AS/A2 Economics

Toxic mixture disguised as a healthy choice

The makers of the film Tapped expose the global bottled water industry as one of the biggest health cons of our time. Aside from the fact that we are all paying good money for something that is free, we are also damaging our health and contributing to the demise of the environment in the process!

In most cases, bottled water is packaged in plastic. The fact is that these plastic containers harbour a toxic chemical called Bisphenol A or BPA (a synthetic oestrogen), used to harden plastics. BPA is one of the world's most widely manufactured chemicals, with more than 2.2 million tons made each year.

Studies have shown that BPA increases sperm DNA damage in men and can also cause structural damage to the brain. It also increases fat formation and the risk of obesity, compromises your immunity, stimulates prostate cancer cell growth and causes hyperactivity.

Here's the real kicker: If you live in Europe or the US, it is highly likely that you have BPA in your system, since 90 per cent of Europeans and Americans have detectable amounts.

So far, Denmark is the first EU country to ban the BPA in food and drink containers for children under three, and Canada and three US states have already brought similar bans in to effect. Unfortunately, in the UK, the Food Standards Agency (FSA) insists that there is no evidence BPA is harmful...

Another member of the 'toxic plastic gang' that's lurking around in your water bottle is dioxin. The US Environmental Protection Agency (EPA) listed dioxin as a human carcinogen which may contribute to the development of breast cancer and is highly poisonous to the cells of our bodies.

In a John Hopkins Hospital information leaflet, 'Cancer News from John Hopkins' they warn people not to freeze plastic bottles with water in them as this releases dioxins from the plastic. The same applies for heating these water bottles. Leaving your water bottle on a car seat in the sun, can heat the plastic significantly enough to release dioxin into the water and ultimately into the cells of your body when you ingest it.

But that's not all, in the US, many bottled waters are simply bottled tap water, which may or may not have received any additional treatment. So you get a hit of fluoride along with BPA's and dioxins! Pepsi's Aquafina and Coca-Cola Co.'s Dasani bottled waters are both made of 'purified' water from public reservoirs, containing contaminants like disinfection by-products (DBPs), nitrate, industrial chemicals, arsenic and bacteria.

Now that's hardly a healthy beverage from a sustainable natural source!

High price for no benefits at all

Then there's the price! You pay on average £1 to £1.60 for a 340ml bottle of water, in the UK. However, when you turn on the tap, the water is free!

When you factor in the harmful chemicals in plastic bottles, the environmental impact of plastic waste and the pollution caused by plastic manufacturing plants, bottled water becomes a losing proposition no matter how you look at it.

In fact, the environmental harm bottled water causes alone should be a deciding factor. The bottled water industry threatens the water supplies of local communities by mining water from underground aquifers and natural springs. These natural sources of water serve nearby streams, wells and farms, but aggressive 'water mining' can easily dry them out... and once water is gone, life ends!

Is all of this really worth £1?

Filtering is better

Even though tap water is much more regulated than bottled water, it's still contaminated with fluoride (a toxic chemical that causes dental decay among other things) and disinfection by-products (DBPs) that also harm our health. But there is a way around this...

The best solution (for your health, the environment and the sustainability of our planet) is to install a home water filtration system. It may seem like an extravagant expense but if you consider how much you spend on bottled water, you'll realise that in the long run you'll be saving a lot of money whilst protecting your health and the environment.

Look for a home water filtration system that has three separate stages of contamination removal:

* Stage one removes sediment.
* Stage two removes chlorine and heavy metals.
* Stage three should be a heavy-duty carbon filter for removing hormones, drug residues, chemicals, pesticides, and herbicides.

Here is the news...again.

2011-09-30T01:31:00.002+01:00

and

and

Double-dip?

2011-09-13T08:07:00.002+01:00

Risks of a Double Dip Recession

Does the Rise of New Economic Powers Signal the Decline of the West?

2011-09-10T04:10:00.001+01:00

The rise of new economic powers

Two more articles....

article 1

article 2

Globalisation - exploitation?

2011-09-09T11:57:00.001+01:00

Globalisation

2011-09-09T11:51:00.002+01:00

Analysing the 4 core elements of globalisation: economic, politial, cultural, technological

1. Economic

Pros:

- global trade and FDI improve job opportunities, productivity and living standards in developing countries

- better division of labour and the right conditions for companies to exploit greater economies of scale

- expansion of MNCs creates job opportunities in the poor countries

- More competition leads to innovation and better product focus

- Countries can exploit their comparative advantage (eg. China exports to Europe but in return seeks infrastructure and engineering developed European countries).

Cons:

- Open market is subject to deregulation or lack of regulation

- Quick wealth in developing countries leads to social inequality (a fast growing gap between the rich and the poor)

- More competition: local businesses can go down not able to compete with MNCs by price or product

- Increased competition from low-wage countries may impact jobs in richer nations: eg. factories and R&D relocating from Europe to Asia (unless governments identify new areas of comparative advantage and create new job opportunities)

- as above: there may be a “race to the bottom” as countries compete by reducing wages, taxes, welfare and environmental controls

- Pressure to compete may damage the ability of local governments to set their own economic policies

- increased risk of financial market instability

2. Political

Pros:

- freedom of speech, more transparency in politics (= “global civil society”)

- pressure on local governments from world organisations > improved human rights (eg. the rise of trade unions in China or issues on women’s rights in the Middle East)

Cons:

- too much pressure on local governments from world organisations or superpowers

- potential of undermined national sovereignty and the ability of states to determine their own affairs

3. Cultural

Pros:

- Global and ‘real-time’ outreach of culture > global culture

- Improved understanding and respect of different cultures

Cons:

- Loss of ethnic and minority cultures

4. Technological

Pros:

- Wider and quicker spread of innovation

- Global telecommunications and transport links

- ‘Real-time’ news

- Ease of travel: better understanding and respect for other cultures

Cons:

- IP rights protection

- Subjective media coverage: contributes to cultural gaps and misunderstanding (eg. the perception on Islamic terrorism and the UK and the US)

Here's an interesting article...

Globalization

http://www.lse.ac.uk/resources/podcasts/publicLecturesAndEvents.htm

Here you can find recent podcasts, all available to download in MP3 format. Topics include:

The Globalisation Paradox – Why Global Markets, States, and Democracy Can't Coexist

The Unfinished Global Revolution

The Globalisation of the Business of English law

Grasshoppers, Ants and Locusts: the future of the world economy

The Emerging Powers, the EU and Global Governance

Changes in Labour Market Inequality

Five questions with the Professor

2011-09-09T03:52:00.002+01:00

1. You guided Poland into the market economy after decades of Communist rule. There was sometimes tremendous popular and political resistance to your efforts. How would you advise the Greek government to navigate their own popular and political firestorm right now as they try to move ahead?

Balcerowicz: I think the Polish economic situation in the second half of 1989 was much more difficult than that of Greece during the last year and the present, but Poland’s political situation was much better than the present political situation in Greece. Why? Because the ruling Greek politicians--the leaders of PASOK (Greek Socialist Party)--contributed to the present crisis. The same goes to some extent for the opposition party (New Democracy).

As the first non-Communist government in Poland, we were the newcomers. So, it was much easier for the policymakers in Poland to present and conduct the necessary radical reforms than it is for the present governing politicians in Greece, because as I said, they have through the previous policies, contributed to the present mess. And also, one should remember that PASOK in 2009, before the elections, campaigned by promising even more of debt-financed social spending. So, that is the difference.

Now, what should they do from the political point of view? Of course, I am not an expert on Greece's politics, but I would say they should honestly explain the economic situation in Greece, including why they have had to make such a reversal.

Secondly, they should not blame external institutions, like the IMF or the European Commission, for reforms required in Greece. In other words, they should assume ownership of the program. This was the case in Poland. We never blamed external forces for reforms. We said, "This is Poland's strategy," which was true, “and the IMF and foreign banks are our partners, in transition.”

I can’t and don't know whether this political strategy could work in Greece, but if it fails, then what would be the alternatives? First, elections, like in Portugal. They had elections, and there's a new government, which promises more reforms. Or there could be a technical government or caretaker government as was the case some years ago in Turkey, when Karamanlis was a very important reformer.

2. There is a fierce debate over whether Greece needs to set itself straight immediately, or if time, matched with some credible action, might prove to be a better healer. As the architect of “shock therapy,” would you recommend swift action for Greece, or can they muddle through?

Balcerowicz: I think the most important problem is how to release and strengthen the growth forces in Greece. Paradoxically, they have ample opportunities for strengthening their economic growth because they have a very distorted economic system. So there's ample room for reforms which would improve the fiscal situation. They should focus on reducing spending on those parts of the budget that are harmful to economic growth. This includes pensions; and they have increased the retirement age, which is a very important fiscal reform that is at the same time a supply side reform because it tends to increase official employment. They also have a lot of room for reforms which would remove the distortions from the supply side and increase competition. So, from purely the economic point of view, Greece is not a hopeless case.

The question is not so much economics, but political economy. One should look at the various proposals and ask “to what extent do they shape the incentives for the politicians in Greece to reform?” That's a very important consideration.

Having said that, I would also like to add that it's very difficult to find examples of countries with 160 percent public debt to GDP ratio that grow in the long run without some debt reduction. And from this point of view, there's a sea of difference between Greece, on the one hand, and Portugal, Ireland, even Spain, and Italy. Greece is the worst case from the point of view of the present ratio of public debt to GDP.

Now, in Greece's case, it seems so far that this strategy of delaying has been necessary and inevitable because we have been providing official credits through the IMF and European Union institutions. So official lending to Greece is expanding while private credit is decreasing, and most of Greece's debt is now due to the official lenders, like the IMF and European Union countries. And then the question is: if this continues, would debt reduction be ultimately required and obviously, what about the taxpayers in countries like Germany, Finland, Netherlands, and other countries who would have to pay this bill?

So, by postponing what appears to be necessary for the restructuring of the present debt, European Union institutions are only adding to their political problems, since they are increasing the probability that tax payers will have to bear the debt burden.

I would say there are a growing number of people who acknowledge an inevitability of some debt reduction with respect to the present debt burden. And if this is the case, the issue is how to do it while minimizing the repercussions for the banking sector in Greece, and for the banking sector in other countries.

3. What is your assessment of where they are with that right now in terms of the deal that's on the table that the French government has put together and that the private sector banks are working on? Is it your sense that the way the deal is currently structured will need to involve an element of private sector participation? And do you think that right now the proportion of private sector involvement is about the right size, or is it too small?

Balcerowicz:That's a crucial question. For the extent of the debt restructuring, it seems to be rather small. Second, what would be the interest rates required of Greece? I would like to say that in the Polish case, we launched a comprehensive program, which on the one hand included the radical reforms, which released economic growth in Poland, but on the other hand, included substantial debt reduction, which we obtained after intensive talks with our creditors. So, there are two parts, two pillars of Poland's growth, which worked.

I think the private sector involvement is rather small, and again, if the interest rates are high, this would contribute to the further accumulation of debt without solving the issue of debt burden. In the Polish case, one form of the debt reduction was through very low interest rates.

4. Making long-needed policy changes in a crisis is challenging, but often seems the only way to force action. How do you evaluate the way that Europe’s national governments and its institutions have handled the crisis so far? Will Europe come out of this having solved some of the underlying issues of the Euro i.e., with more integrated fiscal policy coordination?

