Banks, Balls and more Balls

Here’s another roundup to links from the last week. Two nice posts on banks first by Neil Wilson and Frances Coppola:

How banks work

Banks don’t lend out reserves. Nor deposits. And we aren’t “paying banks not to lend”

And on the Central Bank, Richard Murphy writes:

The pretense that we have an independent Bank of England should end

First installment of Balls now. For the last couple of months, there have been signs that the economy is starting to recover. Unemployment in particular has fallen much faster than expected. Despite this though, Ed Miliband has been putting David Cameron under pressure over what he calls the ‘cost of living crisis’. Under pressure from Miliband at PMQs on Wednesday, Cameron said that most people were better off now than in 2010. To back this up, on Thursday, the Treasury cobbled together some ‘evidence’ to support this. Duncan Weldon examines the evidence here:

What to make of the latest claims on living standards

Finally, some more Balls. This time, Ed Balls. He’s making a speech tomorrow about how Labour will reinstate the 50p tax, but he’ll also apparently be explaining his plans for ‘fiscal responsibility’. This is unfortunate as Neil Wilson and Richard Murphy explain:

Ed Balls promises to cause a UK recession by 2020

The incredible Ed Balls

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