The value of banking according to Mark Carney and Alan Greenspan

In a recent post I added to the never-ending saga of  the criminality, corruption and incompetence of global banks (see  Within days of that post, yet more scandals and subsequent fines on banks by the respective national banking regulators have been announced. There were fresh revelations from UBS and Deutsche Bank, which became the firstContinue reading “The value of banking according to Mark Carney and Alan Greenspan”

Bye, bye, Bird

On Friday, I am going to the funeral of Antonia Bird who died of cancer last week.  Antonia was a great British stage, film and TV director, making several riveting Hollywood movies.  But more important, she was an exciting and class conscious director of both fiction and non-fiction drama.  Here are some obituaries. reading “Bye, bye, Bird”

Workers of the world cannot unite – conclusive evidence

In a recent post I relayed the results of a study of the global inequality of wealth (that’s property and financial assets) recently produced by the top experts in the field, Tony Shorrocks and Jim Davies (  The study revealed that the top 1% of wealth holders in the world had 41% of the wealthContinue reading “Workers of the world cannot unite – conclusive evidence”

Bad bankers, bad debts and bad banks

In my last post (, I explained the demise of the UK’s Coop Bank from a bank that aimed to ‘serve the people’ with ‘ethical objectives’ to a failed toxic asset bank, now gobbled up on the cheap by American hedge funds, who coincidentally have now also got the largest equity share of Britain’s publicly-ownedContinue reading “Bad bankers, bad debts and bad banks”

From Coop to cop-out, from stewardship to casino banking

It is excellent news that the privatisation of Lloyds Banking Group has finally begun. It follows the return to the private sector of Direct Line, which was spun out of the nationalised RBS, and the looming Royal Mail sell-off. Slowly but surely, some of the errors of the past are being undone, the equity marketsContinue reading “From Coop to cop-out, from stewardship to casino banking”

The fallacy of causation and corporate profits

Paul Krugman recently launched into a new attack on the priests of neoclassical economics, Eugene Fama (the new Nobel prize winner – see my  post, and John Cochrane in a recent post ( Krugman reckoned that Fama had committed an error of ‘immaculate causation’ whereby Fama started with an accounting identity, in this caseContinue reading “The fallacy of causation and corporate profits”

Eurozone corporate profitability

I have been trying update the position on US corporate profitability but have been unable to do so while the US government was shut down.  Now it has opened up again, I shall get back to that task.  In the meantime, I cam across a new analysis of the state of Eurozone corporate profitability hiddenContinue reading “Eurozone corporate profitability”

The noblest Fama and Shiller

Eugene Fama, Lars Hansen and Robert Shiller have won the 2013 Nobel prize in economic science – in many ways for different theories about financial markets. The NYT put it: “Fama was honoured for his work in the 1960s showing that market prices are accurate reflections of available information. Shiller was honoured for circumscribing thatContinue reading “The noblest Fama and Shiller”

From the extremely wealthy to more than a billion in extreme poverty

After yesterday’s post on the extreme inequality of global wealth cited by a new study (see, the World Bank has now released a report (World Bank state of the poor) covering the other end of spectrum – the level of extreme poverty in the world.  There are roughly 1.2 billion people completely destitute (living on less thanContinue reading “From the extremely wealthy to more than a billion in extreme poverty”

Global wealth inequality: top 1% own 41%; top 10% own 86%; bottom half own just 1%

Global wealth highest in history despite downturn » Liveblog  0  8  22  36  0 by Guy Bentley October 9, 2013, 11:46am Despite the financial crisis of 2008 and the difficulties in the Eurozone, global wealth has more than doubled since 2000, reaching over £150 trillion, according to the latest global wealth report from Credit Suisse.Continue reading “Global wealth inequality: top 1% own 41%; top 10% own 86%; bottom half own just 1%”