Expecting an announcement from the Chancellor in the morning, I found this: While governments on mainland Europe were trying to save their banks, Iceland was trying to save the country after it had overextended itself trying to bail-out its banking system. Its economy had been doing well, but its banks […]
Read MoreBusiness
Comment on business today: see also www.ambrielconsulting.com
Mises.org: Financial Crisis and Recession
Via mises.org, from an article by the brilliant Jesús Huerta de Soto: The artificial expansion of credit and money is never more than a short-term solution, and often not even that. In fact, today there is no doubt about the recessionary consequence that the monetary shock always has in the […]
Read MoreCar sales fall 21% in worst conditions for 17 years – Times
Car registrations numbered 330,295 last month, down from 419,290 in September 2007. New registrations fell an annual 18.6 per cent in August to record their weakest showing since 1966. The Society of Motor Manufacturers and Traders (SMMT) called for urgent government action to restore consumer confidence. I believe the Government […]
Read MoreFT.com / David Cameron: “We will help give banks the capital they need”
David Cameron writes in the FT: This financial crisis is a challenge for our political system. Political parties and the independent financial authorities must show the character and judgment necessary to make the right decisions under pressure. Our response will have profound implications for the future prosperity of the country. […]
Read MoreTelegraph: So much for tirades against American greed
Ambrose Evans-Pritchard on the prospects for the European Union as the crisis develops: The euro fathers did not dispute that the euro might not survive a crisis, but they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As […]
Read MoreMoney: Its Importance, Origins, and Operations
A classic book we should all read: it’s next on my list. So prices, overall, can change for only two reasons: If the supply of money increases, prices will rise; if the supply falls, prices will fall. If the demand for money increases, prices will fall (PPM rises); if the […]
Read MoreSpectator: the Democrats are to blame for the credit crunch
From The Spectator, recognition that intervention has caused this crisis: Our current financial turmoil is not the fault of greedy bankers, says Dennis Sewell. In fact, the banks were bullied into lowering their lending standards by left-wing idealists intent on equal opportunities at any cost read more | digg story
Read MoreMirek Topolanek: “We must get off the road to serfdom”
An uplifting speech from the Czech Prime Minister to the Conservative Party Conference: This issue involves the trust in the individual and in his ability to make his free decisions. I know that the Conservative Party today strives for a reform aiming to revive the individual responsibility. “Human action or […]
Read MoreFT.com: Building societies angry at B&B liabilities
But just one moment: …the government hammered out a deal with the Spanish bank Santander, which will buy the embattled UK mortgage lender’s £20bn deposit book and 197-branch network for £612m. Santander, which already owns Abbey and is taking over Alliance & Leicester, will have 1,286 branches in the UK. […]
Read MoreMises: A Crisis of Global Statism
Mises.org reports on false confidence in the state to guarantee stability, and… Moreover, as many commentators have remarked, guaranteeing large financial firms from failure will bring calls for regulating them still more tightly. This is an old story: past political interventions create the reasons for new ones. The present financial […]
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![😡 A wise building site carpenter once said to me,
🗣️”A Labour government is the worst kind of government for the working man [and woman].”
🇬🇧 True then. True today. We battle on.](https://www.stevebaker.info/wp-content/uploads/2024/05/442413775_18432903037051538_3387178564604183858_n-320x320.jpg)
![😡 A wise building site carpenter once said to me,
🗣️”A Labour government is the worst kind of government for the working man [and woman].”
🇬🇧 True then. True today. We battle on.](https://www.stevebaker.info/wp-content/uploads/2024/05/442413775_18432903037051538_3387178564604183858_n.jpg)
