With Labour trailing the Conservatives slightly in opinion polls, the British election on May 6 could well produce a “hung” parliament, in which neither major party obtains a majority and the Liberal Democrats hold the balance of power. Depending on which party wins more seats, either Labour’s Gordon Brown or the Conservatives’ David Cameron will … Continue reading Britain’s No-Win Election?

Dramatic challenges, and mediocre responses: that is the history of the European Union. All too rarely does the EU rise to the level of events, which is why Europe is fading economically and geopolitically. The 1958 Treaty of Rome, which established the European Economic Community, was Europe’s great leap forward. But the decision to create … Continue reading The Naked Euro

Two alternative approaches dominate current discussions about banking reform: break-up and regulation. The debate goes back to the early days of US President Franklin D. Roosevelt’s “New Deal,” which pitted “trust-busters” against regulators. In banking, the trust-busters won the day with the Glass-Steagall Act of 1933, which divorced commercial banking from investment banking and guaranteed … Continue reading The Big Bank Fix

How real is the danger of inflation for the world economy? Opinion on this matter is divided between conservative economists and official bodies like the IMF and OECD. The IMF and OECD project very low inflation rates over the next few years. But former US Federal Reserv e Chairman Alan Greenspan warns of inflationary dangers. … Continue reading The Bogey of Inflation

From next year, on swearing allegiance to the Queen, all members of Britain’s House of Lords – and I am one of them – will be required to sign a written commitment to honesty and integrity. Unexceptionable principles, one might say. But, until recently, it was assumed that persons appointed to advise the sovereign were … Continue reading In Regulation We Trust?