UK Must Prepare for Widespread Road Pricing, Says Infrastructure Tsar

THE GUARDIAN: Sir John Armitt says charging per mile ‘inevitable’, with move to electric vehicles likely to create £35bn tax shortfall

Britain must prepare for the widespread use of road pricing to make up a £35bn shortfall in tax revenues from the transition to electric vehicles, the country’s top infrastructure adviser has said.

Sir John Armitt, the chair of the National Infrastructure Commission (NIC), said it was time for a “proper public debate” about the future funding of the road network and other critical projects.

“It’s politically a very difficult issue isn’t it? But many people will say road pricing is inevitable. Personally, I don’t see why it should be any different to anything else,” he told journalists on Thursday.

“We pay for all our other infrastructure services as we use them, and we pay for driving on the road, as we use it, via petrol tax. And if you’re going to lose the petrol tax, at [more than] £30bn a year, what is government going to replace it with?” » | Richard Partington and Gwyn Topham | Thursday, October 10, 2024

Rachel Reeves Considers Raising Capital Gains Tax to 39%

THE GUARDIAN: Exclusive: Rates of 33% to 39% being tested as Treasury source says tax-raising plans are in ‘complete disarray’

Rachel Reeves is considering raising capital gains tax as high as 39% in the budget, the Guardian can reveal, amid a scramble to raise funds for crumbling public services.

Treasury modelling being reviewed by the chancellor and seen by this newspaper shows officials are testing a range of 33% to 39% for capital gains tax (CGT). The wealth tax is paid by about 350,000 people and is levied on the sale of assets including second homes and shares but at significantly lower rates than wages.

Whitehall sources say there is growing concern about the limited options for tax rises to fill a hole the Institute for Fiscal Studies (IFS) thinktank says is as big as £25bn, ahead of the budget on 30 October.

“Some very big tax decisions are being left until very late in the day,” one senior source claimed. Another said the Treasury’s tax-raising plans were in “complete disarray”. » | Anna Isaac | Thursday, October 10, 2024

Bitcoin Creator Allegedly Unmasked in HBO Documentary

THE TELEGRAPH: True identity of ‘Satoshi Nakamoto’ claimed to be little-known Canadian software developer

A documentary has claimed to have unmasked the mysterious creator of the cryptocurrency Bitcoin as a little-known Canadian software developer.

A planned broadcast on HBO – Money Electric: The Bitcoin Mystery – will suggest that Peter Todd, who was involved in early discussions around the development of Bitcoin, was its pseudonymous creator, Satoshi Nakamoto.

The true identity of Nakamoto, who invented the cryptocurrency, has remained a mystery for over 15 years.

Nakamoto interacted with other digital currency enthusiasts via email chains and online forums, before sending a final message in 2011 and vanishing entirely. » | Matthew Field, Senior Technology Reporter | Wednesday, October 9, 2024

Germany's Government Confirms Second Year of Recession | DW News

Oct 9, 2024 | The German government has updated its growth forecast for the country’s economy. It is now expecting GDP to drop 0.2 percent for this year, making it the second year in a row with a shrinking economy. We’re talking to ING chief economist Carsten Brzeski about the reasons for Germany’s weakness, how the country stacks up compared to other economic superpowers – and what the future will hold.

Reeves to Press Ahead with Plans to Borrow Billions for Investment

THE GUARDIAN: Exclusive: Chancellor’s plan to change rules to allow more borrowing comes as cost of government debt rises

Rachel Reeves is pushing ahead with plans to borrow billions of pounds extra for infrastructure investment, the Guardian has learned, despite concerns about the rising cost of UK government debt.

The chancellor told the cabinet on Tuesday she wanted to change how the Treasury accounted for capital spending to reflect its benefits, as allies say she intends to finalise her debt rule in the coming days.

The move, which will be confirmed to the Office for Budget Responsibility (OBR) as soon as Wednesday, will allow the government to borrow tens of billions more for capital spending over the course of this parliament.