Balcerowicz: Well, I should distinguish between crisis management and measures which aim at preventing a future serious crisis.

On crisis management, it's very difficult not to be critical, even considering the political complexity in the European Union. It's worth remembering that the magnitudes of fiscal problems in Greece were revealed in 2009, and it took a couple of months to recognize this at the European level and the first reactions were sort of forced by the circumstances. These were decisions taken to the European Union level in May 2010. As you might remember, there was a creation of a provisional sort of a bail-out fund, which offered credits to Greece plus the European Central Bank started to buy Greek bonds and the bonds of other distressed countries. And then there was a discussion going on about the participation of the private sector, which I think is right in principal, but relatively little was done on how to reduce and minimize the spillovers. Instead, I think, they were discussing the pros and cons of private sector involvement. And then we enter the present situation, when we've got attempts to involve the private sector, but I think to the extent which is not sufficient to reduce the excessive debt burden in Greece, without, it appears, a program which would sufficiently reduce the spillovers from a larger involvement of private creditors in the solution of Greece's debt burden. So, even recognizing the political complexity of the European Union, I don't think one can be very positive about its crisis management so far.

And that was a fundamental problem, for example, if the European Union creates a sort of European monetary fund, because in principle the envisaged European stabilization mechanism would resemble the International Monetary Fund. What would be the competitive advantage of these institutions? How would they cooperate? What would be the cooperation between the IMF and the European Stabilization Mechanism? So, it's that sort of questions regarding the benefits of this Mechanism, which is meant to be a permanent one.

With respect to measures proposed to reduce the risk of future crises, I think it’s largely a work in progress there's some questions. For example, almost everybody agrees that the Stability and Growth Pact was a paper tiger. It was hugely violated. Nobody cared about it, including Germany and France, and everybody agrees that it's necessary to sanction violations of it. This would involve automatic sanctions, but these automatic sanctions have not been enacted and that's politically difficult.

So, there's doubt and there's some other proposals, for example, that some Eurozone countries plus some other countries, including Poland, have entered a sort of “Euro Plus.” They take obligations with respect to each other basically to conduct better economic policies, meaning policies which would reduce the risk of the crisis. But the question is: “What are the incentives?” In what respect does this differ from the Lisbon agenda, which was basically based on peer pressure.

So, it remains to be seen whether these new initiatives aiming at reducing the risk of future crisis will be effective. I don't want to sound unrealistic, and there's no good substitute for good policies at the national level. For that, you need a lot more pressures for reforms in the respective [troubled peripheral] countries, including Greece and others. So, in other words, one has to mobilize much more effective force for reforms in these countries--which should operate permanently--not just after the crisis. So, we need a lot more pro-market think tanks, I think, and pro-market media, or pro-reform media, pressing the government and trying to neutralize the impact of populist forces, which are present in every country, including the U.S. So, I think this is the ultimate solution, which is not a magic bullet, because it requires a lot of systematic work in every country.

5. Do you think that Europe, and for that matter, the United States, given where they are right now, have the time on their hands to create some of those systematic reforms.

Balcerowicz: Of course. From an economic point of view, there are no hopeless cases. I remember Poland’s economic situation in 1989. It seemed hopeless to most people, but it turned out to be possible to first to propose a program, and then to implement this program. And there are some other examples of countries which are in deeper trouble, but work.

And let me say at the end that from the point of view of the present public debt burden, there's a special case of Greece, which should not be compared with those of other countries, like Ireland and Portugal, Spain, or Italy. These countries have much more room for and time for reform but, they should not delay the necessary reforms, because they need to strengthen the confidence in the financial markets.

Leszek Balcerowicz

2011-09-09T03:33:00.001+01:00

Longevity

2011-09-09T00:34:00.000+01:00

Fallacy

2011-05-21T22:37:00.001+01:00

Superb

2011-05-21T10:57:00.000+01:00

Economics podcasts

2011-05-21T10:42:00.001+01:00

Here............

Indigo, Jack, Tom - Tuesday

2011-05-18T00:05:00.004+01:00

Work through past papers...look at the questions and then under timed conditions have a go at the longer ones....

Indigo, Tom, Jack (P) - Monday

2011-05-18T00:01:00.002+01:00

Watch THIS...

And THIS....

(Again)

Indigo, Tom, Jack (P) Sunday

2011-05-17T23:56:00.002+01:00

Read through THIS....

Then read through THIS....

Then read through THIS...

Have a look at this....

Then look at this...

Indigo, Jack (P) and Tom - Saturday

2011-05-17T23:53:00.001+01:00

Read this.....

Indigo, Jack (P) and Tom - Friday

2011-05-17T23:49:00.002+01:00

Also watch this:

Indigo, Jack (P) and Tom - Thursday

2011-05-17T23:44:00.002+01:00

Read THIS several times.....

Indigo, Jack (P) and Tom - Wednesday 18 May homework

2011-05-17T23:33:00.002+01:00

Read - and then read again.....THIS.

Watch this....HERE

How to be brilliant

2011-05-12T01:13:00.000+01:00

Free entertainment

2011-05-09T12:33:00.001+01:00

21 ideas for fun activities that will cost you nothing at all.

1. Go to the cinema for free

Going to the cinema has become an expensive pastime, costing up to £12 a ticket in central London and £8 in the rest of the country. However, you can see new releases for free by registering with websites such as seefilmfirst.com and momentumscreenings.com.

You could get tickets for films before they're even released. Tickets are usually allocated on a first-come, first-served basis.

2. Garden and parks

With spring here, it's a great time to visit some of Britain's gardens and parks when they are at their most beautiful. Most are free, and you can take a scenic stroll, fly a kite or observe the rich wildlife. Visit Sefton Park in Liverpool, for example, and see the beautiful Grade II-listed Palm House.

For more information about the UK's parks and gardens, and associated events, visit nationaltrust.org.uk, royalparks.org.uk, english-heritage.org.uk or greatbritishgardens.co.uk.

3. Go on TV

Television networks and production companies often release a limited number of free seats for television and radio shows, on a first-come, first-served basis. Popular shows such as Top Gear often have long waiting lists - but it's worth signing up in case of cancellations. New game shows and early-stage regional competitions for shows such as Britain's Got Talent are often the easiest to get tickets for.

Visit applausestore.com, tvrecordings.com, sroaudiences.com, lostintv.com and bbc.co.uk/tickets, and sign up for email alerts to be the first to hear when tickets are released.

4. Take a walk

With the evenings staying lighter for longer there's no excuse to stay cooped up indoors, and whether you live in the town or country, there's plenty to explore in your immediate vicinity or a short drive away.

To find out about walks all over Britain visit walkingbritain.co.uk. Some city walking tours charge a small fee, but find out about free ones by searching online or visiting the city's tourist board website.

5. Visit a museum

The wealth of fascinating museums across the country gives us the chance to learn about history, industry, nature, fashion, science and the universe.

In London, you can visit the Natural History Museum, the Imperial War Museum and the Science Museum, among many others, completely free of charge.

In Manchester you can visit the Manchester Museum without paying a penny. Current exhibitions include 'China: Journey to the East' which is running until June 2011.

For information about museums and exhibitions, go to 24hourmuseum.org.uk.

6. Learn a language

Learning a new language is something many people would love to do, but never get around to. A second language is a great skill but college courses can cost several hundred pounds, so why not borrow an audio kit from your local library or visit the BBC's online language centre at bbc.co.uk/languages, which offers free 12-week courses for beginners.

7. Head for the hills

The more adventurous can don their walking shoes or get on their mountain bikes and head for the hills for fresh air and exercise. The Lake and Peak Districts, Snowdonia and the Scottish Highlands all offer inspirational scenery. There are trails for all abilities, but remember to do your research first, take adequate clothing and water, and never wander off alone.

For more information, visit regional websites. For details on walking routes, go to walkingbritain.co.uk, or moredirt.co.uk if you're heading out on a mountain bike.

8. Support the arts

Immerse yourself in creativity and spend an afternoon soaking up art at a gallery. Many institutions, such as the Tate galleries in London, Liverpool and St Ives, are free except for major exhibitions.

Also, look out for work by local artists, and shows by art schools and colleges, which often exhibit students' work in May and June.

9. Time travel

You can discover much about the country's political and historical landscape completely free of charge. Visit the Houses of Parliament to watch debates or judicial hearings, use the archives or tour the Parliament buildings. You can arrange to climb the Clock Tower (Big Ben) by contacting your MP.

There are countless heritage sites, natural and manmade, that tell tales of the past, such as the 95 miles of exposed rocks that make up the Jurassic Coast of Dorset and East Devon; the mysterious white chalk drawings around Oxfordshire and Sussex, and the early Roman monument of Hadrian's Wall.

For more information, visit enjoyengland.com and parliament.uk. It is free to attend Prime Minister's Question Time in the House of Commons, but tickets must be obtained from your local MP so you'll need to make arrangements in advance.

10. City farms and animal sanctuaries

If you're an animal lover but finances are too tight to have your own pet, why not visit a city farm or attend an open day at an animal sanctuary? The time is right for spotting spring lambs frolicking in the fields and ducklings taking to the water.

Devon's Donkey Sanctuary, which cares for sick and neglected donkeys, is free to visit, while Tiggywinkles Wildlife Hospital outside Aylesbury has a nursery area, where you can watch staff hand-rearing the orphaned birds and mammals, opens to the public during the spring and summer months.

For more information on city farms, go to farmgarden.org.uk.

11. Churches and cathedrals

The UK's many churches and cathedrals are stunning feats of architecture dating back thousands of years. Durham Cathedral, for example, was founded in 995 and is thought to be the greatest Norman building in England, while Exeter Cathedral, which was built in the early 12th century, has the longest uninterrupted medieval Gothic vaulting in the world.

You can visit churches or cathedrals for free throughout the year, or check websites or noticeboards to find out about special events such as choral recitals and fayres.

12. Festival fun

Free festivals and community events are scattered across the calendar. Cities and towns such as Brighton often host their own festivals during the summer months, or you could head into the countryside for a local fete or fair.

For more information about events in your area, visit free-events.co.uk.

13. Volunteering

There are thousands of organisations and charities in need of kind people to lend a helping hand. From working as a mentor to underprivileged kids to helping disabled people with their shopping or exercising a dog for an elderly owner, there are limitless opportunities to give your free time to a good cause.

Check out volunteering.org.uk and do-it.org.uk to find out about opportunities in your local area, or visit your local community centre.

14. Car-boot sale

Your free time doesn't have to be all about spending money, you can use it as an opportunity to make a little extra cash. Venture into the loft or clear out your garage and assemble all those things you no longer want or need.

Most car-boot sale sites charge a fee of £5 to £10 for a pitch, but it's possible to make this up from your first couple of sales.

Visit carbootjunction.com for a directory of all the car boot sales in the UK and cost of pitching at each site.

15. Wild camping

Escape commercial campsite fees and pitch your tent in the wild for free. Wild camping in England and Wales requires the prior permission of the landowner, but campers do tend to be tolerated if they respect the land. This includes keeping out of sight, far from any livestock, not building open fires, staying for just one night, and following the wild camper's code of 'pitch late, leave early'.

