Strong stuff from Sean Corrigan – I’m sorry, I haven’t a clue! » The Cobden Centre: It was a signal feature of the week that one of the few Grand Wizards of the global Oz in which we live not to give vent to a risible display of reality denial and sophistry was none other than ‘Blackhawk’ Ben Bernanke. The occasion for the Fed Chairman’s uncharacteristic distinction in this regard was the post-FOMC press conference when he not only openly [...]
Tags: Cobden Centre, economics, Sean Corrigan
Via Sean Corrigan’s Et in Academia ego » The Cobden Centre, following a consideration of the predicament of Greece: So, rather than relying on the snake oil salesmen to tell us how we should think, let us go back to the basics for a moment to see if they will help clarify the situation in which we find ourselves today. As we never cease to point out, the immediate effect of monetary injections is to reinvigorate business revenue streams and—at [...]
Tags: Cobden Centre, economics, Monetary Policy
I have written today on financial regulation for The Cobden Centre: In the aftermath of the financial crisis, we are now going down a road towards ‘judgement-based’ regulation of financial firms in an attempt to salvage capitalism. It is proposed that firms will be supervised by what amount to shadow management teams of disinterested, public-spirited individuals more able to reach sound views than firms’ own management teams: they shall possess “the optimal experience and technical ability”. Quite where these mythical philosopher [...]
Tags: Cobden Centre, economics, Finance, interventionism, Liberty, Regulation, Rule of Law
The battle between banks and nation states is shaping up as something that lies between a phony war and a rout. The bald facts are that three years after the crisis in which banking almost brought down the global economy, the biggest banks are bigger, more global and more entrenched in their positions, courtesy of a now all but explicit government guarantee. The author, James Saft, goes on to predict that the next banking crisis will be larger than the [...]
Tags: Banks, Cobden Centre, Corporatism, economics
Further to Quantitative Easing Explained, Inflation Explained: So inflation is a policy which hurts the poor while it helps certain types of rich people? Indeed, which is why we need fundamental bank reform: the banking system is institutionally inflationary and that is ruining society. Further reading here.
Tags: Cobden Centre, economics, Inflation, Video
Over at the Cobden Centre, one of our friends in a central bank reflects on the Banking Commission’s interim report and asks, Are Carswell and Baker Really So Wrong? As reported by Gordon Kerr, the Independent Commission on Banking issued its Interim Reportlast Monday. The Commission’s mission is to propose structural and other reforms of the UK banking sector. The objective being that big bank failures (rescued with taxpayers’ money) and the near collapse of the UK financial system we saw in late [...]
Tags: Banking, Cobden Centre, economics, Reform
As a derivatives trader for 19 years, Detlev Schlichter resigned his position as a senior bond portfolio manager in 2009 to work full-time on this book, about fiat monetary systems and financial crises. He therefore knows of what he speaks. In this extensive and detailed interview, he explores with Brian Micklethwait what we should do to get our current financial problems behind us; this one really is worth listening to in its 35-minute entirety. Listen to the interview via Cobden [...]
Tags: Banking, Books, Cobden Centre, economics, Money
Via Embrace Default! » The Cobden Centre: There is a myth circulating, and I am not sure whether it has its origin in sloppy thinking or devious manipulation. It is this: sovereign default in the euro-area is the biggest threat to the euro’s survival. Really? Why? The euro is a form of paper money, just as the dollar, the pound and the yen is paper money. Paper money is backed by – nothing. It is an irredeemable piece of paper. It [...]
Tags: Books, Cobden Centre, economics, euro, Mises, Money, Optimism
Via Ireland’s Announcement of a Fifth Bailout Demonstrates that Bailouts Cannot Work » The Cobden Centre, a superb article by my colleague Gordon Kerr: During Phase 1 taxpayers were assured that economies would recover relatively swiftly and that the need for the bailout was a unique and unforeseeable banking liquidity hiccup which would be fixed by the proposed drastic action. But the bailout surgery has failed. The drain of lifeblood from economies by way of tax to fund bailouts will [...]
Tags: Bailout, Banking, Cobden Centre, economics
I am glad to support www.fairfueluk.com in their campaign: The Fair Fuel UK campaign aims to force the Government to abandon the next increase in fuel duty planned for April – this could mean another 5 pence on a litre of fuel (which means a further 23p/gallon). We also want them to put in place a fuel price stabiliser to keep fuel costs down for the long term. I am, of course, for less government, lower taxes, more freedom and more [...]
Tags: Cobden Centre, fairfueluk.com, Fuel, Tax, Transport
Steve Baker is MP for Wycombe. He was previously an RAF officer then a business software consultant. Find out more...
Steve holds regular surgeries in High Wycombe. If you would like an appointment, please call 01494 448408.
