Man in a Shed: Where the Keynsians are leading us ...(again)

Friday, November 27, 2009

Where the Keynsians are leading us ...(again)

Fraser Nelson makes some key and very important point about the future of the UK if the Keynesian's as represented by Gordon Brown, Vince Cable etc are allowed to determine our future. Read his post "Turning Japanese" here.

It is some ways relates to my post earlier this weak about The age of Pussyfoot.

1 comment:

Anonymous said...: Ah, going back down the same Keynesian path that led to the disasters of the 1970s. Oh, right, since allowing cheap credit for the masses and embarking on the biggest ever expansion of the public sector, we're back in the 1950s already. Except this time there are no reserves to fall back on, and the oppostion to the current incumbents have no better grasp of the economic reality necessary to dig us out of this mess.; 8:53 pm

Post a Comment

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