In Scotland, you are free to roam as the Land Reform (Scotland) Act 2003 makes wild camping legal in most cases when practiced well away from property and roads.

For details of the Scottish Outdoor Access Code, see outdooraccess-scotland.com and The Mountaineering Council of Scotland.

16. Games night

Most people have a collection of old board games, such as Monopoly, Trivial Pursuit or Pictionary, at the back of a cupboard, collecting dust. So why not dig them out and invite some friends round for a games night?

If board games aren't your thing, you could play cards or the games console you got for Christmas. When everyone chips in for snacks and drinks, it's a fun, inexpensive night.

For rules on hundreds of card games, visit pagat.com.

17. Join a book club

There are thought to be as many as 50,000 book clubs in the UK. Some are for general reading, while others are devoted to specific genres such as crime, horror or romance. There isn't a national directory of book clubs, but you can find out more from local papers, community bulletin boards or by word of mouth.

18. Team sports

Grab a group of friends and head to a local park for a game. Cricket, football, rounders, touch rugby - there are lots of sports to play if you can find some open space and a ball. It's a great way to have fun and get fit for free.

19. Plant a veggie patch

Save money and eat well by growing your own fruit and vegetables. Providing the frost has subsided, March and April are good months to start sowing seeds, such as potato tubers, which can cost as little as £5 for a 2.5kg pack at garden centres.

You can also buy seeds for everything from aubergines and cabbages, beans and tomatoes, to sow indoors, then move outside when the weather gets warmer.

20. Learn an instrument

Is there a dusty instrument at home, that's been sitting there for years untouched? Now is the perfect time to learn how to play it. The internet is a fantastic free source of musical information, with websites devoted to lessons, tuning, sheet music and tablature.

Try looking on an internet search engine, typing 'beginner's guitar lessons', for example, for step-by-step guides.

21. Attend a talk

There are plenty of free talks and lectures taking place across the UK, so why not use a bit of free time to learn more about an issue that interests you?

For example, all evening lectures at The British Academy in London are free

How to get freebies

2011-05-09T12:32:00.001+01:00

1. Freegle

Freegle is a community freebie site that allows you to join your local Freegle group and then use the site to give away items you no longer need or find items you do need completely free of charge!

This could be anything from a bicycle to a sofa to a washing machine to baby clothes. So it's really handy if you are looking for a specific item but you're on a tight budget.

You can either email your local list if you spot something on the website, or you can simply join the list and see what comes up.

However, in order to keep the site running, if you do find some freebies, try to give something back when you can.

2. FreebieList.com

If you sign up to a weekly newsletter on FreebieList.com, you'll receive regular emails detailing all sorts of free samples and general freebies you can get your hands on. Or, if you prefer, you can simply browse the website yourself.

Freebies are broken into different categories, including new freebies, free samples, desktop freebies, free games and mobile freebies.

3. Magic Freebies

Similarly, magicfreebiesuk.co.uk lists at least eight new freebies every day — from free pizza to free sweets to free SIM cards. Again, you can sign up if you would like to receive their daily newsletter.

4. Bobs Free Stuff Forum

Bobsfreestuffforum.co.uk is a forum on which anyone can post their latest freebie discoveries! These freebie forums are broken into categories, ranging from miscellaneous freebies to free food and drink to free stuff in the shops.

You don't need to register on the site to see the freebies, but you will need to register (for free) if you want to post anything.

5. Your library

Yes, we all know that some councils are closing libraries, but this isn't the case everywhere. So if you have a local library, use it! After all, it's a great place to enjoy free books and free internet!

And don't forget you can also enjoy free books through online libraries.

6. Freestuff.co.uk

Freestuff.co.uk is yet another website that allows you to sign up to receive regular emails about, well, free stuff!

At the time of writing, you could pick up a free set of fridge magnets, free chocolate and a free gym pass.

7. LoveFilm

If you love film (excuse the pun), why not watch all your favourite movies and the new releases absolutely free?

If you haven't yet signed up to LoveFilm, you can get a free trial simply by registering on the website — what's more, right now you can get 30 days free rather than the standard 14 days!

What's more, even if you're not a member, you can still watch a selection of films free of charge. That said, the selection isn't terribly inspiring but it's still worth a browse. And the options improve if you're a member.

8. See Film First

Sticking with the movies theme, if you sign up to See Film First, you'll be able to see films before they've been released! If you sign up, you'll receive emails with a screening code which you can then enter online to receive your free tickets.

9. Dofreestuff.com

Dofreestuff.com is a website that lists a variety of places you can visit in the UK free of charge — this might be an art gallery, a museum or a heritage site. Simply select which region you're interested in and go from there!

10. Free-events.co.uk

If you're a big fan of festivals and carnivals, but really need to save your cash this year, take a look at Free-events.co.uk which lists a range of free festivals, carnivals, parades, shows and fireworks across the UK.

11. We7

With Spotify having recently announced it will be restricting its Free and Open services, you might be looking for another way to enjoy music for free.

We7 works in a similar way to Spotify and has a fantastic range of free music (seven million tracks, according to the company) that's paid for by using targeted advertising.

12. Peazyshop.co.uk

Peazyshop.co.uk is another forum that allows users to post any freebies they have found — or even any swaps they'd like to make. So this is well worth a look.

13. Hot UK Deals

Hot UK Deals allows users to post 'hot tips' about any fantastic deals and discounts they have recently discovered. And, of course, it has a freebies section!

14. Gumtree

Most people regard Gumtree as a place to advertise items for sale or services they're offering (such as babysitting and carpentry), but it also has a freebies area which is well worth checking out if you fancy getting your hands on some free stuff! This could be anything from a free haircut to a free TV or bicycle.

15. Swapshop.co.uk

Another way to get items for free is to swap stuff! Fortunately, there are plenty of websites that allow you to do this. Swapshop.co.uk is just one of them — it allows you to swap pretty much anything, whether this is clothing, comics, toys, gadgets or DVDs.

Simply swap items for Swap Points and then use those points to 'buy' other items on the website.

Of course, there are also a number of other swapping websites.

16. National Trust

Looking for free things to do when you're out and about? Check out the National Trust website, which has a list of free days out - simply select your region and see what's on offer.

17. Enjoy England, Scotland, Wales and Northern Ireland

Alternatively, the enjoyEngland website also has a list of free days out to enjoy. Of course, for those outside England, Scotland, Wales and Northern Ireland also have similar sites.

18. Studentfreestuff.com

If you're a student, take a look at the studentfreestuff.com website which is packed full of fabulous freebies — ranging from free SIM cards, free shopping vouchers to free soap!

19. Applause Store

Applause Store is well worth a look if you fancy a night out for free. That's because it offers free tickets for a variety of TV shoes including Britain's Got Talent, Top Gear and The Million Pound Drop.

There are, of course, similar websites offering tickets for other TV shows.

How to live without money

2011-05-09T12:30:00.000+01:00

We've all had to cut down on spending since the giant global recession hit in back in 2008. But in this age of austerity and belt-tightening, is it possible to not only curb your spending but actually live WITHOUT money at all?

Mark Boyle thinks it is, and he should know; he's been doing just that for more than two years. Mark was the manager for organic food business when he decided to bite the bullet and live 'off-grid', initially for a year.

He got a caravan, which he was allowed to park on an organic farm in exchange for some manual labour, and begun his cash-free existence. For food he foraged, grew his own or bartered with neighbours. To get around he got a second-hand bike with a trailer and to go to the toilet… he used a compost heap.

Despite the challenges he enjoyed the experience so much he made the lifestyle choice a permanent one. He told Yahoo! Finance: "Since I gave up money I haven't been happier or healthier and fitter to be honest. I could have gone back to using money at any moment, but I've chosen not to."

It was environmental concerns — and a fairly hardcore anti-capitalistic attitude — that made Mark forgo cash. "I think we're slightly misguided in this country these days about what will make us happy. We think consuming more and more and more will make us happy, that we'll suddenly find happiness at the end of that rainbow.

"I happened to start this around the exact time of the credit crunch back in 2008 and I think that event shook people's faith in the whole economic system and made them realise that security isn't necessary guaranteed in notes and coins and electronic numbers. Security is relationships with people in your local community."

What we can learn

While not everyone will share Mark's world view or want to live his extreme lifestyle, we could all reconsider our relationship with cash.

"I think everyone can make a transition towards being less dependent on money," Mark said. "For most people living completely moneyless is unrealistic, unless they are totally committed. But I think everyone wants to save money and have less of an environmental impact and have some fun in the process. It doesn't have to be a big sacrifice."

With this in mind, Mark spilled the (ethically sourced) beans on how he's managed to nab holidays, accommodation, garden tools… and a place to live, all for absolutely nothing.

How to get... a house

…well, a caravan at least. Mark picked his up at freecycle, an online community of millions of likeminded money savers. It works like this: If you've got a toaster that you don't want, you can post a message on the site saying "I've got a toaster" with your post code. You can also post wanted messages like "I need a new toaster". Then if someone does they'll email you back, saying "I have one, pick it up at so-and-so-time".

Mark says: "It's very simple, you can send out an email and in 15 minutes you'll usually have what you're looking for. I've got everything from mobile phones to tents to my caravan. This woman got in contact and said she had one that she couldn't be bothered to fix-up so I just took it off her hands. It was worth £500 and in really good condition."

How to get... Legal advice and lawnmowers

One thing us Brits are getting worse at, it seems, it talking to our neighbours. That's where sites like's like Freeconomy (which Mark helps run) come in. Essentially it's online community where people can share their skills, knowledge and tools - all for free.

Mark says: "The superficial thing about Freeconomy is sharing tools and what have you, but actually it's about just getting people to know their neighbours again.

"Why does everyone in a street need a lawnmower or a certain kind of drill? Why can't people pool their resources? That's what the site does, if a lawyer borrows a lawnmower, he can give some legal advice in return, all for free. It's a win-win-win situation."

How to get... a place to stay in Paris

Want to go on holiday but can't afford hotel or B&B prices? Amazingly, you might not have to pay for these either. Couch surfing is becoming more and more popular, with sites like, er, http://www.couchsurfing.org/ giving you access to thousands of potential holiday homes. Not only is it free, but you'll get invaluable insider knowledge on the city you're staying in from your hosts.

Mark says: "If you're going to Paris for weekend, you just send an email to members at somewhere like Couch-surfers and you'll get loads of replies.

"I'm a host and I have used it before to stay in places like Portugal, France and Greece. Everyone takes it in really good spirits, plus there's a fantastic verification system, so it's really safe."

How to get... a free holiday on a farm

Don't fancy staying on a stranger's couch? There's another way to get free holiday accommodation, as long as you don't mind getting your hands dirty. WWOOF is a worldwide scheme where people can go and stay on an organic farm totally for free in exchange for working 15-25 hours a week.

Mark says: "It's a great chance to go and learn loads of skills about growing food and living amongst nature.

"The farms are usually beautiful and lovely places to stay and you get food and accommodation on top of that. It's about having a good time but also helping out these farms which don't really make any money.

"People can get a break from city life and it won't cost them a penny. I've done it in New Zealand and Australia and I've done a bit here as well. I've met so many amazing incredible people doing it."

