Governance & Regulation Archives - Emile Woolf writes

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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GOVERNMENT’S WAYWARD SPENDING – WITH OUR MONEY!

ECONOMIC PERSPECTIVES – 99 APRIL 2021    GOVERNMENT’S WAYWARD SPENDING – IT’S OUR MONEY!   Expenditure by “Big-government” is not readily susceptible to economic calculation. Therefore it’s impossible to know whether citizens would support central or local spending proposals – and they are never consulted anyway. The result is often a massive waste of public […]

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What happens when government stops intervening!

ECONOMIC PERSPECTIVES – 97 WHEN GOVERNMENT STOPS INTERVENING My recent essays have focused on the boost to economic growth that occurs quite naturally when obstacles are removed. I cited the positive economic consequences of Margaret Thatcher’s decision to allow markets, including the labour market, to operate freely by curbing the vice-like grip of the unions; […]

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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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HOW THE CRISIS UNFOLDS

ECONOMIC PERSPECTIVES 91 – 14 NOVEMBER 2020 EMILE WOOLF Economically speaking, we are in a pickle. The blame-game is in full flow in its search for scapegoats. The most obvious culprit is, of course, the Covid virus, but it would be a huge mistake to blame that. The government’s inconstant and wavering response to Coronavirus […]

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Audit independence: only one solution will succeed [SEPTEMBER 2020]

The “flawless” audit exists in the mind alone. Regulators such as the Financial Reporting Council (FRC) are therefore having to deal with the many that, in varying degrees, are flawed. However, the FRC’s practice of allowing so many years to pass before reporting their findings and punishing the culprits undoubtedly weakens its authority and blunts […]

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Ongoing audit agony: a practical solution 

Accountancy-online – February 2020 My last article focused on the susceptibility of purchased “goodwill” to manipulation, and I cited instances in which its overvaluation had destroyed accounting reliability, causing severe losses to investors. This time let’s take a look at the ease with which another asset, year-end stock of goods, can wreak havoc with a […]

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