2012 - Page 2 of 2 - Emile Woolf writes

Inflated asset values, suppressed liabilities – it comes to the same thing

I see from April’s Accountancy that Goldman Sachs and Morgan Stanley have decided to switch from mark-to-market to historic cost accounting for their loan portfolios. Goldman’s stated purpose is to protect its loan book from swings in value. From memory, they didn’t seem to mind when the swing was upward – even though the market […]

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High taxation will always stifle growth

We crave stability as much as we abhor uncertainty but, on every front, inbuilt contradictions render conventional solutions to economic problems unsustainable. They need to be jettisoned. You can’t kick the proverbial can further down the road when the road is a cul-de-sac. public sector superstructure that, despite all talk of cuts, is still bloated. […]

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Economic law prevails: why the Euro has to fail

“Eurovision” is more than a song contest. The term also captures the aspirations of a coterie of politicians determined to complete the transformation of common market principles into their grand vision: United States of Europe. Promoting harmony on a continent with a war-torn history is laudable, but it does not demand an irreversible commitment to […]

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Less government, less regulation, less tax: more freedom

When appointed foreign office minister in 1951, Selwyn Lloyd confessed to the Prime Minister that he had never visited a foreign country, spoke no foreign language and detested foreigners anyway. Churchill’s wry response: “just the qualifications we’re looking for!” Approaching a fraught assignment in a state of innocence is an advantage. Untainted by trappings of […]

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