How to get... free grub

Unless you want to go rummaging through supermarket bins, nabbing yourself some free grub is going to take a little effort and imagination. However even busy folk with jobs and families can still cut down on the grocery bills without too much fuss (or buying an allotment). Mark's first tip is to buy a ready grown fruit tree from somewhere like here.

Mark says: "He's a guy in Devon who grows his own fruit trees and you buy them one or two years already grown. Then you simply plant them and in another year or so you start getting fruit. And there's almost no effort.

"As long as you plant them in the right place you have almost unlimited fruit for up to 25 years. It's ideal for people with no time or space."

Foraging is another way of getting free food that's become trendy in recent years thanks to TV shows like Roadkill Cafe and the success of the Noma, the world's top-rated restaurant which made its name with foraged ingredients like 'radishes in edible soil'.

According to Mark it's worth swatting up before hitting the hedgerows yourself at sites like ReaditSwapit, or even doing a day course (http://www.wildmanwildfood.com/) . It's worth the effort though.

"It's a really fun way to spend a day," he said

"The UK is amazing for foraging between June and October. You just need to bring yourself along a little book and see how many plants you can find and how much food you can get for free. It's a really good way of connecting people with their local plants."

Osama Bin Laden

2011-05-06T00:25:00.002+01:00

But how is the world’s most wanted man’s death likely to affect the global economy?

There are many issues at hand here: the U.S federal debt issue and how this is being tackled (in terms of how this hugely significant incident will impact the reception of Obama’s financial proposals), U.S aid to Pakistan – which from 2001 until now, amounts to around $20billion, and global markets of course.

Bin Laden’s Death and Global Markets

The general sentiment here is the same: that Bin Laden’s death is likely to promote a massive “feel-good” factor but is unlikely to affect markets very much at all.

According to a report by Fox Business Network, Berkshire Hathaway (BRKA) Chairman Warren Buffett said in an interview that though Bin Laden’s death is likely to dramatically affect the way in which American people view their current leaders, he had strong doubts about the death of the mastermind terrorist affecting global markets very much at all.

This was reflected in market reactions on Monday and Tuesday.

Following the news of Bin Laden’s death, Japan’s Nikkei 225 and the European exchanges were the first to react, with the Nikkei closing 1.6pc higher. And while the European stock exchanges rallied to start with, their rise came to a halt with low responsiveness from Wall Street.

According to Mike Ryan, chief investment strategist at UBS, “Initial market reaction to the news was positive… (but the rally slowed down sharply as) markets began to focus upon the prospects for a potential surge in terror attacks against Western targets in retaliation for the killing”.

U.S aid to Pakistan

Steny Hoyer: serious concerns about U.S aid to Pakistan (image courtesy msnbc.msn.com)

Osama was not found in home-country Afghanistan; instead, he was located and killed by U.S forcs in Abbotabad on the outskirts of Islamabad. This, when America has been giving billions of dollars in aid to Pakistan, like the $1.5 billion set aside by America for economic and military aid to Pakistan.

Pakistani cricketer-turned politician, Imran Khan, voiced his concern on this issue, echoing thoughts that must’ve raced through millions of people across the globe, when he said, “The big questions that everyone began asking, and for which no answers have been forthcoming, were: who allowed the Americans to come to Pakistan and carry out this attack? And whatever happened to the Pakistani Army and its intelligence?”

Pakistan Tehreek-e-Insaf (PTI) Chairman Imran, further said, “All this has led to other serious questions being raised in Pakistan. For instance, if the Pakistan government or the army had this intelligence, why did we not take out Bin Laden ourselves? Why did we have to rely on the Americans coming over from their airbases in Afghanistan?… There is no answer to these questions and this simply allows allegations from the West and from India to go unchallenged that Pakistan has been protecting Bin Laden and other terrorists; that Pakistan knew he was here and kept him safe”.

When Imran, of Pakistani origins, voiced these concerns, it is quite obvious that U.S lawmakers are likely to feel this sentiment just as strongly, and be concerned about the billions in aid that U.S gives to Pakistan each year.

Just last month, the spending bill approved by Congress set aside $800 million for counterinsurgency operations in Pakistan, according to a House Republican aide. Now, with Bin Laden being found by the U.S Navy Seals in Pakistan, that assigned money could face heavy scrutiny when lawmakers debate the next round of spending bills for 2012.

House Minority Leader Steny Hoyer (D-Md.) told reporters on Tuesday that Osama bin Laden’s hideaway in Pakistan raises serious questions about why the Pakistani government hadn’t found the terrorist leader sooner.

Suggesting that Congress might need to reconsider the billions in American aid the country receives, Hoyer voiced his strong concerns in no uncertain terms, saying that, “I think if there is not a strong response it will undermine the Congress’ willingness to pursue policies that are in assistance to Pakistan.”

However, speculation on whether U.S will continue providing aid to Pakistan was put to rest when U.S. State Department spokesman Mark Toner announced on Tuesday that America will continue its assistance to the South Asian state.

“This is assistance that is in both Pakistan’s long-term interests as well as the United States’ national interests and security interests,” Toner added further

Important link for Development Economics

2011-05-01T18:58:00.002+01:00

The link is to tutor2u..........

Hamster

2011-05-01T18:58:00.001+01:00

Development Economics

2011-05-01T18:53:00.001+01:00

Economic impact of royal wedding

2011-04-29T07:25:00.003+01:00

Extract:

"They found that over six million adults will take extra holidays to make the most of the confluence of Easter, the bank holidays and the Royal Wedding. However, PwC also calculated that the commercial benefit to London from visitors’ expenditure would amount to about £107 million. A quarter of the visitors to London will spend between £50 and £75 a night on accommodation. One in five will spend between £100 and £149. But over 20, 000 people will spend upwards of £300 a night. It is estimated that 36 percent of visitors budgeting to spend between £75 and £99 per person per day on tourist attractions."

Link....

"While a spokesman for the CBI welcomed the declaration of a bank holiday, the organisation has calculated previously that such breaks cost the economy £6 billion in lost productivity and overtime payments. For some businesses, however, the holiday is expected to bring extra cash through the tills, with the wedding expected to claw back up to £1 billion in extra tourist revenues and sales of memorabilia.

Retailers and publicans predicted that the extra day off would generate revenue from shoppers and drinkers."

Link...

Latest figures show that the number of visitors to the UK dropped by 3 per cent in the three months from April to June, or the second quarter of 2010. And the previous year suffered a 14 per cent fall in visitors during its lowest point between January and March 2009, the ONS said.

As a result, tourist spend on hotels and restaurants among other things fell back from a total of £25,526m in 2008, to £21,787m in 2009.

However, VisitBritain has predicted two bumper years over 2011 and 2012, with the wedding of Prince William and Kate Middleton, the Queen's Diamond Jubilee and London 2012 Olympics creating a "halo effect" for the tourism industry."

Link...

"However, the economic impact of the wedding is just the first of several economic booms which Britain will have in the next two years. Reuters reports as much as $1 billion will be pumped into the British economy thanks to the royal wedding.

There are already coins for sale from the Royal Mint for 10 pounds (almost $16) for the cheapest one. Gold proof coins are nearly $2,500. Middleton's blue dress she wore to the engagement announcement sold out in London stores within 24 hours according to CBS News. Replica engagement rings are also for sale. With books, commemorative newspapers and photos there will be money to be had for publishers as well.

In the next three months much of the consumer activity around London will revolve around the royal wedding. As soon as the wedding dress designer is revealed you can bet many summer weddings will have the very same dress as brides want to be a princess this year.

Even the porcelain dinnerware, made in China of course, will be a hot seller. The commemorative set is being made by a high-end dinnerware company which exports products to the United States and Europe. Distributors of Guangxi Sanhuan China will see more sales than ever this year."

Link...

"But economists countered it was arguable whether royal weddings brought much benefit to the public purse. Stefan Szymanski, economics professor at London’s Cass business school, said there was little evidence of public events lifting the economy, particularly when no new infrastructure is built.

Sandie Dawe, chief executive of VisitBritain, said the wedding would “be an enormous boost for tourism”. The royals generated £500m in revenues for tourism each year, and she expected this would be beaten in 2011.

Aynsley China of Stoke-on-Trent said it had started making fine bone china pieces to commemorate the occasion, while Royal Crown Derby is preparing items from small trays to a hand-painted peacock.

An Asda spokesman said the supermarket had already purchased a line of “Will ‘n’ Kate” mugs ”because we all love a royal wedding”.

Link...

"Anjem Choudary, who says many of the protesters are his “pupils”, stirred up further concerns by saying he had told the group to cancel the protest because of the “high likelihood of an attack” by Muslims on the wedding parade.

He advised all Muslims to stay away from central London, the buses and the Tube, adding: “The security implications of a large gathering means there is always potential for an operation.”"

Link...

Those arrested so far....

Globalisation

2011-04-20T00:43:00.002+01:00

What is...globalisation?

Globalisation and EU labour law
Globalisation and the Internet
Globalisation and the skills bias of world trade
Jaguar: Globalisation and the car industry
Jim O’Neill on Globalisation
New GCSEs - globalisation
Revision Presentation - Globalisation & Business
Revision presentation - threats to globalisation
Will Globalisation Stall?

Globalisation effects...

The end of globalisation...

OTC Easter Course

2011-04-20T00:35:00.002+01:00

Article on behavioural economics...

Behavioural change behind the wheel
Behavioural Economics - Cruel to be Kind
Behavioural economics - lessons from an ad man
Behavioural Economics - Nudge Squared!
Behavioural Economics - Public Policy and Behavioural Change
Behavioural economics - the psychology of menu pricing
Behavioural economics and competition policy
Behavioural economics and financial capability
Behavioural economics links
Behavioural nudges at the gym
Britain’s Got Talent and Behavioural Economics
Dark side of behavioural economics
Getting lyrical about behavioural economics
Global airlines nudge towards carbon emissions trading
Introducing Ideas in Behavioural Economics
Nudge features in the Sunday Times
Nudge nudge wink wink …
Nudge? More like a shove for Aussie smokers!
Paul Ormerod on Behavioural Nudges and Networks
Pete Lunn v Tim Harford on Behavioural Economics
Pricing tricks and behavioural economics
Questions in Behavioural Economics - Credit Cards and Spending
Questions in Behavioural Economics - Presumed Consent for Organ Donation
Questions in Behavioural Economics - Reducing Your Carbon Footprint
Questions in Behavioural Economics - Saving More for Tomorrow
Questions in Behavioural Economics - Students and Procrastination
Questions in Behavioural Economics - Combatting obesity
Questions in behavioural economics - How can framing be used to influence public decisions?
Questions in Behavioural Economics - The Longest Match and Loss Aversion
Questions in behavioural economics - Why do we engage in herd behaviour?
Questions in behavioural economics - Why is the placebo effect important?
Scotland nudges towards minimum alcohol price
The 99p Effect - Behavioural Economics and Price Points
The politics of nudge

OTC Easter - China

2011-04-15T00:44:00.001+01:00

A Lewis Turning Point? Wages in China
China and macroeconomic policy conflicts
China and Africa - Resources on their relationship
China is beginning to spend its cash
China limits rare earth exports
China overtake US in energy consumption
China’s housing market - fantastic interactive resource
Combining monetary and fiscal policy to curb inflation in China
Exports to China – not so important for world economy?
FT Series on China’s Growing Influence
John Humphrys in China
New Zealand exporting water to China?
Revision Note: China and the World Economy
Team Building Week in Qingdao China
The US-China power balance, trade and currencies
The US-China Trade Deficit
Two Reasons India Will Overtake China By 2025
U.S., China Go Head-to-Head Over Currency Values
Western Australia commodity boom - too much reliance on China?
When China will overtake America: Economist interactive graphic
Widening wealth gap in China

Balance of Payments

2011-04-14T22:51:00.002+01:00

628:b
629: a
630: a
631: b
632: b
633: d
634; d
635:d
636:b
637:d
638:a
639:a
640:c
641:b
642;a
643:a
644:b
645:d
646:a
647:b
648:b
649:a
650:b
651;c
652;c
653:a
654;b
655; d
656;b
657:c
658:a
659:d
660:b
661:b
662:b
663;d

OTC Easter Course

2011-04-14T19:05:00.001+01:00

Watch this video time and time again

OTC Economics Easter Course

2011-04-11T09:53:00.002+01:00

This is where your homework will appear week commencing 11/4/2011

Presentations to watch:

1. Economies and diseconomies of scale

2. Game theory

3. Growth of businesses

4. Trade and protectionism

Remember: Stel niet uit tot morgen, wat gij heden kunt bezorgen.

