Some advice from the right on spending cuts
What Fraser Nelson seems to advocate is spending cuts of 2.9 per cent of GDP over the next 12 months. That translates into £43.5bn of cuts, rather than the relatively modest £15bn the Coalition has planned. Will the Chancellor take this advice?
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Friday, 18 May 2012 at 2:39 pm
How much money is at stake if Greece exits?
Christian Schulz of Berenberg Bank has calculated that total exposure of the rest of the world is just over €424bn. To put this in context when Lehman Brothers went belly up in September 2008, giving the global economy a heart attack, the US investment bank had liabilities of $613bn, which works out, at present exchange rates, at €476bn.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Tuesday, 15 May 2012 at 12:27 pm
How spending cuts delivered the double dip
If the Chancellor had cut less on infrastructure and housing, other things being equal, construction would not have fallen by the same degree, GDP growth in the first quarter would have been flat, and Britain would not now be in a double dip recession.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Friday, 11 May 2012 at 2:21 pm
The survey case for more Quantitative Easing
It’s going to be interesting to see how the Bank of England’s Monetary Policy Committee explains why it didn’t act this month on the very figures that it saw as extremely important four weeks ago.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Thursday, 10 May 2012 at 6:57 pm
It was British banks, not British borrowers, that crashed our economy
Be wary of those who confidently assert that our present economic malaise is a consequence of high household debt levels. And certainly don’t accept for a moment the argument that British banks fell over because they lent too much to us.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Friday, 4 May 2012 at 12:28 pm
The European Central Bank shows its true colours
What stunning self-righteousness. And what hypocrisy too. Where is the punishment for the creditors of those Irish banks – many of them German financial institutions? If Joerg Asmussen is so keen that sinners pay for their mistakes, why is he apparently content for those profligate lenders to get off free of charge?
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Friday, 13 April 2012 at 8:33 pm
Can China become a nation of shoppers?
Everyone agrees that, if China is to avoid the feared hard economic landing, the country needs to wean itself off its reliance on investment and infrastructure spending and pump up consumer demand instead. But this will be easier said than done.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Wednesday, 11 April 2012 at 6:05 pm
George Osborne’s “law of averages”
The law of averages is the logic of the self-deluded gambler. Not really one of the qualities one would hope to find in the Chancellor of the Exchequer.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Tuesday, 3 April 2012 at 11:59 am
Cuts, what cuts? These cuts Mr Redwood
Don’t be misled by John Redwood. The cuts are real, they’ve begun, and they are set to continue for five more years.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Thursday, 29 March 2012 at 2:28 pm
Why George Osborne’s fiscal policy has helped to deliver weak growth
Adam Posen’s assessment speaks very clearly. One of the reasons our economic recovery has been weaker than in the US is that the Chancellor slammed on the fiscal brakes too soon.
By Ben Chu | Eagle Eye - Breaking views from commentators -, Econoblog | Wednesday, 28 March 2012 at 7:54 pm
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