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financial crisis. Great Depression. sovereign debt. 1930s.

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Sir Mervyn King, Montague Norman and fractional reserve destruction.

 Politicians and economic commentators are still scratching their heads over the Bank of England governor, Sir Mervyn King’s remark last week that the financial crisis is worse than the 1930s.  “Cheer up, Mervyn, it’s not that bad” said Hamish Macrae in the Independent.  “Talking us into recession”  – said the Express.  Not since Montague Norman … Continue reading

So is this a Great Depression? Pt Deux

    Economists cannot predict the future; most can’t even predict the past.   The dismal truth is that no one really knows what is going on – economists, politicians, historians all pretend to have some grasp of events but are only fooling themselves when they aren’t trying to fool others.  Journalists at least don’t … Continue reading

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