Citi and Standard Chartered, and founders of the giant hedge funds Bridgewater Associates and Third Point. » | Rob Copeland | Tuesday, November 5, 2024

Monday 4 November 2024

Bernie Sanders: As This Presidential Campaign Comes to an End, Let Me Say a Few Words

Nov 4, 2024

Are Billionaires a Problem? | ARTE.tv Documentary

Mar 26, 2024 | The richest man in the world - Frenchman Bernard Arnault - is worth more than 200 billion euros. Around the world, the super rich are getting ever richer. Since money can buy power and influence. Are billionaires undermining democracy?

She Refused to Listen: Inside Thatcher's Monetarism Experiment

Nov 4, 2024 | Join Sir Tim Lankester, Margaret Thatcher's first private secretary for economic affairs, as he discusses his new book "Inside Thatcher's Monetarism Experiment" with IEA Executive Director Tom Clougherty. Drawing from his first-hand experience in the early years of the Thatcher government, Sir Tim examines the adoption of monetarism as the primary tool for fighting inflation in 1979-81, arguing that while the broader economic reforms of the period were successful, the strict adherence to monetary targets led to unnecessarily high unemployment.

In this discussion, Sir Tim reflects on his transition from studying Keynesian economics at Cambridge to becoming what he calls a "disbelieving monetarist" in government. He provides insights into Margaret Thatcher's unwavering conviction in monetarist theories, her hands-on involvement in monetary policy, and her qualities as a boss. The conversation also explores the economic context of the 1970s, including high inflation, industrial unrest, and the 1976 IMF loan that set the stage for the monetarist experiment.

The event concludes with a lively Q&A session covering topics including current monetary policy, quantitative easing, and the long-term impact of the Thatcher government's economic reforms. Sir Tim offers a balanced assessment of the period, praising the supply-side reforms while maintaining his criticism of what he terms "hard monetarism" in the early years of Thatcher's premiership.


Sunday 3 November 2024

‘Snake Oil Salesman’ Trump Loses Election Momentum | Scott Lucas

Nov 3, 2024 | “He in fact didn’t fix anything while he was president… He left the economy in a worse position.”

Donald Trump is not capable of solving the US’s economy problems, says Scott Lucas.


Thursday 31 October 2024

Borrowing Costs Surge as Markets Turn On Reeves

THE TELEGRAPH: Investors react to warnings that debt-fuelled Budget will raise interest rates and hurt growth

UK borrowing costs have hit their highest levels in a year and stocks have tumbled amid growing concerns about Rachel Reeves’s borrowing plans.

Benchmark 10-year borrowing costs rose by almost 0.2 percentage points to 4.582pc on Thursday, as investors fretted about the Chancellor’s £32bn-a-year increase in borrowing. Analysts have highlighted it would not all be used to fund investment.

The pound also fell by a third of a percent against the dollar to $1.2922 and stocks slumped. The FTSE 250 index, which is made up mainly of domestic companies, fell by 1.4pc and the more internationally focused FTSE 100 was down by 0.80pc in afternoon trade.

The sell-off for British assets and the higher government borrowing costs came as investors reacted to warnings from economists that the Chancellor’s debt-fuelled Budget will leave the country vulnerable to changes in debt costs, put up interest rates and hurt growth. » | Szu Ping Chan, Economics Editor | Thursday, October 31, 2024

The Gilded Age: The Most Transformative Era in American History | FULL SPECIAL | PBS America

Dec 17, 2023 | The Gilded Age presents a compelling and complex story of one of the most convulsive and transformative eras in American history. In the closing decades of the nineteenth century, the U.S. population doubled in the span of a single generation, national wealth expanded, and two classes rose simultaneously, separated by a gulf of experience and circumstance that was unprecedented in American life.

Wednesday 30 October 2024

Institute of Economic Affairs: Tax Expert Warns: The Budget's Hidden Attack on Your Wages

Oct 30, 2024 | In an analysis of the government's latest budget, Tom Clougherty, Executive Director and Tax Policy Specialist, breaks down the concerning implications of a massive £40 billion tax increase, with £25 billion coming from employer National Insurance contributions alone. With taxes already at historic highs, Clougherty explains how these changes will likely suppress wages and reduce job opportunities across the private sector.

Despite the change in government, Clougherty identifies a troubling continuity in economic policy, with an increasingly state-centric approach to growth. He critiques the administration's heavy reliance on public spending and capital projects, arguing this comes at the expense of private sector innovation and investment – the true engines of sustainable economic growth.

Drawing from years of economic evidence, Clougherty challenges the government's claim that workers won't be affected by these tax increases. He demonstrates how employer National Insurance hikes inevitably get passed through to employees in the form of lower wages and reduced benefits, adding to existing cost of living pressures. This comprehensive analysis offers vital insights for businesses and workers alike as they navigate the implications of the new budget.


Russian Court Fines Google More Than World’s GDP

THE TELEGRAPH: Moscow seeks compensation after tech giant blocked pro-Kremlin content

Russia has demanded Google pay a fine worth more than the world’s GDP for blocking pro-Kremlin media outlets.

Judges in Moscow are seeking around $20 decillion from the technology giant, many times the estimated $100-trillion size of the global economy. If written out in full, the fine would be 20 followed by 33 zeros.

The penalty, which far eclipses Google’s own $2-trillion market value, comes after the US technology business barred pro-Moscow propaganda channel Tsargrad TV, which is owned by oligarch Konstantin Malofeev, from YouTube four years ago. » | Matthew Field, Senior Technology Reporter | Wednesday, October 30, 2024

For numbers bigger than a trillion, click here.

Monday 28 October 2024

Volkswagen to Shut Three Factories, Axe Jobs and Cut Pay by 10%, Says Union

THE GUARDIAN: German carmaker warns of stagnation in the European sector amid news of deeper-than-expected action

The German carmaker Volkswagen is planning to shut at least three factories in its home country, lay off thousands of workers and cut pay by 10%, according to the company’s union.

The deeper-than-expected cuts come as the company faces weak sales and slow expansion in the electric vehicle (EV) sector amid tough competition from Chinese manufacturers.

“The board wants to close at least three factories in Germany,” the works council chief, Daniela Cavallo, told employees at VW’s headquarters in Wolfsburg on Monday. Its remaining manufacturing sites will reduce capacity, she said, citing information provided by management.

As Europe’s top economy suffers a crisis in manufacturing and fears of mass unemployment, VW is aiming for a fundamental restructuring to cut costs. It had initially warned last month that it had the equivalent of two factories of extra capacity in Germany. » | Deborah Cole in Berlin and Jasper Jolly | Monday, Octiber 28, 2024

Robert Reich: Elon Musk’s Worst Nightmare

Oct 28, 2024

The High Cost of Trump's Mass Deportation Plan | Robert Reich

Premiered Oct 23, 2024 | Trump’s #1 campaign promise would wreck the economy and rip families apart.