At The Cobden Centre, Detlev Schlichter explains that,
The biggest threat to your property and to your individual liberty does not come from markets and not even from the bankers. It comes from politics.
I feel sure he is right. We’ve had decades of excessive political promises paid for by high taxes on people of ordinary incomes, deficit spending, national debt and currency debasement. That has inevitably caused a financial, economic and social crisis.
And yet still it seems politicians and officials across the western world believe they can manage the situation by increasing the money supply: does anyone believe “monetary activism” will ever mean anything else?
There’s no kindness in politicians’ unfunded promises. The truth is that the economy — society — cannot be “managed” and that the laws of social cooperation are as iron hard as gravity. Prosperity depends on producing more than is consumed, saving the surplus and investing in further capital goods. Politicians are needed who are prepared to face the world as it is and who reject cruel fictions about the efficacy of state power. It is up to the public to elect them.
Printing money is the last resort of desperate governments when all other policies have failed — George Osborne’s words in 2009. Yet the trajectory of public policy across Europe is plain. Detlev appears to be right: politicians are now the greatest threat to the public they are trying to serve. I thoroughly recommend his article.