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The crucial fallacy underlying Labour’s rhetoric


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Having just read Chuka Umunna’s speech yesterday, I am sorry I was not able to make the debate. There is one particular fallacy underlying Labour’s rhetoric and this particular speech’s bluster: government cannot live forever beyond its means. Evidence I have presented elsewhere shows that the total tax burden has been around 42% of GDP for 40 years, whoever has been in power. It looks like there is a practical limit to how much of national income the state can […]

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Operation Twisted Logic – Detlev Schlichter


Via Operation Twisted Logic, an article by Detlev Schlichter, author of Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown: … Like all state bureaucracies, the Fed is in fact struggling with problems that are predominantly of its own making. The Fed is the reason we are in this crisis. Or, more specifically, the present economic crisis is the inevitable consequence of the political decision to adopt a system of unconstrained, constantly expanding fiat money, in which the […]

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The greatest gift to the Greeks might be to let them go it alone – Telegraph


There comes a moment in any decent tragedy when the penny finally drops. The light breaks. The protagonist suddenly realises what a chump he has been – that he has somehow managed accidentally to marry his mother and kill his father – and that all his assumptions about his life are upside down. And the really awful thing about the tragedy now playing on the streets of Athens is that we haven’t even reached that bit yet. Read more via […]

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Inflation Is Here, and It Is Going to Get Worse – Frank Shostak – Mises Daily


A great lesson on inflation from Frank Shostak appears on mises.org, including this quote from Ludwig von Mises: Inflation, as this term was always used everywhere and especially in this country, means increasing the quantity of money and bank notes in circulation and the quantity of bank deposits subject to check. But people today use the term “inflation” to refer to the phenomenon that is an inevitable consequence of inflation, that is, the tendency of all prices and wage rates […]

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Incompetence at the Federal Reserve


Via The Cobden Centre, astonishing remarks from the Federal Reserve Inspector General, who doesn’t know who received trillions of dollars from the Fed:

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The EU’s own Peter Principle?


Via Find out more about a career in the European Union – Telegraph: Of course – it’s not for the faint hearted. The work is challenging. The EU Civil Service is relatively small. From your first day, you can expect to have a decent level of responsibility – you will instantly be the ‘go-to’ person on a particular subject. So if you are looking for a career where you really get the chance to test your ability on a daily […]

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Alternatives to capitalism: Nikolai Bukharin on the division of labour


A favourite brought forward. Thinking about the pressures on capitalism — or rather, on the interventionism that passes for capitalism today — and on the alternative which was most comprehensively implemented, I discovered this recipe for chaos and failure from Bukharin: Under communism people receive a many-sided culture, and find themselves at home in various branches of production: today I work in an administrative capacity, I reckon up how many felt boots or how many French rolls must be produced […]

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ConservativeHome’s Platform: Steve Baker MP: The EU is not yet beyond ridicule


Via ConservativeHome’s Platform: Steve Baker MP: The EU is not yet beyond ridicule: I enjoyed delivering a brief polemic against EU spending in yesterday’s debate on the 16th consecutive failure of the EU budget to pass audit. Over 90% of EU spending was “materially affected by error” but I shared three stories which were apparently within the rules. The €500,000 payment to two fishermen to scrap their boat in the interests of reducing overfishing, which cleared their debts and paid […]

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Central banking and the economic consensus condemned


Via The Cobden Centre: The absurd tragedy of our situation, explained brilliantly here (albeit in a US context), is astonishing. For a more formal corrective, see this primer.

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Bond bubble burst will gut gilt investors, warns Merrill Lynch – Telegraph Blogs


Compare and contrast: Via Bond bubble burst will gut gilt investors, warns Merrill Lynch – Telegraph Blogs: Never mind what the Bank of England monetary policy committee says about interest rates on Thursday. One of the biggest wealth managers in the world is discretely warning its income-seeking clients to beware of bonds issued by the British Government; generally known as ‘gilts’. Merrill Lynch Wealth Management fears that despite the apparent security of gilts, a combination of rising inflation – already […]

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