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Well, if you know anyone like that, just point them at this hilarious article to put them right.
I don't think I've laughed so much since this petulant Queen's Dance of the Comedian video.
David Blanchflower is the Bruce V Rauner Professor of Economics at Dartmouth College, USA, and served on the Bank of England's Monetary Policy Committee until earlier this year.Crazy.
Jack Maturin on June 17, 2009 at 10:01 PMIf he ever gets to read this, I would love to be a fly on the wall to witness his reaction! :-)
David, as a follower of Austrian economics myself, I agree entirely with your analysis. What puzzles me though is why you deliberately made this worse, when you were taking the Queen's shilling at the Bank of England, by agreeing to lower interest rates to re-inflate the burst bubble, to make a future bubble even worse?
This worsening crisis is entirely down to central banks and their printing press mentality of using counterfeiting to solve every problem. Can you explain why that now you are no longer taking the shilling, that you have completely reversed your position?
This money would go to an independent Next Generation Fund that would provide subsidies for operators to deliver super-fast internet to areas where it would not normally be commercially viable.The clue is in the phrase 'commercially viable'. This means that the free market, the greatest wealth generation engine of all time, and for all time, has determined that scarce resources will be mis-allocated if spent in this direction.
Inflation has now come in above economists' expectations in five of the past seven months. "These repeated inflation overshoots cannot plausibly all be dismissed as erratic," said Michael Saunders, economist at Citigroup.Fantastic! :-)
This moment calls for stronger regulation, an active state, better public services, an open democracy.
The one crumb of comfort is for those terrified about the impending threat of Zimbabwe-style hyperinflation: with quantitative easing still not working prices are hardly likely to get out of control. The Japan-style scenario of sticky deflation still looks like the larger long-term threat. At least for the time being....I presume by the first comment he means people like me. However, I am not 'terrified' by hyperinflation. I am just quite coldly rational about the Austrian analysis which tells us quite clearly that 'quantitative counterfeiting' will lead to massive inflation, and if pumped up hard enough, to crack-up-boom hyperinflation (e.g. Weimar Republic, Zimbabwe, etc.).
...This credit crunch ain't over yet. And more worryingly, the Bank's drastic efforts may not even be working. Time to hope and pray the QE programme starts yielding results, and fast.
“I didn’t plan this. I did initially want to serve another term. But I feel the time is right. The truth is that after 13 years as an MP and 10 years in Government, I have not seen enough of my family. They have paid a high price for that.”Dear Lord. What terrible scandal is about to come out on Hewitt? It must be a corker.