Monday, June 21, 2010

Labour's legacy is a choice between unpleasant cuts in public spending, a sovereign debt crisis or currency debasement

Steve Baker, the Misesian MP for Wycombe, writes the finest exposition on real (i.e. Austrian) economics, that I have ever read.

And yes, I'm including Rothbard and Hoppe in that.

It would seem that Ursula really does appear to have found our very own English Dr. No:
"The Government does not have an inexhaustible horn of plenty. Government has nothing to give without first taking. Government funds itself by taking today, by borrowing against a promise to take a greater sum tomorrow and by debasing the currency. We have reached the limits of all three."


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