Telegraph
"Japan has launched a fresh monetary and fiscal boost to shore up its faltering recovery and stem the slide into deflation, becoming the first major country to inject further stimulus since the Great Recession ended. ....Japan's curse is that the yen strengthens in times of crisis as investors repatriate money for safety. Life insurers and pension funds rotate from US bonds back into Japanese bonds as the yield gap narrows, which compounds Japan's deflation woes. "
Monday, 30 August 2010
Friday, 27 August 2010
U.S. Economy Slowed to 1.6% Pace in 2nd Quarter
NYT
"In a speech Friday morning, the chairman of the Federal Reserve, Ben S. Bernanke, said that he expected the economy to continue on a growth track, “albeit at a relatively modest pace.”He also indicated that the Fed would be willing to resume large purchases of longer-term debt if the economy worsened. Such moves could have the effect of lowering mortgage rates. Although rates are already at historic lows, economists suggest that lower rates could eventually spur some home-buying or at least refinancing, which gives households more cash to spend."
"In a speech Friday morning, the chairman of the Federal Reserve, Ben S. Bernanke, said that he expected the economy to continue on a growth track, “albeit at a relatively modest pace.”He also indicated that the Fed would be willing to resume large purchases of longer-term debt if the economy worsened. Such moves could have the effect of lowering mortgage rates. Although rates are already at historic lows, economists suggest that lower rates could eventually spur some home-buying or at least refinancing, which gives households more cash to spend."
Thursday, 26 August 2010
Number of immigrants living in the UK long-term SOARS by 20% as a quarter of babies are born to foreign mothers.
Daily Mail
# Net immigration rises by 33,000 to 196,000 in one year
# Country has highest population of EU countries
# 25% of babies born to foreign mothers
# Net immigration rises by 33,000 to 196,000 in one year
# Country has highest population of EU countries
# 25% of babies born to foreign mothers
Wednesday, 25 August 2010
Time for the IFS to come clean – they swing to the Left
CBW
"..What is odd, though, is that the Institute for Fiscal Studies have become Britain’s leading cheerleader for the idea that progressive=good, regressive=bad, promoting the concept that particular types of economic policy are politically better than others.
The IFS’ pitch and reputation is that it is both non-partisan and politically unbiased – that it does not prefer one set of political ideas over another, but it just wants the sums to add up. As they say on their website, “our most cherished asset is a hard-won reputation for objectivity and impartiality”. Given that this status imparts such huge weight to their reports, particularly within the BBC, it is bizarre and misguided that they are increasingly moving beyond bean-counting and into flag-waving."
"..What is odd, though, is that the Institute for Fiscal Studies have become Britain’s leading cheerleader for the idea that progressive=good, regressive=bad, promoting the concept that particular types of economic policy are politically better than others.
The IFS’ pitch and reputation is that it is both non-partisan and politically unbiased – that it does not prefer one set of political ideas over another, but it just wants the sums to add up. As they say on their website, “our most cherished asset is a hard-won reputation for objectivity and impartiality”. Given that this status imparts such huge weight to their reports, particularly within the BBC, it is bizarre and misguided that they are increasingly moving beyond bean-counting and into flag-waving."
Ireland's credit rating downgraded by S&P on bank fears
Telegraph
"S&P cited the danger to the country's budget deficit posed by the rising cost of supporting its struggling banks.The credit ratings agency estimated the cost of recapitalizing Ireland's banking system could now reach €50bn from a previous estimate of a maximum of €35bn.t said “a further downgrade is possible if the fiscal cost of supporting the banking sector rises further, or if other adverse economic developments weaken the government’s ability to meet its medium-term fiscal objectives."
"S&P cited the danger to the country's budget deficit posed by the rising cost of supporting its struggling banks.The credit ratings agency estimated the cost of recapitalizing Ireland's banking system could now reach €50bn from a previous estimate of a maximum of €35bn.t said “a further downgrade is possible if the fiscal cost of supporting the banking sector rises further, or if other adverse economic developments weaken the government’s ability to meet its medium-term fiscal objectives."
Tuesday, 24 August 2010
100 of Baroness Ashton's EU diplomats paid more than William Hague
Telegraph
"At least 50 of her 114 senior officials will earn between £157,000 to £171,000 a year, higher salaries than David Cameron's annual wage of £142,500 in the new EU foreign service, which was created by the Lisbon Treaty.
As the EU's foreign minister, Lady Ashton earns £230,702 a year, making her the best paid female politician in the Western world, and controls a budget three times bigger than the British foreign office, despite never having been elected to public authority. "
"At least 50 of her 114 senior officials will earn between £157,000 to £171,000 a year, higher salaries than David Cameron's annual wage of £142,500 in the new EU foreign service, which was created by the Lisbon Treaty.
