The wheels are coming off the coalition government with astonishing speed. The basic reason is objective. It is behind on its target of reducing the budget deficit, despite this being the supposed reason for the coalition’s existence. At the same time the economy is shrinking.
The party conferences have been unable to conceal the fact that the government coalition is in big trouble. Its reason for existence is to reduce the budget deficit—indeed chancellor George Osborne’s original plan was to eliminate it.
The first real sign that the civil war in Syria could spill over into a wider conflict came last week. A series of mortar and artillery exchanges took place across the border between Syria and Turkey.
France, Greece, Italy, Portugal, and—last but not least—Spain. A storm of anti-austerity protest has been sweeping through Europe.
David Cameron and Nick Clegg are kidding themselves if they think the undeniable success of the London Olympics will allow them to "relaunch" their coalition government.
"Better enjoy Games while they last. Hangover coming with bad economic outlook truly worldwide." I don’t usually quote Rupert Murdoch approvingly, but this tweet of his is spot on.
There is a puzzling contradiction in contemporary discussion of American power. The theme that the US is in decline, being elbowed out of the way by China, is well established in mainstream discourse.
The past few days may have seen the balance of forces tilt decisively against Bashar al-Assad and his regime. Paradoxically, a significant section of the Western left seems to have tilted as decisively in their favour.
One sign of how serious the eurozone crisis has become is the brevity with which every supposed "solution" brings relief.
It’s a cliche but it’s nevertheless true that the eyes of the world are on Greece. I get feverish updates of the latest opinion poll from revolutionary Marxists and bourgeois economists alike.
The rumbling on the Tory backbenches has confirmed what was immediately obvious—Thursday last week was a very bad day for David Cameron.
I love the way the media say that Britain is in a "technical" recession. Statisticians say that when an economy shrinks for six months it’s in recession. The British economy shrank during the last quarter of 2011 and the first quarter of 2012. So it’s in recession—there’s nothing technical about it.
The superlatives have fast run out in attempts to sum up George Galloway’s victory for Respect in the Bradford West by-election.
Is the world economy past the worst of the crisis? This is what the stock markets have been signalling these past few months, pushing share prices upwards.
"It's halftime in America, too… This country can’t be knocked out with one punch. Our second half is about to begin."
Anyone in any doubt that the Tories are still scum should listen in on the House of Commons debates on the Welfare "Reform" Bill. The sheer callousness with which government backbenchers dismiss critics of the Conservative-Liberal coalition’s attacks on benefits is enough to make the blood boil.
I read recently a book by the economist Barry Eichengreen called Golden Fetters. This is about the collapse of the gold standard during the Great Depression of 1929-39.
A couple of weeks ago the economist Paul Krugman said he was "both terrified and bored" by the eurozone crisis. I know what he means.
Leon Trotsky paints a brilliant portrait of the last tsar, Nicholas II, in his great History of the Russian Revolution. He treats Nicholas’s weakness, malice, and stupidity as symptoms of a decaying regime.
The old ones are sometimes the best. "Denial is not a river in Africa, but it is a state occupied by many eurozone politicians."