Stephen King: We must keep our heads, even if others lose theirs

The inflation-targeting framework in the UK has seemingly been hugely successful over the years. Arguably, though, it's never really been tested in difficult times. Under current circumstances, with inflation rising and house prices falling, will the framework really be able to cope?

Stephen King: Will our central banks make a Freudian slip over their illusory control of price stability?

As oil and other commodity prices rise, there's a sense that our inflationary destiny no longer lies with our central banks

Stephen King: Power unleashed by emerging markets threatens to upset West's economic plans

Like unruly teenagers, the emerging markets will have to make their own mistakes

Stephen King: As safe as houses? How harsh realities are dispelling the home market myths

People are led to believe that homes are automatic generators of additional wealth. This argument is mostly spurious

Stephen King: Give globalisation a human face

Most economists believe that globalisation is a good thing. By breaking down barriers between nations, globalisation leads to a more efficient allocation of labour and capital. Greater efficiency implies higher output and higher output, in turn, makes us all better off. That, at least, is the theory. Globalisation, however, incorporates a core paradox. It reduces income and wealth inequalities between nations yet it seems to increase these inequalities within nations.

Stephen King: Inflation catches banks in a cleft stick

Students of economic developments in the 1970s and 1980s know all too well that the central bank par excellence during those two decades was Germany's Bundesbank. Its reputation in safeguarding the value of its currency, the Deutschmark, was second-to-none. Price stability, year-in, year-out, was supposedly its party trick.

Stephen King: Food protectionism could provoke a crisis on a par with 1970s oil shocks

The biggest threat to the world economy isn't the sub-prime crisis. Nor is it the credit crunch or the US recession. It's food.

Stephen King: From Pope Pius VII to the credit crunch, market failure lives on

If regulators and policymakers fail to deliver, we'll end up with more false hope and moreimpoverishment

Stephen King: Central banks have the power to avert another catastrophic depression

One American bank failure and, apparently, we have proof that market economies just don't work. The move towards ever more deregulation is leading us all into another depression. Greedy capitalists, left to their own devices, will suck the blood out of our economies, leaving the rest of us to suffer ongoing economic hardship.

Stephen King: Ultimately, Mr Darling is keeping his fingers crossed

'As financial markets implode, there are good reasons to think the UK will be more vulnerable than most'

Stephen King: It's time for the Fed to find a good plumber

Monetary policy normally works in the same way as your central heating system. You adjust the monetary thermostat – the policy rate – and wait for the economy either to warm up or cool down. Ben Bernanke and Mervyn King may be jolly clever men but their influence on the economy at large is not so different from your influence on the ambient temperature in your house.

Stephen King: Emerging economies are repeating our old mistakes

So you think we've got an inflation problem? You may be right, but the West's inflation difficulties are nothing compared with the problems now facing many of the so-called "emerging" economies. China now has an inflation rate of 7.1 per cent. Saudi Arabia's inflation rate is 9.0 per cent. Russia's stands at 11.9 per cent. Argentina's inflation rate is, officially, a more modest 8.2 per cent, although many people, including those who work at the IMF, think the true inflation rate is a lot higher.

Stephen King: Misguided thinking of those who say recession would purge the system

I never thought I'd associate the economics profession with sadism, but I'm beginning to wonder. In recent weeks, I've read an increasing number of articles suggesting that a recession would do the world economy a power of good. The protagonists' arguments follow in the best traditions of John Major's approach to economic policy. It was the mild-mannered Mr Major, after all, who once said "If it isn't hurting, it isn't working". But who, though, deserves to be hurt? Shock therapy sometimes works, but policymakers shouldn't bank on this approach all the time.

