RSS feed

Paul Mason Economics editor, Newsnight

Come here for my reports ranging from the shanty towns of Kenya to the boardrooms of the City as I cover an agenda of "people, planet and profit".

Is Britain bent?

She might be wrong, because the cops have been wrong before, but here's what Met Deputy Assistant Commissioner Sue Akers said on Monday at the Leveson Inquiry: that there is a "network of corrupted officials" spanning not just the police but "a wide range of public officials" including military, health, government, prison and others".

My ears pricked up at the words "and others" because it's one of those police-speak terms that could just mean "everybody else" or it could be a codeword for even more sensitive categories, like "the Royal household" or "the intelligence services". We'll have to wait and see: "government" itself is a tantalising word, suggesting as it does not just politicians but, perhaps, civil servants. But, like I say, she could be wrong.

Read full article

Greeks losing belief in the state

The breeze block homes that cling to the sides of the cliffs above Piraeus harbour are painted typical Greek colours: cream and pink. The bare twigs poking out of hanging baskets and trellises stand ready to sprout, as soon as some warmth arrives.

At the clinic, on the corner, people hang around the doorway. Some have sunken cheeks. Others emerge carrying that international brand identifier of poverty - the multicoloured plastic sack - filled with old clothes and basic food.

Agencies and agency - how the euro crisis could play out

Mention the word "agency" right now in the government offices of Europe and you'll get a frosty response. Ratings agency S&P;'s downgrade of almost everybody and everything (and they're not done yet with banks and insurance funds) annoyed those trying to sort out Europe's crisis.

But "agency" is the word uppermost in my mind now for a different reason. Rarely in economics do you find so much dependent on the actions and decisions of a few human beings. In its philosophical sense, "agency" is the key to understanding the present situation, which I will summarise as follows.

Read full article

Central banks are part of the state

In a few weeks time, if Ron Paul gets swept aside by the GOP's machine, it may seem like just an interesting historical footnote that a man came within 4,000 votes of winning a Republican primary who is in favour of abolishing America's central bank. But probably it won't.

Right now, on the other side of the world, Hungary's government is staging a standoff with the European Union about the constitutional role of its central bank. And conservatives everywhere are relooking at the role of central banks as they morph from lenders of last resort to effectively underwriting - some say controlling - fiscal policy.

Read full article

Three big questions for the eurozone

In a normal year predicting economics is like predicting the outcome of a card game: there are too many variables and the only certainty being that the suckers will lose and the stealthily self-interested will win.

In 2012 however, the shape of the crisis is heavily predetermined: there are a series of crucial stages the eurocrisis has to go through and the way they're resolved will affect everything else.

Read full article

How will the two speed Europe get into gear?

We had been kidding ourselves. It always felt, when you covered a Brussels summit, that Britain was there on sufferance, but the rules said otherwise: technically we were and are an equal member of a 27-nation union whose oft-explained "three pillars" of governance were applied for the common good.

Now, as is clear from Thursday night's summit statement, these common institutions are to oversee a selective "fiscal compact".

Read full article

29/11/11 - A turning point in British history

Yesterday will be seen as a landmark in British economic history, and in British politics. It will relegate George Osborne's emergency budget of June 2010 to a footnote and elevate Robert Chote's happy-go-lucky assessment of our economic prospects in November 2010 to the status of a case study in predictive failure.

Because yesterday's Autumn Statement will set the political tone of the decade: it will tie the hands of future governments; and it has already brought a philosophical debate on the British right to an abrupt end.

Read full article

£30bn of extra cuts keep Osborne on track, just

Here's my snap assessment of the Autumn Statement. First the big analytical takeaways:

There is a fair bit of tentative dirigisme in there: a national infrastructure plan; transport links upgraded with macro-economic design; exemption from carbon targets for crucial industries; 100% capex tax exemption in the north of England.

Read full article

Growth: Easy to commit to, hard to do

It now looks like Chancellor George Osborne's growth strategy will have to be executed in a global environment of falling growth, more financial crisis and the breakup of old trans-national institutions.

That is not necessarily a disaster, as I explore below. But it changes the game.

Read full article

The eurozone crisis: Who can do what

...and who can't and who won't. The situation this morning summed up in a graphic:

More on Newsnight tonight. Meanwhile follow me on Twitter @paulmasonnews.

Read full article

The Sarko smackdown!

I've just had, as far as my French can comprehend, a verbal run-in with the President of the République Française. Nicolas Sarkozy came on stage with a face like thunder for reasons I will explain below. He took two questions from the French and Chinese press, and then me.

I asked: "It's evident that you and Mme Merkel, the two most powerful governments in Europe, are trying to change the governments of Italy and Greece. How is that just? And once it's started, where does it stop?"

Il Pleut. Greece has poured vinegar on the G20's frites.