These are some essays on the Credit Crunch.

Heath/Thatcher (K)

2011-03-26T19:11:00.002Z

Give....

2011-03-20T17:37:00.001Z

Social lending

2011-03-20T15:29:00.000Z

With public trust in banks still dwindling, a new personal way of earning interest by lending money directly to other people is flourishing. But is ‘social lending’ really a practical alternative to traditional banking?

A new set of peer-to-peer (P2P) or social lending websites have risen from the ashes of the recession and capitalised on the contempt that many of us now have for our banks. Essentially P2P lending sites cut out the financial middle-man and allow you to lend directly to other individuals or businesses. You choose how much you want to lend, who you want to lend to and how much interest they should pay.

But there are still important differences between the key players in this new social lending market – so let’s take a closer look at each site...

Zopa

Launched: March 2005

Amount lent to date: £125m

Lender fees: 1% of the amount lent

Average return: 8.6% over the last year (7.6% after fees but before bad debt)

Zopa is the big fish in the P2P pond and now makes up 2% of the unsecured personal loan market in the UK.

The site allows you choose the type of borrower you want to lend to, the level of risk you are prepared to take on and the interest rate you wish to receive. Your money is then lent out to several different credit checked borrowers to reduce the impact of any defaults. When a repayment is made by the borrower each month you receive a slice of your capital investment back, along with some interest.

Ed Bowsher takes a look at Zopa, an interesting alternative to the high street banks

Zopa will also chase up any overdue payments using a debt collection agency or the courts if necessary. But despite these precautions, defaults do occasionally occur and can eat into profits.

Lenders can withdraw any remaining invested funds at any time by transferring the amount of unpaid debt to another user, subject to a 1% admin fee.

Zopa also runs a listing service that allows lenders to obtain more information about the individual borrowers and make manual loans of single amounts to whoever they wish to lend to.

Funding Circle

Launched: October 2010

Amount lent to date: £8m

Default rate: None so far (expected: 0.6% - 2.3% depending on risk)

Lender fees: 1% of monthly borrower repayments

Average return: 8.3% (7.3% after fees but before bad debt)

Funding Circle uses a similar model to Zopa with the key difference that you are lending your cash out to small businesses and not individuals.

All borrower companies are identity, fraud and credit checked by the site and must have at least two years of audited accounts to be eligible for a loan. The business set up a loan request indicating their target interest rate and lenders are invited to offer up their cash, specifying what rate they wish to receive. After bidding on the request has ended the lenders with the lowest interest rates will all take a stake in the loan.

The key attraction of Funding Circle is that you can view the type of business that your cash will go to, inspect their accounts and ask questions about what your money will be used for. An automatic lending tool is also available if you don’t fancy lending out your cash manually and like Zopa, Funding Circle will chase up any missed payments using a debt collection agency.

Ratesetter

Launched: October 2010

Amount lent to date: £2,625,892

Default rate: None so far (anticipated: lower than 1.4%)

Lender fees: 10% of interest received

Average return: 3.8% - monthly access, 7.9% - 3 year fixed (before fees and bad debt)

Ratesetter is a far more anonymous service than Zopa or Funding Circle. As a lender, you simply transfer in your funds and set the interest rate you want. Your request is then matched with a borrower who wants to pay the same interest rate on a loan.

In today's video, I'm going to highlight five things you should consider when choosing a savings account.

If your requested interest rate is too high and does not match with any loan requests then you can either lower your rate or be put in a first-come first-served queue until the higher interest rate becomes available.

Unlike Zopa and Funding Circle, if you lend out money on Ratesetter it will go to one single anonymous borrower. Because of this, Ratesetter have a provisional fund that borrowers pay into according to their credit-rating. This fund currently stands at £173,712 (around six times the anticipated amount of bad debt) and is designed to reimburse lenders in the event of any bad debt.

Ratesetter allows you to lend money out on a rolling monthly basis, where the interest rate will vary each month or lock up your cash for three years at a fixed rate.

YES-secure

Launched: June 2010

Amount lent to date: Around £200,000

Default rate: None so far (expected: 3-12% depending on risk)

Lender fees: 0.9% of monthly borrower repayments

Average return: Advertised rates range from 9% - 35% (before fees and bad debt)

Quakle

Launched: October 2010

Amount lent to date: Around £18,000

Default rate: None so far (expected: 1%-3%)

Lender fees: Free

Average return: 20%+ (before bad debt)

I’ve grouped YES-secure and Quakle together because they are both much more on the social side of social lending. Both sites essentially act as a listing service where borrowers create loan adverts with details of their personal situation and why they need money. Both sites also credit check all their borrowers and attach this rating to each advert pitched.

You can review borrower profiles, make enquiries, consult reviews of the borrower and view their lending history before deciding whether to pledge an amount to the loan.

Getting the right savings account isn’t as easy as it seems, but by avoiding these four nasty catches you won’t go far wrong

Where next for P2P?

Personally I believe P2P lending sites are a welcome move away from the faceless nature of modern banking. But for this new sector to really achieve mainstream appeal, they’ll have to win over the bulk of the public who still simply distrust the idea of lending money to a total stranger.

Zopa have begun to do this through their rigorous credit checking and conservative lending practices. Yet the lack of regulation in the sector is a major turn off for a lot of people. Social lending sites are not registered with FSA and the deposits of lenders are not covered by the FSCS compensation scheme designed to protect against bankruptcy and default.

Most social lending sites have measures in place to ensure that you will get your money back if they go bust and stress the fact that the actual loan contract is between you and the borrower – the site is just the facilitator.

But P2P lending sites still urgently need the air of credibility that an authorised regulator can bring to a sector.

We should all steal from supermarkets

2011-03-19T11:56:00.000Z

We should all steal from supermarkets

As food prices rise and money is scarce, why are we arresting those who sensibly do their shopping in supermarket bins?

There’s an altogether different kind of foraging happening in this country. Forget the romantic notion of nibbling at chickweed and gathering moss, and climb into the nearest supermarket bin. Because in that bin the assiduous freegan will find enough grub to feed a small Nordic village.

For years, freegans have been taking advantage of the appalling waste generated by supermarkets, scratching around in bins and feeding themselves really rather well. Last year the BBC aired ‘The Great British Waste Menu’, in which four chefs had to create a banquet using food foraged from the back of supermarkets. Several years earlier Giles Coren dug a three course meal out of London’s bins. This is no new craze.

But the authorities are unimpressed. Last month 21-year-old Sacha Hall was charged with theft after allegedly stealing £215-worth of food from a bin outside Tesco. The charge – ‘theft by finding’ – carries a maximum jail sentence of seven years.

Has everyone at Tesco gone mad?

If there is one thing that typifies everything that is contradictory, pernickety, and downright barking about this country then this is it. To put the scarfing of food from a bin on a par with pocketing a wallet you found in the street is in itself deranged, but within the context of national and global food issues it is as myopic and dunderheaded as it gets.

Global food prices have hit an all time high, caused by the economic spit-roasting that was appalling harvests in everywhere from Russia to North America to China, and general financial unrest. At the same time our own economy has shrunk, unemployment has splurged, and families are cutting back spending.

On top of this, the Government constantly tells us not to be wasteful. Both Gordon Brown and David Cameron have criticised the amount of food wasted by supermarkets and customers, and particularly our fondness for ‘BOGOF’ deals, while the likes of Hugh Fearnley-Whittingstall and Jamie Oliver have looked at more efficient means of farming, packaging, and cooking our food to avoid waste.

Freeganism is the way forward

Does it not make sense, then, to allow, nay encourage, freeganism? I’m not talking about some feral, Cormac McCarthy-style riffling through any and every rubbish tip you encounter, but an ordered, intelligent system, whereby supermarkets can pass on out of date products without fear of health and safety reprisals.

There are some swellings in the right direction. The charity Foodcycle is doing amazing work in this area, while The People’s Supermarket is also raising awareness about the twisted monopoly of The Big Four. Online retailers Approved Food and Drink sell clearance goods with ‘best before’ dates (as opposed to ‘use by’ dates) at a fraction of their supermarket price.

But these are ears of corn in a vast grain drier. As long as the supermarkets are making this urban foraging difficult, and as long as people like Sacha Hall are being prosecuted for innocent pragmatism, then we will continue to throw away sickening amounts of edible food. David Cameron can bang on about ‘The Big Society’ until he’s redder in the face, but unless we actually do something such platitudes are meaningless.

What do you do to cut down food waste? Have you ever partaken in urban foraging, or do you find the idea appalling?

Also worth your attention

Change the entire world with a shopping trolley

The best places to buy food online

Giles meets Rene

Hugh’s Fish Fight

There is a Facebook page devoted to this issue where you can comment or click 'like' to support the young lady who was arrested. Social media is bring down governments, perhaps it can improve the administration of law that tends to be an ass!

http://www.facebook.com/pages/Boycott-Tescos-for-having-Sacha-Hall-arrested/101339386612194?sk=wall

Raj (K)

2011-03-17T00:34:00.001Z

TED Talks (Homework K)

2011-03-15T12:02:00.002Z

Creativity

2011-03-15T11:55:00.000Z

Motivation for Lex

2011-03-15T06:58:00.000Z

Link...

The disaster in Japan

2011-03-15T06:48:00.002Z

Links:

Global economic impact

Guardian viewpoint

ABC News

Forum

Fantastic blog...

Videos to watch (K)

2011-03-15T06:29:00.003Z

http://www.youtube.com/user/alanheath

K1

2011-03-09T22:31:00.003Z

Now watch:

And now a little bit of philosophy for K

US...inflation?

2010-11-15T10:09:00.001Z

Is the US headed toward an economic crisis that could dwarf the Great Depression?

Well, the signs are hard to ignore, and there are many striking similarities between events today and the events that led up to the harshest years during the Great Depression, from banking failures in the thousands and rising unemployment, to the passing of laws and creation of administrative boards later declared unconstitutional.

