[Economic perspectives 53] It must be clearly stated that Theresa May’s “deal” was not a compromise at all – it would have been nothing short of a humiliating capitulation. Let’s be in no doubt – the PM’s proposed “alignment” with the EU’s single market and continuing membership of the “customs union”, and the obligation to […]

  It is a curious development in professional auditing circles that being sued for negligence has almost been overtaken in the “nightmare-stakes” by the threat of a regulatory mauling. Widely broadcast findings that an auditor’s work has been negligent lead to severe reputational attrition and massive fines – and unlike judgments in case law, none […]

Unregulated regulation – a contagious malady EMILE WOOLF – EP 52 [Going Postal – 8 April 2019] More often than not, regulation is a cover-up for exploitation or protectionism – probably both. Thoughtless, invasive regulation has become unstoppable. Traders and consumers adhere to the idea that highly regulated markets serve their interests, and it suits […]

The French economist Frederic Bastiat is chiefly remembered for having developed the concept of “opportunity cost” or, more colourfully, “that which is seen, and that which is not seen”. We could put it more simply: there is no such thing as something for nothing. There is a persistent tendency to see only one side of […]

‘DEBUNKING ECONOMIC MYTHOLOGY – PART 6’ [ECONOMIC PERSPECTIVES 47] EXPOSING THE “NO DEAL” MYTHOLOGY Emile Woolf – December 2018 ____________________________________________________________________________ The myth that a “no deal” Brexit will bring catastrophe to the UK is at last being shown up for the fiction that it truly is. “Remain” stalwarts are not giving up easily, however, and […]

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 […]

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 […]

Published in Emile’s Economics blog and on “Go Postal” I find it instructive periodically to look back on what I have written before – even several years before. It is instructive because it highlights my understanding of a particular issue at that earlier time, and raises the question of whether I still hold views previously […]

“ACCOUNTANCY” August 2018 Beginning of the end for the status quo of accounting – and auditing! “That which is crooked cannot be made straight” (Ecclesiastes 1,15). I am not suggesting that accounting is inherently crooked, but it is currently plagued by a “disconnect” between compliance and truth – hardly reflected in the Institute’s motto: “recte […]

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 […]