Whitehall sources say she is committed to the plan despite a recent rise in the government’s borrowing costs, which some market experts have blamed on the prospect of higher debt but which others say is more connected to the US economy. » | Kiran Stacey, Political correspondent | Tuesday, October 8, 2024

Hjalmar Schacht: The Nazi Regime’s Financial Architect I Slice History | Full Documentary

Hjalmar Schacht is a largely forgotten figure. And yet, Hitler’s rise to power depended on him. Adapted from the novel The Devil’s Banker by Jean-François Bouchard, this documentary paints the portrait of a fascinating character, at once intellectually brilliant and imbued with an icy cynicism, and who, paradoxically, was never a member of the Nazi party, despite being one of its pillars.

Documentary: Inside Hitler’s Killing Machine: The Banker of the Third Reich
Directed by: François Pomès
Production: Label News

Why the Elites Want UBI. The Fourth Industrial Revolution Explained

Sep 21, 2024

2011: Apple Co-founder Steve Jobs Dies

HISTORY.COM — ON THIS DAY IN HISTORY: On October 5, 2011, Steve Jobs, the visionary co-founder of Apple Inc., which revolutionized the computer, music and mobile communications industries with such devices as the Macintosh, iPod, iPhone and iPad, dies at age 56 of complications from pancreatic cancer.

Born on February 24, 1955, in San Francisco, California, to unmarried graduate students Joanne Schieble and Abdulfattah Jandali, a Syrian immigrant, Jobs was adopted as a baby by Paul Jobs, a Silicon Valley machinist, and his wife Clara. After graduating from high school in Cupertino, California, in 1972, Jobs attended Reed College, a liberal arts school in Portland, Oregon, for a single semester before dropping out. He later worked briefly for pioneering video game maker Atari in California, traveled to India and studied Zen Buddhism. » | History.com Editors | Saturday, October 5, 2024

In Argentina's Poverty-hit Barrios, a Food Emergency Takes Hold | REUTERS

Oct 1, 2024 | Years of recessions and high inflation have left over half of Argentina's population in poverty. Here’s what you need to know about the South American nation’s food emergency.

BEWARE! This short video is not for the faint-hearted! Brace yourselves!

My regular visitors will know that I said from day one that Javier Milei’s shock therapy would cause misery and hardship. Javier Milei’s anarcho-capitalism might be transforming for the economy, but at what cost? As I have said before, more than once, this experiment is going to end in tears. This is a CRUEL economic experiment. – © Mark Alexander

Italian Deputy Minister Questions Giorgia Meloni Being Labelled a Fascist

Oct 4, 2024 | Italy's Deputy Minister for Enterprises Valentino Valentini has critiqued mainstream media for labelling Italy’s Prime Minister Giorgia Meloni a far-right fascist, claiming Ms Meloni has “proved” the term “does not apply”.

“That was the corner where most of the mainstream media tried to place Meloni,” Mr Valentini told Sky News host Danica De Giorgio.

“Firstly, because she was an unknown figure and secondly because she comes from the right.

“Meloni has proved the term fascist does not apply.”

Argentina - President Addresses United Nations General Debate, 79th Session | UNGA

Javier Gerardo Milei, President of the Argentine Republic, addresses the General Debate of the 79th Session of the General Assembly of the UN (New York, 24 -28 and 30 of September 2024).

World leaders gather to engage in the annual high-level General Debate under the theme, "Unity and diversity for advancing peace, sustainable development, and human dignity, everywhere and for all." Heads of State and Government and ministers will explore solutions to intertwined global challenges to advance peace, security, and sustainable development.

The UN General Assembly (UNGA) is the main policy-making organ of the Organization. Comprising all Member States, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter of the United Nations. Each of the 193 Member States of the United Nations has an equal vote.

John Major Gives Starmer and His Acolytes Some Advice

One of the best of Conservatives gives our authoritarian prime minister and the Labour Party some sound economic advice.

China Unveils Biggest Stimulus since the Pandemic — Is It Enough? | DW Business

Sep 24, 2024 | The Chinese central bank is pushing stimulus aimed at reviving the country's stalling economy. The list of measures includes lowering borrowing costs and allowing banks to increase lending. This surprise news came as the Chinese economy has increasingly looked like it will miss its own 5% growth target for this year.

