/pragmatica/
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“[A]usterity-loving pundits and policy makers really are like medieval doctors who believed in treating illness by bleeding their patients, making the...”
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“Jazz is a very democratic musical form. It comes out of a communal experience. We take our respective instruments and collectively create a thing of...”
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“[I]t is not particularly difficuly to move towards a solution the problem raised by Hume, which Kant believed he had solved. The belief in the...”
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Dover Beach by Matthew Arnold
The sea is calm tonight,
The tide is full, the moon lies fair
Upon the straits; on the French coast the light
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“
I am twenty-nine, pocket flap folded
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And I am smiling I am looking out at a world that
I significantly re-created from inside
Out of...
Banking systems exist to lend money into the economy. Not so today’s. British banks are so over-leveraged (i.e. insolvent) that they cannot fulfil their role as lenders. Instead of acting as a lending machine, the British banking system, bizarrely, is now a borrowing machine. Like giant vacuum cleaners, banks are hoovering up the nation’s public and private resources, while refusing to lend, except at high rates. The BoE data shows that banks siphoned up £11bn more from the real economy than they lent to firms last year. And to compound the damage, bankers borrowed from the nationalised Bank of England at rock-bottom rates, and then lent to firms at high and rising, real rates of interest.
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