As reported by the Wall Street Journal, food prices have risen sharply in the past few months, and the food manufacturing and restaurant industries warn that further increases may be unavoidable, despite the risks involved:

"For food executives, how quickly to pass along higher costs presents difficult choices.

Missteps could be costly when the economy remains weak. Many Americans, nervous about high unemployment, have pledged allegiance to their pennies and are willing to trade down on brands, switch supermarkets, opt for Burger King over Applebee's, or stop dining out altogether to save money."

MyBudget360.com also reports on this issue, stating:

"Creative packaging that includes smaller quantities but offers the same price helps delude many Americans into thinking their dollar still has the purchasing power of better days. This all occurs in a relatively subtle and typically hidden process.

Cotton for example is now up 90 percent for the year. Corn is up over 40 percent. It would be one thing if this was all based purely on demand but more of this increase in price is coming from the Federal Reserve pursuing actions that are punishing the U.S. Dollar.

... We also need to remember that the working and middle class feel much poorer because even if wages remain stagnant, the cost of daily goods and items has steadily increased. Part of this doesn't show up in the consumer price index (CPI) because of the large dominance of "owner's equivalent of rent" which has held the index lower for a good time now."

Below is a graph showing the consumer price index (CPI) for various sectors. As you can see, silver and gold have risen by nearly 66 percent and 29 percent respectively -- a clear indication that the dollar is losing value:

The real danger here, from a public health perspective, is that people may opt to maintain, or revert back to, health-harming diets in an effort to pinch pennies -- not realizing the ultimate cost of this strategy.

Research has already shown that a single meal can start causing damage to your health, and as the documentary Super Size Me so clearly illustrates, a fast food diet is a prescription for staggeringly rapid health deterioration.

Food prices are now rising faster than overall inflation. According to the Wall Street Journal:

"The consumer price index for all items minus food and energy rose 0.8% over the year to September, the lowest 12-month increase since March 1961, the Bureau of Labor Statistics said.

The food index rose 1.4%, however. The U.S. Agricultural Department is predicting overall food inflation of about 2% to 3% next year."

This could have dire health consequences for many, unless you quickly learn how to shop for healthful food on a budget.

What's Driving Food Price Hikes?

Prices for food, gas and heating oil have risen by double digits since last year, and as you probably know, oil prices and food prices are intricately linked.

The primary reason for this is pure and simple and by design. This is precisely what the US Federal Reserve wanted. Their desire was to create inflation, so they proceeded to print not billions, but trillions, of dollars out of thin air..

So it's no major surprise that this would lead to a devaluation of the dollar and increase prices for most commodities, including food.

The Wall Street Journal, states another variable for the price hike is the growing demand for meat in China, India and other emerging markets. Other factors cited include drought in Russia and crop failures around the world.

One issue not mentioned, however, is how the use of genetically modified (GM) crops may also be playing a significant role in this situation.

It's been repeatedly shown that GM crops are failing across the world, and are raising overall costs. Genetically modified (GM) seeds are far more expensive for the farmer, and also need far greater amounts of petroleum-based pesticides. They also require ever higher amounts of herbicides to address the increasing prevalence of resistant "super-weeds".

So sure, increased commercial meat production requires more grains for feed, and as GM crops (which are the primary types of grains used for cattle feed) fail, grain prices go up.

Part of the answer is, quite simply, to return to organic farming practices, which have been shown to be superior to non-organic farming both in terms of yields and environmental sustainability.

On an individual level, the primary way to help accomplish this shift is by supporting your local farmers and growers.

Is U.S. Headed toward Hyperinflation?

Many are still under the impression that the United States is an economic superpower, but according to the Legatum Institute's 2010 Prosperity Index, the U.S. economy ranks only 14th worldwide. And in terms of overall prosperity, wealth and well-being of the people, the US ranks number 10 on the list, behind several Scandinavian countries, Canada, New Zealand, the Netherlands and others.

It's time to quit fooling yourself. Holding on to an outdated vision of where this country really stands in terms of being "super" anything is counterproductive and will only delay the reorganizing and rebuilding that needs to take place. It is important to avoid being in denial about this fact so you can make the best proactive choices for you and your family.

The US fiscal debt is well over 100 percent of gross domestic product (GDP); the fiscal deficit is close to 10 percent of the GDP annually; and our health care, before the new health care plan, is already the most expensive in the world, yet produces abysmal health results.

Clearly, we're in an unsustainable situation in more ways than one.

But is hyperinflation inevitable?

As its name suggests, hyperinflation is inflation that spirals out of control, generally at a rate greater than 50 percent a month. What this means, according to the Library of Economics and Liberty, is that a cup of coffee or newspaper or any item that cost you $1 on January 1 would cost you $130 one year later.

This happens when monetary and fiscal authorities start printing more money to pay for government expenditures, and this, as you well know, has become the norm rather than the exception these days.

As I discussed in my recent article on hyperinflation, the US is clearly headed for some serious problems as a result of the Federal Reserve printing trillions of dollars out of thin air.

The US Federal Reserve board recently created yet another $900 billion out of nothing to purchase stocks and bonds in Quantitative Easing 2 (QE2). This boosted the stock market to a two year high and US newspapers trumpeted this fake market boost as being "great," and implied that the US was recovering from the depression -- despite the fact that the US dollar is crashing!

This is the kind of Pollyanna reporting that threatens the very foundation of the US at this point. Unless we begin to address these schemes for what they are, our chances of financial recovery are slim indeed.

Business Insider recently wrote:

"Bill Gross, the manager of the largest mutual fund in the entire world, said... he believes that more quantitative easing could result in a decline of the U.S. dollar of up to 20 percent.

... Tens of millions of Americans have worked incredibly hard to save up a little bit of money... Well, inflation is like a hidden tax on all of those savings. In fact, inflation is a hidden tax on every single dollar that all of us own."

Blogger Gonzalo Lira paints a compelling picture of what the Federal Reserve's QE2 will do for the bottom 80 percent of the American people, and it's not pretty.

"Any household spending more than two-thirds of their after-tax income on food, housing, clothing and transportation will suffer an immediate, negative impact from the Fed's efforts at induced inflation," Lira writes.

"So 60% of the U.S. population will suffer an immediate effect of rising prices—the stated policy goal of Ben Bernanke's QE2... If unemployment continues to rise, then that bottom 60% would begin to grow into the bottom 70% or 80%—maybe even hit the top quintile as well."

Worse yet, a number of signs indicate that the financial collapse that set off this downward spiral was far from accidental.

In a recent review of a new documentary called "Inside Job," written and directed by Charles Ferguson, Alternet.org writes:

"… "After watching Charles Ferguson's powerhouse documentary about the global economic crisis, you will more than understand what went down -- you will be thunderstruck and boiling with rage."

Ferguson makes the case that the meltdown wasn't just an unfortunate accident -- it was totally avoidable.

Through interviews with financial experts such as International Monetary Fund chief Dominique Strauss-Kahn, French Minister of Finance Christine Lagarde, and former New York governor Eliot Spitzer, and detailed explanations of credit default swaps and derivatives, Ferguson paints a picture of an unethical industry driven by greed, rampant deregulation and an indifferent government."

Another documentary well worth watching is "Meltup," created by the National Inflation Association, which explains why the U.S. economy is now teetering on the edge of a currency crisis that will lead to hyperinflation.

What to Do if Hyperinflation Does Become a Reality

With inflation and the devaluation of the dollar comes higher prices, and Americans will no longer be able to depend on cheap imports and food products from China.

As I mentioned earlier, one major solution to the impending currency crisis, hyperinflation, food shortages and all of the potential related financial hardships is to return back to our roots as a country.

This means supporting the small "mom and pop" shops that get their goods from local suppliers, buying your food from a small local farm, and valuing quality USA-made goods and foods over imports.

Time and again, my readers have informed me that one of the leading obstacles to achieving health is having too limited a budget to maintain a healthy lifestyle...

If events play out as some experts predict, the US economy will face even more challenges and if you are unprepared, your ability to purchase quality food to stay healthy may become even more limited.

That alone is a compelling reason for considering taking some proactive safety measures. Many experts believe a reasonable approach would be to have three months of your income in gold and silver coins in your physical possession. Merely holding gold or silver stocks would be ill advised should the worst case scenario become a reality.

You do have to act quickly though as prices for food and precious metals alike are rapidly climbing.

Many experts are predicting $30 silver and $1600 gold in the not too distant future, and, as reported by the Wall Street Journal, producer costs for essential commodities such as grain, dairy and sugar are rising. Sooner or later those increased costs will be transferred to you, the consumer.

All you need to do is watch the price of gold. When gold rises you can be assured that the US dollar is decreasing and will purchase less food in the future. It is just a matter of time before those prices are reflected in increases at your grocery store.

Avoid Personal Financial Ruin by Staying Healthy!

Most families in the U.S. are already only one bad diagnosis away from a financial catastrophe, and with the looming collapse of the US economy, many more people are at risk of abject ruin should their health fail.

To me this is yet another compelling argument to stay as healthy as you can, by following the recommendations on this site.

It is my strong belief that your body is designed to stay healthy. All you need to do is give it the raw materials like healthy unprocessed food, sleep, exercise, appropriate amounts of sunshine to optimize your vitamin D levels, love, emotional balancing and stay away from toxins and poisons and you won't need to set foot in a doctor's office or hospital, barring an accident.

Even in a healthy economy, it is wise to follow ideal health guidelines, as all the money in the world will not protect you from disease if you fail to follow these guidelines. However, in this troubled economy, poor health has the potential to ruin you financially -- which will only make everything worse.

In addition to optimizing your health, there are many other reasons for buying local (and preferably organic) foods, including supporting the local economy, building a stronger community, and ensuring future access to healthful food.

Source: www.mercola.com

The best product to help you pass your A levels is...

2010-09-09T22:15:00.001+01:00

...this.

(Pity it does not cover all subjects)

2010-09-07T11:33:00.002+01:00

Filip 1

2010-09-06T00:12:00.001+01:00

Here we go!

Some IB Economics

2010-08-02T01:54:00.000+01:00

Essentials of Economics Online Case Studies. A guide to writing economics commentaries. Select a chapter, and scroll down the page.

Economics for IB Students Online Economics Textbook. For SL and HL.

biz/ed Economics Resources Economics - Topic by Topic Notes

IB Economics Notes Some notes on Business structures, Development. Includes economics definitions.

Revision-Notes.com IB Economics definitions.

Economics notes Economics notes.

Ying Xiao's IB website An IB student's webpage with his essays, science praticals and economics portfolios.

The Sixth Form College Economics notes.

IB Resources - Economics Very comprehensive Economics HL & SL syllabus notes. Also has an IB student's portfolio essays.

Steph's IB notes [.zip file] Comprehensive notes for Economics, Chemistry HL Option D (Environmental Chemistry) and Option F (Fuels and Energy), Physics SL Option A (Mechanics) and Option H (Optics), English (Death of a Salesman) (Dancing at Lughnasa) (Death and the Maiden) (Sizwe Bansi is Dead).

Economics in Plain English IB Economics notes in pdf format.

Ola and exchange rates

2010-06-20T02:36:00.001+01:00

Fixed and floating exchange rates for Ola

Animate

2010-06-20T01:36:00.001+01:00

Governments and Change

2010-06-09T03:51:00.000+01:00

How should governments drive industrial change?

