White House Looks For A Quick Fix. And Finds It
February 28, 2010
Martin McCauley writes: Times are hard in America. Despite all the rubbish, coming from the government, experts and bankers about the recovery kicking in, the country’s economy is going down the toilet. President Barack Obama’s popularity has gone through the floor and confidence among Americans is at an all time low. Imagine a meeting in the White House involving the Chief of Staff and senior advisers. CoS: Guys, we’re in trouble. The economy is down and our people are miserable, including our beloved boss. What do we have to do to cheer them up? Voice: How about asking the Federal Reserve to print enough money to give every American a hundred grand? That’ll cheer them. CoS: I’m sure glad you’re not in charge of the Treasury or the Fed. If we did that the dollar would collapse...
Kim Jong Il Finds A Solution To North Korea’s Problems
February 27, 2010
Martin McCauley writes: North Korea is in trouble – although you might not know about it. Unlike Greece, with its economic problems splattered over half of the newspapers of the world, North Koreans suffer quietly. The half dead Dear Leader, Kim Jong Il, actually believes that his personality cult knows no bounds and that his people are having a great time. But even this stupid fool sometimes realises that the economy might not be in such a good shape after all. Imagine, if you will, a meeting between Kim and his people. Kim: Comrades, I have a feeling we’re encountering certain problems with our great economy. It’s just a gut feeling, mind you, but I’m sensing a bit of an economic crisis. If the Americans find out about it, we will look like fools. How do we solve this problem? Whisper...
The British Nation Rejoices. The Economy Dips Upwards
January 27, 2010
Adam Lovejoy writes: The British people are rejoicing. The news that the economy has dipped upwards by 0.1 per cent in the last quarter of 2009 sparked mass celebrations in towns and cities across the land, with people hugging and tongue kissing total strangers. No more suffering, no more penny pinching, no more house repossessions, no more uncertainty. The good times are back again.In London jubilation spilled out of offices and private accommodations on the streets yesterday with people hardly believing their good fortune. A large crowd quickly gathered outside the luxury building that houses the Office of National Statistics that had announced the end of the recession at 11.23 am exactly. People were waiving and cheering and singing. Some were holding large photos of the Labour cabinet and...
Here’s A Shocker: The Current Mess Was Caused By False Statistics
December 21, 2009
R.F.Wilson writes: In the bad old days of the Soviet Union no one really paid any attention to economic data. It meant absolutely nothing. It was designed to hail the benefits of the socialist economy, and the many advantages for the people living in the USSR. Outstanding results were reported by all industries, even despite the fact that the Soviet Union produced the worst consumer goods in the world and bought wheat and grain from the West. Everyone knew that the stats had nothing to do with reality but couldn’t do anything about it. Until, that is, the economy simply crashed one day, bringing down the Soviet Union. China was, and still is, no better than the old USSR. You can ask anyone in China and they will tell you how the stats had been forged in the past and how they are still...
Of Socks And Bras That Just Won’t Sell: China Is Getting Desperate
December 20, 2009
Martin McCauley writes: Crystal ball gazing is all the rage at the end of the first decade of the 21st century. So what about the prediction that this is going to be the Chinese century? Is it all hot air or should we all learn to say Ni hao, hello in Chinese? And do we need a Mandarin phrase book to navigate in this brave new world? The good news, folks, is that you won’t need to learn Chinese any time soon. China is not going to rule the world. How do I know? Well, by analysing what the Chinese leadership is actually saying to its own people. The leaders in China are nervous and not at all optimistic about the future. You would never guess this from the world press or the bankers. The financial community is so desperate for good news that it has talked up Chinese economic success. Beijing...
China: There May Be Trouble Ahead
December 1, 2009
Martin McCauley writes: The twenty-five-year economic boom in America and the West is over. It was based on credit, consumption and wild risk taking. A new model is now needed. One based on high employment, innovation, significant reduction of pollution and more moderate risk taking. It may take another decade for this new model to emerge.China also needs a new economic model. To overcome the defects of the old system Beijing has pumped in a fiscal stimulus of about 16 per cent of GDP. Add to that bank lending of about 25 per cent of GDP in the first nine months of this year. The reason why so much money has been poured into the economy is to ensure that the growth rate will be at least 8 per cent this year. Eight is a lucky number in China. However, the creation of excessive credit has its...
When It Comes To The Economy Big Is Never Beautiful
November 26, 2009
R.F. Wilson writes: I will start from afar, and then get to my main point. You might think that it is not the best way to make a point, but sometimes it is.I would like to talk about the supermarket chain Waitrose first. The one that has been growing in the past several years and now boasts 214 supermarkets across Britain. The thing is that I am getting disappointed with it, having been shopping there for the last 20 years at least. Several years ago I started noticing that the quality of Waitrose’s groceries began to fall, while their prices were moving in exactly the opposite direction. I am not saying that it happened suddenly. No. The process took some time. I noticed, for example, at some point, that Waitrose’s ready meals were not that good anymore, having grown smaller in...
China Is Pushing The United States Out Of Latin America
October 15, 2009
Martin McCauley writes: Latin America, long in the shadow of the United States, is slowing moving away from Washington’s sphere of influence.There is great excitement south of the Rio Grande these days. Venezuela, Ecuador and Bolivia, dubbed the caudillo [President Franco of Spain was known as the caudillo] socialist trio, are striking deals with China which are changing the sub-continent. It is clear that China’s objectives in Latin America extend further than just commerce and securing oil and raw materials. China’s interaction with the regimes is influencing the economic, political and cultural evolution of the sub-continent. It is also strengthening regimes which are opposed to the United States, Western style democracy and economic models. Significantly, China is enabling...
The Email Scandal Has Turned Into A Farce. Of Course Politics Is About Dirty Tricks!
April 17, 2009
The most amazing thing about the so-called ‘smear email scandal’ that is supposedly rocking Westminster is that there are people out there who actually think or pretend to think that politics and dirty tricks have nothing in common. There they go, the preachers of decency, talking about the need to clean up politics and force politicians to debate policy rather than throw mud at each other. I especially like how some hacks pretend that they were astonished and disgusted with the news that Prime Minister Gordon Brown’s adviser, Damian McBride, came up with an idea to launch a smear campaign against senior Tories on the web. What shock and horror! A Labour spin doctor proposes to spread unfounded rumours in order to damage the opposition. As if there was no sexing up of the Iraqi...
President Obama Sees A Glimmer Of Hope On The Horizon. From Where He Is Standing, That Is
April 16, 2009
Adam Lovejoy writes: When US President Barack Obama makes his public speeches he often resembles a spectator at a slow motion tennis match. Left and right and right and left his head turns methodically, as he reads the prepared text from the two tele-prompters positioned strategically from both sides. It is quite a strange spectacle to behold. He would do better if he would at least occasionally glance straight at his audience. Those running lines on the prompters can be slowed down and stopped if needed. Even former President George Bush junior was known to look at the people in the hall occasionally and produce those strange grins of his. And he was no big speaker, Mr Bush the younger. But not Mr Obama it seems. His advisors are not taking any chances. They probably remember the first two...
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