It's interesting to see that so many of the commenters agree with the basic Austrian analysis that we should embrace the recession to clear out the malinvestments of the past decade. Also, I couldn't resist adding my own comment, because Mr Halligan makes it fairly clear that he's feeling rather alone in the media financial community. We need all the writers like Mr Halligan that we can get our hands on.
Jack Maturin on December 07, 2008 at 08:57 AM
You may be alone in the financial press, Liam, but you're not alone out here. Please keep up the excellent work at pointing out the absurdities of what the Bank of England is up to. Murray Rothbard, the late Dean of the Austrian School of Economics, would be proud of you.
With the M4 broad money supply figure currently at an inflation rate of 15.6% per annum, it is laughable that the same organisation which has presided over the deliberate creation in the last year of £255 billion pounds from out of fresh air, is the same organisation which is trying to scare the UK's population with the preposterous hobgoblin of price 'deflation'.
So please keep going. Expose the cant of the Bank of England's loose monetary policies, and don't let their court economists, such as Paul Krugman, try to keep pulling the Keynesian wool over the rest of our aggregated eyes.
The Bank of England, under the direction of their short-term minded political masters, who are desperate to re-inflate this bubble to try to win the next election, and to heck with the long-term consequences, are deliberately trying to drag us into the same deep dark hole the Japanese have spent the last two decades buried in.
It is only with the work of people such as yourself, and perhaps Peter Schiff, that we will escape such a horror. You must therefore keep going, despite all of the orthodox Keynesian pressure that you are no doubt being subjected to by your colleagues on the Telegraph, all of whom seem to have been deeply dipped into the ink of John Maynard Keynes, despite all of the theories of that charismatic gentleman having been totally destroyed in the stagflation of the 1970s.
So keep going. Carl Menger, Eugen von Boehm-Bawerk, and Ludwig von Mises would also be proud of you. Good luck!