Is a second banking crisis coming?

2010-06-01T16:28:00.001+01:00

You judge...

Reducing carbon emissions

2010-06-01T15:44:00.003+01:00

How to do it...

Carbon Emissions presentation

China to lead in green energy

EU chief urges more ambitious carbon target

...such as cleaner air and more jobs in renewable energy and other “green” industries.“What...the UK’s secretary of state for energy and climate change, said: “Global...faced by industry, but argued that China, the US and others were racing past Europe in energy technology. The chief culprit, according... By Fiona Harv

Carbon emissions trading

China's surge

2010-06-01T15:33:00.002+01:00

Tutor2u presentation....

China's inflation problem...

1/ Telegraph: Something has to stop the Orient express and its cargo of trade imbalances - Roger Bootle argues that China must do more to reduce the soaring trade imbalance between China and the rest of the world

2/ The Observer: Dark economic clouds on the horizon for China - Heather Stewart looks at the risks facing the Chinese economy in 2010

3/ The Times: After £800bn loans, China tells banks to focus on the real economy - Unprecedented lending growth risks causing a bubble economy and rampant inflation.

4/ The Guardian: Without Chinese economic reform, global recovery may be doomed - Larry Elliott argues that China needs to boost domestic consumption rather than relying on exports, or the world will be flooded with goods that nobody wants

5/ Independent: China ‘overtakes’ Germany to become largest exporter

China’s dilemma on the renminbi exchange rate
...points to some sort of adjustment as the first step towards addressing China’s spiralling reserve growth – which would also assist China in its fight against inflation.“China faces a hard choice; it can ignore adjustments to its currency regime... By Neil Mellor
March 11, 2010
Investors rattled by China inflation worries
...Thursday as economic data releases in China and the US rekindled doubts about the...investors was news of a surge in Chinese inflation, which some economists warned could prompt...further and that the People’s Bank of China was behind the curve. “China’s massive... By Dave Shellock

May 12, 2010
China's rate of inflation accelerates
...Virtually everything is on the rise in China, from wages to grain and vegetables, and we expect inflation above 5 per cent by the end of the...of Credit Suisse banking group."Inflation will be the biggest worry in the second half of this year, and everybody in China except government economists seems to have realised inflation won't peak in the middle of the year... By Geoff Dyer and Jamil Anderlini in Beijing

Financial Crises and Crisis Economics

2010-06-01T14:53:00.000+01:00

The video link is here

Financial Crises And Crisis Economics: Past, Present And Future
Speaker: Professor Nouriel Roubini.
This event was recorded on 18 May 2010 in Sheikh Zayed Theatre, New Academic Building.
As early as 2005 Roubini speculated that house prices would soon sink the economy, and in 2006 warned the IMF that the United States was likely to face a catastrophic housing bust resulting in deep recession. Back then he was nicknamed 'Dr Doom' by the New York Times. In hindsight, economists have called him a prophet.

F585

2010-06-01T14:43:00.001+01:00

"Expanding carbon trading risks both economic and climate collapse."

Discuss

Maciek - Carbon

2010-06-01T05:02:00.000+01:00

Here....

Presentations/Revision

2010-05-31T14:42:00.001+01:00

Managing the Economy

Policies to control inflation

Prospects for the UK Economy

AS/AD Presentation

2010-05-31T14:36:00.001+01:00

From tutor2u

Videos

2010-05-22T13:54:00.001+01:00

Check out these videos!

The costs of social norms

The Power of Free!

The Truth about Relativity

The new Predictably Irrational Facebook group is here!

Derivatives - a simple guide

2010-05-17T02:18:00.001+01:00

Mention derivatives and most people think of Nick Leeson, highly risky financial investments and City 'wide boys' making lots of money.

But, insurance, farmers and complex mathematical formulas are as central to the concept of derivatives as the rowdy dealing pits depicted in the Eddie Murphy film Trading Places.

Derivatives are basically a way of allowing traders to hedge their bets.

'Hedging' is a good thing. It can protect companies and banks against unexpected developments, for example sudden falls or rises in the value of currencies or commodities.

Simple beginnings...

Initially it was commodities like wheat or coffee which were the subject of such trading.

Traders bought and sold 'future' contracts - an agreement to buy coffee, say, in three months time at a certain price - protecting themselves from the worry that a crop failure might drive up the price of coffee in the intervening months.

In the 1980s, financial futures began to dominate trading. This involves buying and selling futures or options on shares, bonds or currencies.

Some investment bankers began to turn hedging into a profitable business in its own right, developing progressively complex ways of hedging.

... can be mind-boggling

Swaps and options have become the next most common form of derivative trading after the original futures.

Options were invented because people liked the security of knowing they could buy or sell at a certain price, but wanted the chance to profit if the market price suited them better at the time of delivery.

Swaps are, as the name suggests, an exchange of something. They are generally done on interest rates or currencies. For example a firm may want to swap a floating interest rate for fixed interest rate to minimise uncertainty.

There are derivatives on almost all types of asset which are traded - the main four being bonds (which vary in price according to interest rates), currencies, shares and what can broadly be described as goods (metals, energy sources, agricultural produce etc.).

New ones are even being developed on catastrophes, such as earthquakes, and even on the creditworthiness of investors.

Win either way?

Derivatives are used widely by traders because, as a simple monetary value, they are much more flexible than the underlying products. The value is based on the price of the underlying product, but most contracts are settled in cash terms.

This enables banks, traders or investors such as George Soros to bet on price movements without having to deal with the actual assets. They could gamble, for example, on the frozen concentrated orange juice crop without having to buy an orange grove.

Derivatives can also be 'leveraged' - ie geared up to be worth many times the value of the underlying - so that if the price of the asset moves $1, the value of derivative could change by $10.

These instruments can also be used to insure against adverse price moves. In simple terms, an investor can buy a derivative which bets that the market will move against them so that they win either way.

Getting out of hand?

The image of derivatives as highly risky investments stems from the fact that contracts which may be worth millions if the market moves in a certain way cost only a fraction of that value.

Usually the market will not move that much and the contract will be settled or sold to somebody else for a small gain or loss. However if it does shift significantly big losses can be incurred.

On exchanges, traders have to pay any losses incurred on their position at the end of each day in order to prevent risks getting out of hand.

Banks have complex computer programmes to tell them how much they could lose if the market moves by a certain amount. Regulations require them to put money aside to protect against possible losses.

Derivatives have earned their "bad image" when these controls - as in the case of Nick Leeson of Barings Bank - have failed.

(Source: BBC)

More on QE

2010-05-15T13:18:00.001+01:00

Link

Filip's QE

2010-05-13T07:52:00.002+01:00

QE....

Filip 1

2010-05-12T02:52:00.003+01:00

Talk me through this....

Filip 2

2010-05-12T02:52:00.001+01:00

Talk me through this

Filip 3

2010-05-12T02:51:00.000+01:00

Talk me through this....

Filip 4

2010-05-12T02:49:00.001+01:00

Talk me through this...

Filip 5

2010-05-12T02:45:00.001+01:00

Talk me through this....

Filip 6

2010-05-12T02:43:00.001+01:00

Talk me through this....

The Logic of Life

2010-05-10T22:43:00.001+01:00

The Sun Dossier

2010-05-05T12:28:00.000+01:00

The dossier that shames Labour

More

Who are these people?

2010-05-03T00:32:00.004+01:00

Protectionism

2010-05-02T23:26:00.002+01:00

Revision presentation (tutor2u)

Car firm subsidies

WTO scrutinises US trade policy

WTO - profile

Is China exporting its unemployment?

US-China trade war

The dangers of trade protectionism

China puts duties on chicken imports (US)

China and 10% growth........

Dissecting...

2010-05-02T07:59:00.002+01:00

the recession

Prospects...

2010-05-02T07:59:00.001+01:00

...for the UK Economy

National Debt/Personal Debt

2010-05-02T01:42:00.001+01:00

UK National Debt Clock - DebtBombshell.com

UK National Debt Clock - DebtBombshell

Q: Why is Britain in so much debt?

Q: Who do we borrow all this money from?

Q: How is national debt measured?

Q: What are we spending the money on?

Q: Does it matter how government spends the money?

Q: How will national debt affect our future?

Q: Is the problem getting better or worse?

Q: What can we do to prevent a debt crisis?

Q: Has Britain always been in so much debt?

Q: Is it right for us to borrow and spend like this?

Q: Are we really printing money?

Fiscal Rules

2010-05-02T00:43:00.001+01:00

What are the fiscal rules in the UK?

Have they been kept to?

Read the links

Quantitative Easing

2010-05-02T00:39:00.003+01:00

What is quantitative easing

Examine e the likely effect of quantitative easing on the UK Economy?

How will QE affect exchange rates?

Black Wednesday

2010-05-02T00:01:00.002+01:00

The Uk withdrew from the ERM on 16th September 1992.

Now, consider Estonia, Latvia and Lithuania. Is the current situation similar to Black Wednesday (also here)

Or are there many differences?

Two videos

2010-05-01T21:42:00.001+01:00

Video 1

Video 2

What caused the economic crisis?

What is meant by the ‘domino effect’?

Libs caught out

2010-04-14T15:34:00.001+01:00

see 12.30 onwards: http://www.bbc.co.uk/programmes/b00s67vd

then think about the Lib promise to raise income tax threshold for 'everyone'

Broken Manifesto Promises

2010-04-13T01:03:00.000+01:00

As Labour launches its manifesto today, I thought it might be helpful to demonstrate how meeaningless the whole exercise is. Why? Well, all you need to do is go back to their 2005 manifesto and check their promises against what they have acually delivered. Here are 27 of Labour's broken promises...

1) p. 12: ‘Our ten year-old pupils are . . . the fastest improving in numeracy.’

Ofsted Report, 2008/09:
• 2 million children in England being taught in mediocre or failing schools;
• 30% of 11 year-olds failing to reach basic standards in English and Maths.

Ofsted Report, 2009/10:
• 50% of schools ranked either satisfactory or inadequate;
• Schools ranked inadequate increased from 4% in 2008/09 to 10% today;
• Only 9% of schools ranked outstanding.

2) p. 12: ‘. . . long-term youth unemployment has been virtually eradicated . . .’

Latest unemployment stats:
• Long-term unemployment: 663 000 – its highest since 1997;
• Unemployment amongst 16 to 24 year-olds: 923,000.

3) p. 15: ‘In our third term we will build new ladders of social mobility . . .’

Since Labour came to power in 1997 social mobility has decreased and the gap between the richest and the poorest has increased.

4) p. 15: ‘We will maintain our inflation target at two percent.’

In February 2010, the UK’s inflation rate rose to 3.5%.

5) p. 16: ‘We will not raise the basic or top rates of income tax . . .’

April 2009 Budget, Chancellor Alistair Darling announced an increase in the top-rate of income tax to 50%.

6) p. 18: ‘The Labour Government backs manufacturing . . . we will continue to do so.’

More than 1 million manufacturing jobs have been lost since 1997. In 1997, manufacturing accounted for 20% of the UK economy; by 2007, it had decreased to 12.4% – that scale of decline is almost 3 times greater than during Margaret Thatcher’s premiership.

