Rebalancing the global economy.

Financial News, a Dow Jones Company, 20th September 2010 The dramatic change that has taken place in the world’s economic pecking order has been widely publicised. While the political consequences have been much discussed, the consequences for economic policy...

Keynes, Money and Debt.

Nikkei Veritas – Market Eye column, 21st July 2010 The American writer James Thurber wrote a series called Fables for Our Time. One of these was about a bear that used to fall over after drinking too much, which naturally alarmed his family. At length he saw the...

Why Banks Should Be Broken Up.

Financial World, 7th July 2010 There are separate issues which often get confused. The first is how to regulate banks so as to prevent the next financial crisis. The second is whether we should continue to subsidise banks and the third is how to make the banking...

We need to turn to equity financing.

Financial News, a Dow Jones Company. , 28th June 2010 Since the end of World War II there has been a dramatic and seemingly unstoppable rise in debt. In the US the ratio of private sector debt to GDP has risen by five times. There has been no evidence that this has...

The importance of the Bank’s new structure.

Financial News, a Dow Jones Company, 18th June 2010 Managing the economy is difficult, as recent events have only too clearly shown. Having the right structure for management is only half the battle, but is an essential part that we have previously lacked. Previously...