Joseph Schumpeter thought he was referring to a process of vitality in capitalism, when he wrote that entrepreneurs were animated by “creative destruction”. As innovators, they would deliver sustained growth, crushing obsolete firms and clearing …

We’ve seen how Barack Obama has failed to change the rules governing America’s banks- it’s back to business-as-usual on Wall Street. And now, Britain’s government is confessing failure. In its White Paper on financial regulation, …

The collapse of the Western financial sector was just what the doctor ordered, for the bankers. They had reached the point where they needed a cathartic clean-out. Their bloated excesses couldn’t go on, so a …

Gordon Brown now reveals that he wants banks to cap mortgages at 100% of a property’s value. Another “tough” initiative from the macho premier of Britain. It’s a meaningless gesture, yet another of those postures …

We have it on the authority of Britain’s Prime Minister: there will be a global depression. There will be long-term unemployment and many families will lose their homes. But wasn’t Mr. Brown the man who …

Myth-makers are having a field day with the recession, which is why this year’s precipitous downturn will turn into next year’s depression.
Myth 1: When it comes to solutions, there is “no single silver bullet,” writes …

It’s as official as it’s going to get: the Bank of England places responsibility for Britain’s economic crisis fairly and squarely where it belongs – on the shoulders of Gordon Brown.
Deputy Governor Sir John Gieve, …

Whoops! Halifax and Nationwide have lost the will and the ability to forecast next year’s house prices. They blame “volatility” in the market. That sounds better than confessing that their forecasting methods were always bogus.
But …

When they pronounce on the economy, the experts like members of the Bank of England’s Monetary Policy Committee are careful in the extreme with their language. One misplaced word, after all, can cause the value …

The shambolic state of economics shows us something very clearly: economists kid themselves that they employ the scientific methods – they don’t. If proof is needed the proliferation of “schools of thought” tells us that …

First, there was disinformation about the looming collapse of the housing market. It wasn’t going to happen, then it would be a soft landing – all to maintain a mythical “confidence” on which the property …

The G20 leaders meeting in Washington this weekend want us to believe that they are setting a new course for the global economy. They are in fact setting up the next classic boom / bust …

How we define a recession assumes relevance when we are heading for what looks like a depression.
Three years ago they laughed when I forecast a depression. Economists were emphatic: governments had learnt the lessons. By …

Gordon Brown is orchestrating a Big Lie. He wants to hoodwink people into thinking that he is not responsible for what the Governor of the Bank of England now admits will be a “prolonged” crisis. …

For 18 years, investors hung on his every word. As Chairman of the US Federal Reserve, Alan Greenspan could move markets. A slight inflection of the voice, a hint of this or that, and the …

Fresh from their heroics as saviours of the West’s banks, the Daring Duo are making a bid for another accolade – the Brits who saved the global economy.
Prime Minister Gordon Brown says he will tell …

At least $45 trillion will now be wiped off people’s wealth and trigger a decade-long depression.
Fred Harrison released his forecast during a Press conference at the Foreign Press Association, London. His estimate is based on …

Now that the West’s banks are bailed out, the cupboard is bare and the politicians are running for cover. The consequences for the rest of us are horrendous. Now the real trouble starts.
Following the financial …

Gordon Brown is the real villain, not his scapegoat: the short sellers. These traders sell shares they do not own, hoping to pocket a profit. This is now blamed for destabilising the banks, and the …

Out with the old world, in with the new. Laws are now being sanctioned in the US to transform the market economy into a perverse form of state socialism, in which taxpayers will bear the …