7) p. 23: ‘We are tackling barriers to financing for small and growing businesses . . .’

Tens of thousands of family-run firms will be hit in a £100million tax grab this week when business rate relief is abolished. The move comes on top of an inflation-busting 5.2 per cent increase in the rate, which will cost companies another £1billion. In some cases, the combined effect will see annual bills more than treble for retailers and small firms which are already suffering from a slump in consumer demand, credit freezes and higher bank charges.

8) p. 33: ‘. . . harder A-level questions to challenge the most able . . .’

Sir Peter Williams, (the man chosen by Gordon Brown to advise on education reform):
• 'Over 20 or 30 years, I don't think there is any doubt whatsoever that absolute A-level standards have fallen.
• 'They have edged south, continuously over a long period of time . . . All university academics and a good proportion of sixth-form teachers would agree.'

9) p. 38: ‘. . . we are developing a nationwide week-long summer residential programme for school students.’

No such programme exists.

10) p. 38: ‘Violent behaviour, including the use of knives will not be tolerated.’

Crime stats:
• More than half of knife crime offenders receive sentences of less than 3 months;
• 5 out of 6 people caught with a knife avoid prison altogether;
• Meanwhile, fatal stabbings have hit record levels.

11) p. 40: ‘. . . our aim for 50 per cent of young people to go on to higher education by 2010.’

University participation rate amongst 17 to 30 year-olds increased by less than 1 percent (from 39.2 to 39.8 per cent) between 2000 and 2008.

12) p. 44: ‘. . . a new £340 million a year fund will take CSO numbers up to 24,000 – to work alongside the equivalent of an additional 12,000 police officers freed up for frontline duties.’

Police/CSO numbers:
• Between March and September 2009, 26 out of 43 forces recorded a fall in police numbers;
• At the end of April 2007, there were 16,000 CSOs in England and Wales.

13) p. 44: ‘Not all problems need a 999 response, so a single phone number staffed by police, local councils and other services will be available across the country . . .’

There were plans for a new 101 non-emergency number to be rolled out across the country in 2008, but funding was withdrawn by the Home Office in 2007.

14) p. 48: ‘By 2007 every offender will be supervised after release . . .’

Prisoners who spend less than a year in jail are not supervised on release, and 50% of those prisoners go on to reoffend.

15) pp. 60-1: ‘We are . . . halving the numbers of quangos . . .’

Since Gordon Brown became Prime Minister public spending on quangos has increased by £10 billion, from £37 billion to £46.5 billion. During that time, the number of quangos had fallen from 827 to 766, but the number of employees has risen from 95,000 to 110,000.

16) p. 61: ‘. . . comprehensive out-of-hours [GP] services . . .’

Before 2004 GPs were responsible for their patients 24 hours a day. The new contract allowed them to opt out of 24-hour care by sacrificing £6,000 a year. 90% of GPs accepted.

17) p. 63: ‘By 2009 all women will have choice over where . . . they have their baby . . .’

National Childbirth Trust Report: more than 90% of pregnant women are not able to choose where they give birth.

18) p. 65: ‘We will . . . ensure that fresh fruit and vegetables are part of every school meal.’

Fruit and vegetables not part of every school meal.

19) p. 72: ‘Companies will no longer be able to force people to retire before the age of 65 . . .’

Age Concern/Help the Aged Report: more than 100 000 people were forced to retire against their will last year alone.

20) p. 75: ‘We will end child poverty, starting by halving it . . . by 2010-11.’

Department of Work and Pensions: the 2010 target is unlikely to be ‘fully met . . . because of economic and demographic changes’. The number of children in poverty has increased by 400,000 since 2004. In 2007-08, the incomes of the poorest 20% of families decreased – and this was before the impact of the recession.

21) p. 80: ‘A First Time Buyers Initiative to help over 15,000 first-time buyers who could not own or part-own a home without extra help.’

Up to the end of 2008/09 only 1071 homes had been purchased under the First Time Buyer's initiative.

22) p. 80: ‘We will increase the annual supply of new social homes by 50 per cent by 2008 . . .’

Town and Country Planning Association Report:
• England is facing its lowest levels of homebuilding for 80 years;
• The housing shortfall will total 1 million by the end of 2010, resulting in record levels of overcrowding and longer than ever waiting lists;
• Less than 100 000 homes were built in 2009 – only 40% of the number needed to satisfy demand;
• In the 1960s and 70s, about 300 000 homes were built each year.

23) p. 84: ‘We will put [the EU Constitution] to the British people in a referendum . . .’

Following the Netherlands’ rejection of the EU constitution and its subsequent collapse it was replaced by the Lisbon Treaty. Despite being ‘substantially equivalent’ to the original Constitution, Labour did not keep its referendum promise. Valery Giscard, former Minister of Economy and Finance in France, admitted Lisbon is the ‘same letter in a new envelope’, and that ‘all the earlier proposals will be in the new text but will be hidden and disguised in some way.’

24) p. 88: ‘. . . when [UK forces] are committed they will have the investment, strategy, training they need.’

Strategy:
• Air Chief Marshal Sir Jock Stirrup (head of the armed forces) identifies shortcomings of strategy: defence chiefs ‘simply didn't have enough time’ to source everything they wanted and more time to prepare would have made a ‘significant difference’.
• Lt Gen Frederick Viggers criticises the lack of strategic direction: ‘It was rather like going to the theatre and seeing one sort of play and realising you were watching a tragedy as the curtains came back.’
• ‘We've got huge experience in this country - we're not using it and we're putting amateurs into really important positions and people are getting killed as a result of some of these decisions.’

Equipment:
• Sir Kevin Tebbit (former permanent secretary to the Ministry of Defence) condemns defence expenditure cuts: claimed Gordon Brown ‘guillotined’ £1bn from defence spending in December 2003, while efforts to rebuild Iraq were ongoing, which created the need for ‘very major savings’.
• Major General Graham Binns identified a ‘major gap’ in attack helicopters, but that US equipment was in contrast ‘magnificent’.

25) p. 89: ‘We remain committed to achieving a 20 per cent reduction in carbon dioxide emissions on 1990 levels by 2010.’

Department of the Environment Report: C02 emissions projected to decreased by only 15.5% from 1990 levels.

26) p. 95: ‘Investment in schools sports will ensure that by 2010 all children will receive two hours high-quality PE or sports per week.’

14% of 5 to 16 year-olds – about 900,000 pupils – receive less than the 2 hour target.

27) p. 110: ‘We will legislate to place reasonable limits on the time bills spend in the second chamber – no longer than 60 sitting days for most bills.’

No such legislation has been introduced.

Go and see this fantastic play!

2010-03-23T13:53:00.001Z

It's called Reflections in a Distorted Mirror.

FRIDAY NIGHT!

THIS WEEK

Fringe!

2010-03-23T13:43:00.001Z

Here is the site.....

These are the plays I am going to:

The Big Bite-Size Soirée

The Big Bite-Size Soirée

Reflections in a Distorting Mirror

Recipe for Success!

2010-03-11T17:31:00.007Z

What have these three got in common?

TWO OF THEM did extra essays for me - which I marked.

The other one did a daily blog.

So what did they all do?

WHAT THEY WERE TOLD TO DO.

And they all got grade A !

Only one other person got grade A - and he taught Economics!

Speed

2010-02-19T22:31:00.000Z

1. Test your speed

If you haven’t already done so, use a speed tester to measure the level at which your broadband connection is currently running. This will allow you to see what difference the following suggestions make to your speed.

2. It’s good to talk

If you are not getting what you expected from your internet service provider (ISP) then pick up the phone. You may be able to boost your connection speed simply by asking your ISP if there is anything it can do to help.

3. Reposition your router

The position of your router can have a significant effect on the quality of your wireless connection. Place it in an area where the signal will be affected by as few obstructions and little interference as possible. For example, away from appliances which emit wireless signals (e.g. cordless phones) and avoiding barriers such as walls and doors between the router and your computer.

4. Spring clean your cache

Every time you visit a webpage, your browser will store, or ‘cache’ it. All these items stored in your cache do take up space and over time it can get very full. Periodically clearing out your browsers cache will enable it to function more effectively.

5. Upgrade your browser

If you are unhappy with the browsing speed of your connection then you should definitely look at upgrading to a newer web browser. Using the latest browsers can greatly reduce the time it takes to download a web page. Check download.com for free downloads of the latest browsers, but you should be careful when making any changes to the settings on your computer.

6. Monitor your applications

There are many applications such as RealPlayer or Windows Updates that may discreetly start running when you log in to your computer and may slow your connection down. Set these applications so they don’t run automatically – this should reduce your bandwidth overhead and make a noticeable difference to your connection speed.

7. Disable P2P software

While music, TV and film download applications are great for entertainment, they are not so great for your connection speed. Some applications continue to run in the background even when you think you’ve turned them off as they continually upload and download. This will not only slow you down but can also use up your download allowance. To avoid this, check the settings and set the programme to ‘no peer to peer,’ so it won’t run when you are not using it.

8. Loathe thy neighbour

If you have wireless broadband, the first thing you should do is secure your wireless network. If you are unwittingly sharing your connection with unauthorised users then they will be using up valuable bandwidth. This means that the speed of your connection and download allowance could take a battering, not to mention the security threat this poses.

9. Traffic jams

The time of day at which you go online can greatly affect connection speeds. When lots of people are trying to access the internet at the same time there is increased traffic on the physical phone lines and also each website’s servers. Heaviest traffic is usually in the evenings, so to benefit from the fastest speeds you should try to surf when internet traffic is low - generally in the day time or very late at night. If you have heavy downloading to do, you will get the fastest download speeds during off-peak periods.

10. Switch

After all these measures, if your current package still isn’t giving you the speed you want, it may be time to switch. The speed you will be able to achieve does depend on some factors outside your control – such as your distance from the telephone exchange. Evaluate the time and money needed to improve on your current connection and decide for yourself if it is worth an upgrade.

Standards to measure by

2010-02-19T03:32:00.001Z

This may be interesting for maths students.

This is a target to beat - especially for Oxbridge applicants!

Posts on Twitter to read later

2010-02-17T23:44:00.002Z

Tutor2u

100 tips

Kevin Hinde (Durham Univ)
Tim Harford
Paul Krugman
Edmund Conway (Daily Telegraph)
Graham Ritchie (Banff and Buchan College)
John Gapper (Financial Times)
The Economist
The Guardian
OECD Economics
International Monetary Fund
Jodie Beggs (Econ Girl)

Jobless Britain

2010-02-17T14:36:00.001Z

The number of people without jobs for more than a year soared by 37,000 in December to 663,000, its highest level in 13 years.

There was also a shock surge of 23,500 in the number of Jobseeker's Allowance claimants last month - taking it to 1.64million - again a record under New Labour.

And in a further blow, the number of people of working age to be deemed economically inactive has hit an unprecedented high of 8.08million.

This is the highest since records began in 1971 and means a staggering 21 per cent of the population who are of working age are not earning a living.

Virtual School

2010-02-17T13:40:00.002Z

For Lau

For Fanny and Kristian

For Nico, Stella, Richard, Eric, Robin and others

For Wonderboy

St Clements actually win something!

2010-02-16T17:29:00.001Z