American Corporations Are Buying Up Britain–It's Very Bad for Ordinary British People: Angus Hanton

Premiered Sep 19, 2024 | NTD’s Lee Hall sits down with economist and entrepreneur Angus Hanton to discuss how Britain’s businesses are being taken over by U.S. interests, the scale of the takeover, what’s behind it, and why no one is talking about it.

The Writing Is On the Wall: Saudi Arabia’s Collapse Is Imminent

Sep 6, 2024

Argentinien: Staatssanierung auf Kosten der Bevölkerung? | DW Nachrichten

Aug 21, 2024 | Argentiniens Präsident Milei setzt drastische Kürzungen der Staatsausgaben durch Als Folge verlieren viele Menschen ihre Jobs. Die Inflationsrate sinkt, die Armut steigt. Vor allem Rentnerinnen und Rentner leiden - und protestieren.

Genau das, was ich bei Mileis Amtsantritt geschrieben habe! Mileis Wirtschaftspolitik wird nur Elend bringen, und am Ende wird seine Politik wenig lösen. Ein weiteres rechtsextremistisches Experiment ist sicherlich zum Scheitern verurteilt. – © Mark Alexander

John Anderson Media: Failed Predictions, Printing Money and Cryptocurrency | Lord Mervyn King

Aug 2, 2024 | John Anderson speaks with Lord Mervyn King about the shortcomings of modern economics, including its detachment from practical issues and over-reliance on modelling. They discuss the failures of economic forecasting during the COVID-19 pandemic and on climate change, stressing the importance of humility and honesty from policymakers. The discussion extends to socio-economic challenges like rising national debt and intergenerational inequality in Western democracies.

The conversation also touches on modern monetary theory, quantitative easing, and the geopolitical implications of trade policies, especially with China. Lord King offers a critique of central bank digital currencies and cryptocurrencies, advocating against a completely cashless society. The interview ends with a call for younger leaders to step up and for current leaders to be more transparent about the sacrifices needed to address societal challenges.

Baron King of Lothbury is emeritus professor of economics at the London School of Economics, and the former Governor of the Bank of England. He served as Governor of the Bank of England and Chairman of its Monetary Policy Committee from 2003 to 2013. Lord King was knighted in 2011, made a life peer in 2013, and appointed a Knight of the Garter in 2014. His most recent books include The End of Alchemy, and another he co-authored, Radical Uncertainty: Decision Making for an Unknown Future.

UK’s 100-Year Economic Decline - No 1 to Failed State

Aug 19, 2024 | A look at the relative decline of the UK economy in the past 110 years.

Was die deutsche Wirtschaft jetzt wirklich dringend braucht | WISO

Aug 18, 2024 | Von Arbeitsethos bis Zuversicht – wer hinter die Kulissen von Wirtschaft und Mittelstand schaut, findet viel davon. Nur die Zahlen sind schlecht. Was ist nur los in Deutschland?

Corona-Folgen, Ukrainekrieg, globale Konkurrenz – all das lastet auf deutschen Unternehmen. Sie ringen mit hohen Energiepreisen, Fachkräftemangel, Bürokratie, politischen Vorgaben. Dennoch heißt es oft: Wir wuppen das, denn die Substanz stimme doch. Stimmt das noch?

Wall Street Sees Best Day of Trading in Nearly Two Years amid Recovery Rally

THE GUARDIAN: Indices rise days after S&P endured worst day in almost two years amid global stock market sell-off

Wall Street enjoyed its best day of trading in nearly two years, recovering most of the losses it suffered during a sell-off sparked by US economic fears earlier this week.

The S&P 500 rose 2.3% to 5,319.32, its biggest single-day jump since November 2022. The Dow Jones industrial average rose 1.8% to 39,446.49. The technology-focused Nasdaq Composite rose 2.9% to 16,660.02. » | Callum Jones in New York | Thursday, August 8, 2024