As the EU's foreign minister, Lady Ashton earns £230,702 a year, making her the best paid female politician in the Western world, and controls a budget three times bigger than the British foreign office, despite never having been elected to public authority. "
Brussels establishes a new fund to promote European citizenship
Telegraph
"While urging its member nations to constrain their expenditure, the EU is simultaneously demanding that they cough up more in order to proselytise for the deeper integration. A new million-euro fund has been established to “develop a sense of active European citizenship“.Politicians generally, and Eurocrats especially, tend to overestimate the effect of propaganda. Hundreds of millions of euros are spent every year on trying to convince school children, university students, professional organisations and NGOs of the merits of Euro-federation; yet almost every referendum throws up a “No” vote. Then again, propaganda is only the secondary function of these grants; their primary purpose is to provide a living for their recipients. And this they do very well."
"While urging its member nations to constrain their expenditure, the EU is simultaneously demanding that they cough up more in order to proselytise for the deeper integration. A new million-euro fund has been established to “develop a sense of active European citizenship“.Politicians generally, and Eurocrats especially, tend to overestimate the effect of propaganda. Hundreds of millions of euros are spent every year on trying to convince school children, university students, professional organisations and NGOs of the merits of Euro-federation; yet almost every referendum throws up a “No” vote. Then again, propaganda is only the secondary function of these grants; their primary purpose is to provide a living for their recipients. And this they do very well."
Monday, 23 August 2010
A president in need of a political spark
The Washington Post
"I turn back to these comments because the country is still struggling with Obama's views on the right of Muslims to build a mosque near Ground Zero. Intervening on this issue was a classic dumb move, politically. Hillary Clinton, say, would have known instantly that the correct answer is to leave this complex issue to the elected officials of New York City. The White House had taken this position until Obama decided, on principle, that he must speak out for tolerance.
I think the president is right on the mosque issue (as on health care and his economic rescue efforts). But the larger point is that we truly have a leader who keeps doing the wise thing on policy (assuming you agree with him) but the dumb thing on politics. "
"I turn back to these comments because the country is still struggling with Obama's views on the right of Muslims to build a mosque near Ground Zero. Intervening on this issue was a classic dumb move, politically. Hillary Clinton, say, would have known instantly that the correct answer is to leave this complex issue to the elected officials of New York City. The White House had taken this position until Obama decided, on principle, that he must speak out for tolerance.
I think the president is right on the mosque issue (as on health care and his economic rescue efforts). But the larger point is that we truly have a leader who keeps doing the wise thing on policy (assuming you agree with him) but the dumb thing on politics. "
Britain faces a cultural war. With blood
Andrew Bolt,Herald Sun (Australia)
"One of these two men - and their fans - is a menace to the freedoms and even safety of fellow Britons. ....One of the two doesn’t belong in the country and its culture. And it’s the one who, oddly enough, echoes precisely Enoch Powell’s famous warning in 1968, made to the cost of his career and reputation: ..."
"One of these two men - and their fans - is a menace to the freedoms and even safety of fellow Britons. ....One of the two doesn’t belong in the country and its culture. And it’s the one who, oddly enough, echoes precisely Enoch Powell’s famous warning in 1968, made to the cost of his career and reputation: ..."
Sunday, 22 August 2010
Fate of Australian parliament rests in hands of independent MPs
Telegraph
"After a tense night of vote-counting yielded no clear result, the country was headed for a hung parliament with independent MPs Tony Windsor, Rob Oakeshott and Bob Katter, who all hail from regional seats, holding the balance of power.The group is scheduled to meet in Canberra in the coming days to discuss how to help form a stable government."
"After a tense night of vote-counting yielded no clear result, the country was headed for a hung parliament with independent MPs Tony Windsor, Rob Oakeshott and Bob Katter, who all hail from regional seats, holding the balance of power.The group is scheduled to meet in Canberra in the coming days to discuss how to help form a stable government."
Saturday, 21 August 2010
Government urged to reveal 'true' national debt of £4.8 trillion
Telegraph
"The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK. "
"The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK. "
£5m? Who needed it anyway? No wonder Tony Blair can afford that charity payout
Daily Mail
"..Nor has the gift curtailed Cherie’s ability to spend for Britain. Undeterred, she has gone on her own £1 million-plus spree in recent weeks. ‘Tony’s revelling in all the attention his donation has given the book,’ a source close to him told me this week. ‘He is utterly determined that this has to be a number one bestseller. Anything less would be a total embarrassment for him.''In the past few weeks, there had been a few worried faces in Tony’s camp. I was hearing whispers at the beginning of the month that the publishers were starting to worry the book might not do as well as they’d expected.'‘Frankly, Tony’s pulled off a masterstroke. This has suddenly become the most talked-about book in the world. His timing could not have been better.’
"..Nor has the gift curtailed Cherie’s ability to spend for Britain. Undeterred, she has gone on her own £1 million-plus spree in recent weeks. ‘Tony’s revelling in all the attention his donation has given the book,’ a source close to him told me this week. ‘He is utterly determined that this has to be a number one bestseller. Anything less would be a total embarrassment for him.''In the past few weeks, there had been a few worried faces in Tony’s camp. I was hearing whispers at the beginning of the month that the publishers were starting to worry the book might not do as well as they’d expected.'‘Frankly, Tony’s pulled off a masterstroke. This has suddenly become the most talked-about book in the world. His timing could not have been better.’
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