Tag Archives: mervyn king

Barclays and the Bank of England: BAD rate-rigging and GOOD rate-rigging

The Barclays rate-rigging scandal has conflated a number of issues — Bob Diamond’s bonus, ‘casino’ banking, failed regulators — making it hard to get behind the media’s shouty headlines to understand the issues which should really concern us. Here’s my brief show-your-working attempt, starting with what Barclays.

What Barclays did right: ‘fess up

LIBOR (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other for the short-term. It’s used as a proxy measure of market confidence in individual banks, as well as a benchmark for setting mortgage interest rates.

Barclays has admitted filing misleading …

Posted in Op-eds | Also tagged , , , , , , , , , and | 15 Comments

Opinion: Land Value Tax – an old idea with lots of modern supporters

Adam Smith in the Wealth of Nations (1776) was an early proponent of land taxes as was that great radical Tom Paine.

John Stuart Mill was an advocate and Henry George put the case in ‘Progress and Poverty’ (1879).

The economist David Ricardo gave us the concept of economic “rent” – that land or property derives its value from scarcity rather than investment.

In the debates before and after the peoples budget of 1909 both Winston Churchill and David Lloyd George argued strongly for the introduction of a land tax.

The economists John Kenneth Galbraith and Milton Friedman recommended Land Value Tax (LVT) for …

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Sharon Bowles named most influential Brit in global financial regulation

Sharon Bowles, Liberal Democrat Euro-MP for South East England, is the highest placed British person in the GFS Power 50 list of the most influential figures in global financial regulation.

Sharon BowlesThe list is voted on by readers of Global Financial Strategy, and Sharon Bowles came out twentieth due to her role as Chair of the Economic and Monetary Affairs Committee. This committee of MEPs has an important role in debating and amending European-wide financial regulation, including new rules on bank capital and bankers’ bonuses.

Sharon Bowles came ahead …

Posted in Europe / International and News | Also tagged , , and | 3 Comments

Daily View 2×2: 30 March 2010

Today just 2250 years ago, the first sighting of what we now know as Halley’s Comet was recorded Eric Clapton becomes eligible to draw his pension, whilst it’s also ‘Happy Birthday’ to fellow sexagenarians Robbie Coltrane (60), Eddie Jordan (62) and Mervyn King (63).

Once this day in 1978, the Conservative Party announced it had recruited advertising agency Saatchi & Saatchi to revamp its image and get its political message across ahead of the General Election. Politicians both within the opposition and in Prime Minister Jim Callaghan’s government criticised the Tory stance, describing it as ‘frivolous’.

Fourteen years later we saw John Major climb onto his soapbox to urge voters in Cheltenham to elect John Taylor as their MP – a mission which resulted in the election of Lib Dem Nigel Jones.

Posted in Daily View and News | Also tagged , , , , , , , and | 3 Comments
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    Sorry to read about your illness Rabina. I completely agree about the need for vigorous promotion of vaccination, and for taking down anti-vaccine misinforma...
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    Matt But that is what online talkboards, social media et al are about. Do you think that these things are there to make the world a better place? To bring ab...