Governance & Regulation Archives - Emile Woolf writes

Reaping the Whirlwind – lessons of 2008 and the rich/poor divide

ECONOMIC PERSPECTIVES – 39 REAPING THE WHIRLWIND My wife and I have just returned from a couple of weeks in the USA. Among many sources of stimulation, debate between friends and family threw up a number of key issues of economic interest – two in particular stand out, and they are closely related: (i) Whether […]

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Economic Perspectives 35 (Part two) – the Scourge of Credit Expansion

GOING POSTAL 20/8/18 [Part 1 of “This time it will be different” appeared as Going Postal last week.] PART 2 THE SCOURGE OF CREDIT EXPANSION – THE SYSTEM’S DEMISE COULD BE SOONER THAN YOU THINK The monetary conjuring trick employed after the last crisis, described in Part 1, required central banks to purchase government bonds […]

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Reading the signs of the coming crash

1 – THIS TIME IT WILL BE DIFFERENT – Yes, far worse! [ECONOMIC PERSPECTIVES – 35] The last crash 2007/2008 Before the last financial crisis in 2007/2008 sub-prime mortgages were all the rage. The idea was that if mortgage lenders put a pot-pourri of mortgages in a parcel, the risks attaching to mortgages at the […]

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Economic Perspectives: EU Membership – understanding the rules

EU MEMBERSHIP – UNDERSTANDING THE RULES While combatants wrestle over potential outcomes of the Brexit debate, we should recognise the part played in all these shenanigans by fear, borne of uncertainty. Many warnings against the dire consequences of leaving the EU have an emotional flavour not rooted in economic logic, while some Brexiteers counter such […]

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Understanding Economics 4 – Interest rates

Let’s look more closely at the role of interest rates Money is one of many forms in which wealth may be held, but money and wealth are not synonymous. Wealth is the accumulation of savings. Savings, in a business, are what is left after meeting all its direct and indirect costs, depreciation, distributions to the […]

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“Grasping the nettle: now or never for auditors!”

JUNE 2018 – “ACCOUNTANCY” GRASPING THE NETTLE – IT’S NOW OR NEVER FOR AUDITORS It has descended into predictable farce. Every time a corporate reporting clanger is dropped and auditors of a public company are mired in yet another scandal, the Financial Reporting Council responds by undertaking to investigate the accounts and audit of the […]

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“Understanding Economics in an hour”

UNDERSTANDING ECONOMICS IN ONE HOUR 1 – Overview Looking about us, what we see is the passing show. Despite every appearance of reality, it is ephemeral, ever-changing. It is Prospero’s “insubstantial pageant”. What we see is a “result” of something else, always a manifestation rather than a “cause”. It is difficult to discern the real […]

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Tackling the auditing malaise – at source

“ACCOUNTANCY” – APRIL 2018 – EMILE WOOLF “TACKLING THE SOURCE OF THE MALAISE” Deserved it may be, but the massive reputational battering of Big 4 brands does nothing for the profession’s standing. Since those firms appear to be quite capable of bearing the financial consequences of their errors – indeed, their own financial strength exceeds […]

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