Reality check: we cannot consume our way to balanced recovery

Rejoice. Like the economy, the UK public finances are at last moving in the right direction. October is an important month for corporation tax inflows, and most of the anecdotal evidence is that with an improving economy, they are picking up nicely. Add in expected increases in taxes from the housing market – and with […]

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Reports of the survival of the eurozone may have been greatly exaggerated

Just when you thought it was safe to go back into the water… Last week’s surprise interest rate cut by the European Central Bank(ECB) may have been taken as good news by the markets, but it was largely a response to the looming danger of deflation in the eurozone. And that is not good news at […]

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BNP Paribas faces quiz on currency rate scandal

BNP Paribas is being investigated for alleged currency manipulation, the Telegraph can disclosed, putting the French bank amongst a rapidly growing number of institutions caught up in the scandal. The US Department of Justice has quizzed BNP Paribas executives as part of an investigation into the potential manipulation of a $5.3 trillion-a-day (£3.32 trillion) market, […]

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World's first bitcoin ATM to launch this week

“The world’s first bitcoin ATM will go live in Vancouver, Canada on Tuesday. Built by company Robocoin, the ATM will trade the digital currency for cash and vice versa. Bitcoin is the world’s most popular electronic currency and it previously existed only on the internet but can now be traded for traditional cash. The Robocoin […]

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The Fed Can Only Fail

The basic predicament we are in is that the current crop of leaders in the halls of monetary and political power do not appear to understand the dimensions of our situation. The mind-boggling part about all this is that it’s not really all that hard to grasp. Our collective predicament is simply this: Nothing can grow […]

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China aiming for 'de-Americanised world’ with renminbi replacing dollar

China has overtaken the US as the world’s largest oil importer and goods trading nation. Over the next five years, it will surpass the rest of the world combined in its consumption of base metals. Given the scale of the country’s consumption of fossil fuels and raw materials, it is only a matter of time […]

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JP Morgan reports first loss under Jamie Dimon

“JPMorgan Chase has reported a rare quarterly loss after incurring legal fees of $9.2bn (£5.8bn), including money set aside for future settlements, due to “escalating demands and penalties from multiple government agencies”. The biggest US bank by assets posted a net loss of $380m in the third quarter, compared with a $5.71bn profit a year […]

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Rise of the Fed

“The Federal Reserve was created as the United States’ central bank in 1913 as a bulwark against the financial crises that rocked the first years of the 20th century. Its founding mission was limited to shoring up America’s private banks and stemming a rash of bank runs in which panicked depositors had withdrawn their savings.” […]

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Factional conflicts have the power to destroy empires – and republics

“The US Founding Fathers abhorred factions. The 10th Federalist Paper by James Madison in 1787 is a study of how to defend the fledgeling republic against the dangers of organised zealotry, the curse that blighted earlier republics in world history.”   Continue reading on telegraph.co.uk

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Sundown In America

“The median U.S. household income in 2012 was $51,000, but that’s nothing to crow about. That same figure was first reached way back in 1989— meaning that the living standard of Main Street America has gone nowhere for the last quarter century. Since there was no prior span in U.S. history when real household incomes […]

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