The Austrian Cure for Economic Illness

So, Gordon, I know you're reading this and I know you want to get Britain out of this horrible depression you have created by expanding a twelve-year fiduciary bubble. So how do we do it. Well, it's simple really. You just follow a straightforward six-point plan, as adapted via one for America by Donald Miller:

1) End the Bank of England. If the economy is going to be able to recover any time soon, the market must be free to set interest rates, without a central bank that can inflate the money supply. The government must play no role in monetary affairs. Banks will exist as free-enterprise institutions with no privileges from the state; and if they engage in fractional reserve banking, they do so at their own risk.

2) Restore sound money to the economy. Have no legal tender laws that restrict what currency the market chooses to use. Privatize the country’s monetary system and allow the free market to determine the forms of money it prefers: gold and silver; new currencies based on gold and silver, or other commodities; PayPal dollars; a Google currency based on any number of goods; foreign currencies, etc. There has to be a separation of money and banking from the state.

3) Lower taxes and cut government spending. Substantially. A 50% cut would be a good start. Start with bureaucrats in regulatory departments, and anyone else who justifies their salary by harassing wealth creators with spurious legislation. And no cheating here, Gordon. We want warm bodies out of the door.

4) No bailouts. Stand aside and allow malinvestments, bankrupt firms, and insolvent banks to fail. The economy needs to liquidate all the mistakes made during the boom in order to recover from the bust.

5) Allow prices and wages to fall to levels set by the market.

6) Regulate the government, not private property and markets. Stop government departments interfering in free markets. The best way to do this will be to shut down as many government departments as possible and moving as much as possible into the private sector. Privatise everything that moves. Privatise everything that doesn't move. Privatise anything else that's left.

That's it.

Alternatively, if you want the depression to worsen degree by painful degree, just keep going with what you're doing now.

Six points too complicated for you? I have an even simpler plan. Just sack everyone in the government and then resign.

As the Meerkat says, "Simples".