News
A court sketch shows Navinder Singh Sarao opposing his
extradition to the US at Westminster magistrates’ court
The Independent spoke to workers in the City on their lunch break
News
Protests against Brazil’s President Dilma Rousseff
After a clear-out of executives and with dozens of politicians being investigated, the company's new chief has announced a clean start. Tom Bawden and Jamie Dunkley report
News
Bob Diamond’s bonuses ran into the hundreds of millions of pounds at Barclays
The disgraceful, shameful actions of Deutsche’s traders and of their colleagues who attempted to frustrate regulatory investigations are beginning to elicit merely a weary shrug of the shoulders, says James Moore
News
Protest rally in June 2011 in front of the parliament in Athens expresses opposition to a new austerity package
Hamish McRae can’t find a single developed country that has accumulated a national debt of 175 per cent of GDP in peacetime and not defaulted
News
Barclays is set to face its shareholders during what is likely to be another hostile AGM season after the demonstrations last year
Boardroom heads rolled when investors rose up and staged a series of pay revolts in the 2012 AGM season. Jamie Dunkley examines whether the events that rocked the City of London were game-changing or have been consigned to history
News
Tesco is looking for ways to plug its estimated £5bn black hole
We’re about to find out whether he’s worth it, says Mark Leftly
News
Tesco’s chief executive Dave Lewis is reforming the struggling retailer, but he will need to raise some cash fast to make progress
Simon Neville writes that the era of “big is better” has come to an end
News
Wonga is Britain’s most-profitable payday lender
Wonga is considering a name change as it seeks to re-position itself as a responsible lender – one that checks prospective clients have some hope of repaying their loans before advancing them any money. James Moore writes
News
The SNP manifesto has targeted full control of Scottish finances
It wants the employment allowance trebled to £6,000 per year, thereby reducing the cost of creating jobs, says Mark Leftly in Parliamentary Business
News
Clive Schlee, chief executive of Pret a Manger, says customers want to know that their food is healthy and fresh
The ambitious chain's chief tells Simon Neville that its shops in Paris are the busiest, America's biggest seller is a salad and that he wishes more Britons would apply for jobs
News
Stanley Tucci as DCI Eugene Morton, Sophie Grabol as Hildur Odegard and Christopher Eccleston as Professor Charlie Stoddart in 'Fortitude'
Sky is a juggernaut – one that just keeps rolling. Far from reaching saturation point in the UK, the rate at which it has been adding net new users has been increasing at quite a clip. James Moore reports
News
All campaigning and no investing... Prime Minister David Cameron and Chancellor George Osborne at Arriva TrainCare in Crewe on Monday
Surveys suggest that uncertainty over the outcome of the poll on 7 May is hitting investment by firms and depressing consumption. How worried should we be? Ben Chu investigates
News
Don’t count your retirement money yet: employers will stop receiving a pension rebate next year and their staff may lose out
The area where most damage is being done is the tax treatment of private-sector pensions, says Rupert Pennant-Rea
News
HSBC's chief executive, Stuart Gulliver, had insisted he had always paid full UK tax on all his earnings
The bank, all of a sudden, has become the injured party, says James Moore
News
Unpaid internships lasting longer than four weeks would be banned by Labour if it wins power next May
Miliband has promised financial protection for interns. Does it make sense? Matt Gingell takes a look
News
Ukip leader Nigel Farage waits to speak at a public meeting in Cliftonville, Kent, as he continues his campaign for the South Thanet seat at the General Election
Nigel Farage is right: we should be having a more honest debate about immigration. But the issue is not the one with which the Ukip leader is obsessed: in fact, we need more immigration, not less, according to David Prosser
News
Many in business believe even the prospect of a referendum is harmful
A 'Brexit' would raise the price of your goods and services
News
‘Missing our deals will haunt you’ – Phones 4U’s TV ad came back to haunt it
It seemed bad enough that a popular retailer could be allowed to collapse simply because its suppliers suddenly decided to pull the plug. Now Simon Neville reveals who got their money back – and who didn't
News
Tesco’s new boss Dave Lewis has decided to buy out Euphorium completely. Jim Armitage reports
News
Bernanke’s move does show the more subtle side of the Washington-Wall Street nexus, says Jim Armitage
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Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
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Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

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Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
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How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence
Public relations as 'art'? Surely not

Confessions of a former PR man

The 'art' of public relations is being celebrated by the V&A museum, triggering some happy memories for DJ Taylor
Bill Granger recipes: Our chef succumbs to his sugar cravings with super-luxurious sweet treats

Bill Granger's luxurious sweet treats

Our chef loves to stop for 30 minutes to catch up on the day's gossip, while nibbling on something sweet
London Marathon 2015: Paula Radcliffe and the mother of all goodbyes

The mother of all goodbyes

Paula Radcliffe's farewell to the London Marathon will be a family affair
Everton vs Manchester United: Steven Naismith demands 'better' if Toffees are to upset the odds against United

Steven Naismith: 'We know we must do better'

The Everton forward explains the reasons behind club's decline this season
Arsenal vs Chelsea: Praise to Arsene Wenger for having the courage of his convictions

Michael Calvin's Last Word

Praise to Wenger for having the courage of his convictions