Quantitative easing (QE) has become a highly controversial policy, particularly in the USA, where the Federal Reserve has been criticised by politicians, investors and academics up to and including the charge of treason. Yet the Chairman of the Fed, Ben … Continued
One of my recent dinners was at the house of the Vice Chancellor of the University of Cambridge, at his grand, official residence in Latham Road. The dinner was for speakers at the Cambridge University alumni weekend, which attracts several thousand … Continued
Every country’s economic relations with the rest of the world are summarised in the balance of payments. This is divided into the current account, which records the flows of trade and income, and the capital account, which records the flows … Continued
Perhaps it’s having recently re-watched the film Brideshead Revisited, which rather emphasises the food and drink aspect of student life at Oxford. Perhaps it’s the fact that I have seven official work-related dinners (and three drinks receptions) coming up in … Continued
Financial repression is a term used by economists which means the government taking ordinary people’s savings to achieve some goal, typically to pay for the government itself, by exploiting imperfections in the financial system. It is an indirect form of … Continued
I last visited South Africa in 1987, during the apartheid period. Since at that time there was a cultural and economic boycott of the country, I should explain to alarmed friends that I was there because I was working for … Continued
Starting pay for new investment banking hires at the analyst (entry) level has gone up recently. This report shows that the investment banking employment cartel is now paying £45,000 for people starting this autumn in London. That looks like good news … Continued
Early September is a pleasantly quiet time of the year in Cambridge, between the tourists and the new year of students. These pictures were all taken within five minutes walk of Cambridge Judge Business School on a short lunchtime stroll. … Continued
I was recently asked the difference between a Ponzi scheme and a pyramid scheme. They are closely related but there is a key difference, which is that a pyramid scheme is not necessarily fraudulent, though it frequently is marketed with … Continued
The International Monetary Fund (IMF) is the one organisation that has come out of the financial crisis of 2007-09 in better shape than it went in. Set up to police the system of fixed exchange rates that was the basis … Continued
Australia is often known as the lucky country. Not that all of its history has been lucky but in the last twenty years it has been one of the largest beneficiaries of fast Chinese economic growth. About a quarter of … Continued
The summer lull is a time for conspiracy theories and wacky ideas to be rolled out to fill space in the media. But one current topic of discussion has a deadly seriousness: the probability of an Israeli attack on Iran’s … Continued
…is perfectly expressed in yesterday’s column by the chief political commentator of The Observer newspaper, Andrew Rawnsley. The title is more negative than the rest of the article. I’m indifferent rather than hostile to the Olympics (unlike many of my … Continued
London is permanently in the news in Britain. But a number of recent stories get to the heart of what London is and should be, the subject of increasing disagreement among Londoners themselves. First we have the imminent Olympics, a … Continued