5 Jun 2011

Osborne plan isn’t working, say top UK economists

Front page of this morning's Observer. Yes, amazingly, there are economists who doubt that the solution to the massive national debt in the UK is to cripple the economy.

I posted a comment on the Obsever's site about my propositions for a plan B in which I also gave a plug to the positive money site's analysis of fractional reserve banking and its perils.

I wonder if anyone will pick up on this....


  1. I read your Observer comment this morning, and linked to your October paper (version 3). The idea of a 1% FTT seems too good to be true. Will it really raise so much revenue, especially if the volume of transactions in financial instruments slows down, which seems to be where the real money lies. I suspect that it will take an awful lot of kite flying and campaign to persuade those in power that such a Radical reform is desirable. Nonetheless you have convinced me, for one, that a Robin Hood tax is both desirable and essential and that the chances of getting a less radical measure passed is possible. Keep up the good work; you have convinced one person, albeit not a very influential one,

    Best wishes
    Geoff Jenkins
    International School of Luxembourg

  2. Hi Geoff, I just discovered that you left a comment on my blog back in June! Sorry I missed it. You are one of the illustrious group of 3 people who have left comments so far! But things are moving. And I'm getting a lot more hits recently, despite the Guardian's moderators removing 25 of my comments because they consider that having links to the relevant part of my blog was equivalent to spamming. Oh well....

    Spread the good word!!

    By the way, can you tell me how it is that per capita external debt in Luxembourg is currently $3.75 million - http://simonthorpesideas.blogspot.com/2011/11/even-bigger-list-of-debt-countries.html

    I hope that you don't owe that yourself!