Tuesday, June 16, 2009

That pesky weak pound

Alas, Maturin Towers is fully engaged at the moment trying to generate revenue streams for the occupant, leaving little time for the real work of trying to help generate an Austrian revolution, but we couldn't help noticing the following story in the Labourgraph:

=> Weak pound helps sustain UK inflation

It's that pesky weak pound again, drat it. It's nothing to do with the Bank of England, of course, flooding the world and filling up all of the banks with confetti. Oh no.

I also really don't want to succumb to Fisking, but check out this quote:

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! :-)

There's not much that a dose of reading Human Action wouldn't fix, but economists being surprised over the 'government-preferred' figure of CPI (i.e. heavily massaged and manipulated figure of CPI) isn't going to make M4 at 17% go away any time soon.

We've a long way to go into this Depression yet. We may not even be at the end of the beginning.

Right, back to tender writing and all of that pseudo-entrepreneurial nonsense.

It's not often I entertain regrets, but perhaps Walter Block is right. Perhaps it is better to live the life of an Austrian economics professor than it is trying to earn a crust in a volatile market place.

But no, je ne regrette riens.

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