Man in a Shed: Jeff Randal has a different view

Wednesday, October 01, 2008

Jeff Randal has a different view

And its one we should think seriously on before all cheering the next gazillion spend by our government ...

Read this and tell me it doesn't make you wonder ! ( And do follow his link to his earlier article also.)

By the way I though the vote against the the rescue package by the US Congress' house of representatives was a fine moment for US Democracy. To hear people rail against the shear nerve of , as Jeff Randal calls it, "socialising the poison" with speeches about Johnny Sixpack and Ma and Pa at the corner store warmed the heart.

I can't be sure if its the right thing, but like Jeff I can't get the idea that someone is trying to pull a fast one out of my head.

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman