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Two videos celebrating 15 years of the Monetary Policy Committee


SaveOurSavers are celebrating 15 years of the Monetary Policy Committee with the following video. It’s rather too harsh on the Governor: effective central planning of the price of money is just as impossible as the planning of other prices and surely more counterproductive. That is, the Monetary Policy Committee are trying to do something which cannot be done. The video below from Dominic Frisby goes to the heart of the matter: our system of inflationary money which is loaned into […]

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On double-dip recession, Tullett Prebon rightly ask “What’s the big idea?”


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The latest strategy note from Tullet Prebon asks, “What’s the big idea?” with the subtitle “the imperative need for a new ideology”, writing: Effective government is not simply a matter of management. Even in good times, competence is barely enough. In bad times, ideological clarity is imperative, and the lack of a clear, ideas-based strategy is the black hole at the heart of the coalition administration. This chart is particularly informative: They comment, “The centre-right is in desperate need of a […]

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Expect the Bank of England to be surprised by inflation in the next couple of months


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The Bank of England’s latest Inflation Report forecasts falling inflation: However, my preferred measure of the money supply, MA from Kaleidic Economics, is now rising at 6% year on year, in contrast to the Bank’s measures of broad money: There are other factors at work too but there’s a certain inevitability about headlines like “Bank surprised by shock inflation data” before the summer is out.

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What kind of government? Looking forward to the budget


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Via the TaxPayers’ Alliance, this video explains vividly that the Government is spending £22,218 every second. In this week’s MoneyWeek, Merryn Somerset Webb’s editorial is titled “Slash spending and taxes”. She refers to Dr Tim Morgan’s work which explains that the economy has for too long been dependent on private borrowing and public spending and that, now these are “dead in the water”, 70% of the economy is incapable of growth. I have previously explained that this Government will be […]

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Detlev Schlichter argues we’ll be rethinking the role of the state as the crisis deepens


In this video, Detlev Schlichter talks to Jan Skoyles of the Real Asset Company about the crisis, the benefits of cooperation and money as a key causal factor. He argues we will need to fundamentally reconsider the role of the state, as the crisis continues to develop.

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Detlev Schlichter: There will be no end to ‘quantitative easing’


Official inflation is over 4 percent in the UK, so how printing more money is going to help meet a 2 percent inflation target is a bit difficult to grasp, but let us not quibble over such details. What counts is that the Bank of England is the undisputed champ of QE. After the next round of money printing, the BoE will have created new money to the tune of 20 percent of GDP, and will fund more than a […]

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Three flaws in the Financial Services Bill


Under the heading, Osborne looks to limit damage of ‘credit busts’, the FT gives a neat summary of the Chancellor’s plans. In particular: He said the FPC would also look out for dangerous linkages in the financial system and identify exotic new instruments that might undermine stability. It would be charged with containing credit booms as well as limiting the damage of “credit busts”. Which this morning caused me to regret that I was not given time in the Commons […]

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Telegraph: “Will the great interest rate gamble pay off?” No.


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Via The Telegraph, Will the great interest rate gamble pay off? By the time this month’s auction is over, the ECB will have doled out nearly one and a half trillion euros of “free” money to help keep the banking system alive, with much more to come over the months ahead. Nobody is under any illusions. These actions have not succeeded in vanquishing the crisis. Underlying structural issues remain unresolved, and it is most unlikely that the starvation diet to […]

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The inflation or deflation song


Via “Merle Hazard”: I’m reminded of economist James Buchanan’s words: The market will not work effectively with monetary anarchy. Politicization is not an effective alternative. We must commence meaningful dialogue with acceptance of these elementary verities. Far too much has been said and written in elaboration of the first statement, which too often is taken to be equivalent to the assertion that “capitalism” or “the market” has failed. Admittedly claims for market efficacy without qualifiers can be found. But economists […]

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Speech to Positive Money on money and banking


A speech on money and banking given to Positive Money’s conference last October (sorry about the cold!): See also my writing on economics here and for The Cobden Centre.

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