Man in a Shed: So the Irish have voted for ...

Sunday, February 27, 2011

So the Irish have voted for ...

... someone else to pay.

This will be interesting !

PS It is a the Achilles heal of democracy that the fantasy that you can vote for "someone else" to pay and that so many parties cater for that delusion.

1 comment:

Barnacle Bill said...: I don't think so.
The Irish Times is reporting that none of the main Irish political parties believe the EU-IMF deal can be untied.
So whilst their overlords in Brussels have allowed the Irish electorate to give Fianna Fáil a kicking, they know they are still going to get their pound (or should that be kilo?) of flesh, regardless of who makes up the next government of Eire.
I think the EU-IMF would have been more worried if more independents had been elected. As it is the poor paddies are going to be stuffed by their political elite - once again!; 9:12 pm

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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