In 1982,  Fleetwood Mac released an album called “Mirage”, giving a false impression of collaboration and partnership between the turmoil, hatred and grudges. Nevertheless, it sold several million copies. The mirage of our days may be the expectation of 2.9% growth in the United States in 2014. And it also sells a lot. Continue reading The US Growth Mirage →

Relying on ever-rising house prices pushing home values up via artificially cheap lending creates only the illusion of growth – Ros Altmann

As you know, I have lived in London for ten years. The United Kingdom, throughout the Gordon Brown years, was the Keynesian stimulus experiment that the advocates inflation and devaluation always ‘forget’. They talk a lot about Abenomics and Obama but forget the stimulus+inflation-led economic destruction of the early 2000s, and the hole in public finances it caused. A hole that the UK has not been able to dig itself out of, despite carrying out a brutal monetary stimulus policy where the Bank of England buys nearly 70% of the public debt issued. Continue reading UK Recovery: Sustainable Or Another Housing Bubble? →