Mark the date: 3 November 2011. In Oakland, California, protesters - including workers - have blocked the operation of a major US port; in New York, one of the world's top stockbrokers is bust; in Europe the Greek government is on the brink of collapse, the Italian government in disarray and speculators are short-selling French sovereign debt in the expectation of a domino effect.

In Cannes, amid torrential rain, many of the leaders have adopted the Gallic shrug: what can you do? They had come to work on the fine points of a tactical adjustment to the crumbling world order - but instead, as one markets contact put it to me - all the stories on the news are merging into one big story.

Read full article

#OWS: The brand leaders cannot afford to ignore

Cannes, France: I can sense very clearly here at Cannes that this is the moment "the masses" start shaping the policy response to the global financial crisis.

Why? Because everybody I speak to, interview or discuss background with keeps dropping the words "Occupy Wall Street" into the conversation. In fact if #OWS were a global brand, like the designer apparel shops that line the Rue d'Antibes here, it would have a profile to die for among the super-elite.

Read full article

Is Greece's game up?

The Greek referendum call is, while it lasts, effectively a plebiscite on euro membership.

I say "while it lasts" because the opposition is mobilising a parliamentary manoeuvre to bring down the government, which may succeed - returning Europe to its status quo of containable trauma.

Read full article

A tankist view of the euro crisis

In search of a metaphor in this crisis, I repeatedly come back to tank armour. An ultra-modern tank is almost impossible to kill because it is covered with a mixture of ceramic, textile and metal plating that is designed to disperse the incoming energy of an anti-tank projectile: laterally.

After it's done its job the armour does not look pretty, but it works - as long as you don't get hit again.

V is for what? The meaning of the mask

Ask any actor, a mask is powerful. While the purpose of realism in acting is to strip away the pretence and make the actor expose their soul, on their face, for real - a mask does the opposite. It creates instant power and tension.

It makes the expression on the face immune to feeling, and therefore empathy. Masks are frightening.

Read full article

'Occupy' is a response to economic permafrost

In February I wrote a blog called "Twenty Reasons Why It's Kicking Off Everywhere". With the global Occupy protests yesterday it is still looking quite accurate. But it's now clear there is a 21st reason. And a 22nd. We've had nine months of political paralysis. And people have begun to feel the economic permafrost setting in.

I went down to Paternoster Square to observe the first few hours of the London protest. The police sealed off the square, which is private property, so the protesters squatted the steps of St Paul's Cathedral. They had a big, sit-down general assembly and then broke into small circles, cross-legged, then got back together and decided to stay the night. At that point there were around 2,000 people.

Read full article

Thinking outside the 1930s box

There are two kinds of people at present: those who know in a vague way that the 1930s was a bad time, and those who have studied the detail and understand the economics of why it went bad.

The latter are now getting publicly terrified because they can see, very clearly, the danger of doing it all again.

Read full article

Steve Jobs: The man who let us feel the future

I only met Steve Jobs once, and it was not exactly a meeting. I'd been sent to cover the launch of iTunes Europe and, getting slightly nauseous at the scale of fawning over the guy and his 99p per track music, I decided to take a quite critical line.

My rationale was that in an age where P2P file sharing was taking down the walled garden of intellectual property rights, only a bunch of oldsters would go on paying for their music.

Read full article

Europe: What's happening and what's not

The basic situation this Wednesday morning, with markets yo-yoing and default insurance costs for major banks astronomic, is as follows:

1) Greece remains on the edge of default. Its revised budget deficit numbers on 3 October (8.5% deficit in 2011) were expected, but they mean any disbursement of the 8bn euro tranche by the Troika has to be done using the fig leaf of "we have plans to close the gap next year").

Read full article

About Paul

Paul joined the BBC in 2001, making his first live appearance on the day of 9/11. He covered the corporate scandals that followed: Enron and Worldcom.

His groundbreaking reports on the rise of China as an economic power won him the Wincott Award in 2003. He has covered stories as diverse as Hurricane Katrina, gang violence on Merseyside, the social impact of mobile phones in Africa and the rise of Aymara nationalism in Bolivia.

Paul was one of the BBC’s first bloggers and has twice been nominated for the Orwell Prize.

He covered the collapse of Lehman Brothers live from outside its New York HQ and, “has hardly stopped for breath since then”, reporting on the social and economic impact of the global meltdown from the mean streets of Gary, Indiana to the elite salons of Davos.

Born in Leigh, Greater Manchester, in 1960 he studied music and politics at Sheffield University, switching to journalism in the early 1990s.

He is the author of two books: Live Working or Die Fighting, How the working class went global; and Meltdown: The end of the age of greed.

More correspondents

  • Mark Urban Mark Urban Diplomatic and defence editor, Newsnight

    Insights into the the global struggle for peace and security


  • Robert Peston Robert Peston Business editor

    Latest on events, trends and issues in business and finance


  • Stephanie Flanders Stephanie Flanders Economics editor

    Thoughts on the UK economy and how it affects us all


bbc.co.uk navigation

BBC © 2012 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.