Bank Lending Archives - Emile Woolf writes

EP-105: Conventional wisdom is never the truth

ECONOMIC PERSPECTIVES – 105 Conventional wisdom maybe – but it’s never the truth Whether it’s the belief that commitment to more infrastructure spending by the state will create more jobs; or that import tariffs are needed to protect domestic industries; or that currency manipulation can boost exports; or that a statistical figment called GDP can […]

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EP – 106 When suppliers prefer their goods to our pounds

WHEN SUPPLIERS PREFER THEIR GOODS TO OUR POUNDS [ECONOMIC PERSPECTIVES 106 – OCTOBER 2021]   Following his interview with Vladimir Lenin on the subject of inflation in 1919, John Maynard Keynes quoted the Russian as having said “The best way to destroy the capitalist system is to debauch its currency”, and Keynes included Lenin’s comment […]

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Post-Pandemic Insanity

Economic Perspectives 101 [Emile Woolf – June 2021] It is beyond dispute that Covid’s ravages are on the wane, yet resistance to freedom appears to be far more resilient than any virus. Over two short years a so-called Conservative government, egged on by persistently dismal statistical interpretations of data compiled by its medical henchmen, has […]

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GROWTH? NOT IN THIS BUDGET – an appraisal of the March 2021 budget

Economic Perspectives – 96           [EMILE WOOLF -7th March 2021]   GROWTH? NOT IN THIS BUDGET   We have just endured yet another March Budget in which the Chancellor sets out his strategy for balancing the nation’s expenditure plans with its available resources, principally from taxation. They are, of course, his spending priorities, and his tax-raising […]

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Post-Covid Conjectures

Economic Perspectives – 94 POST-COVID CONJECTURES – FEBRUARY 2021 EMILE WOOLF While speculation is rife about what the post-Covid economy will look like, we must remember that economic fundamentals are not susceptible to alteration. They may adapt to changed circumstances, but no external modifications in society can affect the laws and principles themselves – for […]

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Layman’s guide to the coming currency collapse – January 2021

THE ECONOMIC CHASM CONFRONTING US – A LAYMAN’S ASSESSMENT The huge economic harm caused by Covid-19 is seen and experienced clearly and directly on a daily basis. Less obvious is the damage wrought in every welfare-driven democracy whose government finds itself in the dual-role of protector and saviour. Today expectation and dependency are the norm, […]

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SOME UNSEASONAL REFLECTIONS ON MONEY

ECONOMIC PERSPECTIVES 92 – DECEMBER 2020 SOME UNSEASONAL REFLECTIONS ON MONEY Several comments and questions on my last essay deserve a thoughtful response, which is the theme of today’s essay. You may recall its references to today’s dependency culture – the “expectation syndrome” that fuels the size and cost of welfare programmes as the state’s […]

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FRAUD: SAME STORY, BIGGER NUMBERS – Enron remembered as Wirecard

  Although I have forgotten most of my own auditing experiences, a few still stand out. A client company that was in business as a confectionary retailer sold cakes over the counter, either whole or in weighed-out portions. The principal internal control was reconciling the weight of cakes leaving the bakery with the weight of […]

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