Attention Deficit Disorder

Philip Chaston (London) · UK affairs

The inability of the media or the political class to discuss and analyse our wonderful house of debt

February 28th, 2009 |

10 comments to Attention Deficit Disorder

• Nick M

  February 28, 2009 at 11:28 am

  They’d rather burn Fred Goodwin in a whicker man and then conclude everything was now OK.

• tomwright

  February 28, 2009 at 11:58 am

  Maybe that should be Deficit Attention Disorder?

• Perry de Havilland

  February 28, 2009 at 1:19 pm

  Maybe that should be Deficit Attention Disorder?

  Outstanding. That is a meme I will be stealing in the future Tom

• lucklucky

  February 28, 2009 at 5:44 pm

  Why would they? since they are for it?

  Btw i have been looking at Telegraph(web edition) recently and it is awfull.

• Rich Paul

  March 1, 2009 at 2:10 pm

  I am offended.

  I have ADD, and am perfectly capable of understanding economics.

• Paul Marks

  March 1, 2009 at 7:02 pm

  And Glenn Beck has ADD Rich Paul – and I am both dyslexic and dyspraxic.

  However, I know what Philip means.

  Actually I an not sure that it is really lack of effort – so much as the media finding themselves in a difficult position, at least in Britain.

  In the United States if the media make an effort (a big “if” of course) they can find both politicians (such as Ron Paul) and university economists (mostly Austrian School) who oppose the expansion of the money supply – so they can report (again “if” they try) from both sides of the debate.

  But in Britain?

  What member of Parliament knows anything about non “credit expansion” economics?

  If there are such M.P.s I can not name them.

  And what British academic dissents from such opinions either?

  Any at all?

  So the B.B.C. has on the various Nobel Price winning “economists” (the recent winners have been, to use a techical word, “arseholes”) and, in an effort to balance them, have various 1980’s Mrs Thatcher advisers (such as Patrick Minford) and various finance “free market” writers.

  And they all say the same thing – print more money.

  So the media folk (even the honest ones) say “well we have consulted everyone and no one is dissenting”.

  So how can there be a debate?

  At least a debate in a British context.

• Paul Marks

  March 1, 2009 at 7:13 pm

  And Glenn Beck has ADD and I am both dyslexic and dyspraxic.

  However, I understand what Philip means.

  Actually I am not sure it is really boredom or lack of effort – at least in Britain.

  Although I hate the mainstream media I have to admit they face a difficult task in a British context.

  In the United States if the media make an effort (a big “if” I admit) they can find politicians (such as Ron Paul) and Austrian School academics to dispute the establishment case.

  But in Britain who are the Members of Parliament who have any understanding of the anti credit money expansion school of economics case?

  I can not think of any such M.P.s

  And who are the British academics demanding an end to the Bank of England and its corporate welfare of supporting credit money expansion?

  Again I can not think of any.

  So the B.B.C. (and other such) have on the recent Nobel Price winning “economists” (who are ignorant of the most basic principles of economics) and, to counter balance their statism, have on various advisers to Mrs Thatcher from the 1980’s (such as Patrick Minford) and various self described “free market” business writers.

  And the all say the same thing – print more money, sorry “an expansionary monetary policy is needed in a recession” and most of them also say “we need an expansionary fiscal policy” (i.e. a big budget deficit).

  Have a lot of people on the air basically repeating the establishment line is boring radio and television.

  So why have a lot of it?

  So, for once, I have some sympathy with the position the mainstream media find themselves in – at least in Britain.

• Paul Marks

  March 1, 2009 at 7:13 pm

  And Glenn Beck has ADD and I am both dyslexic and dyspraxic.

  However, I understand what Philip means.

  Actually I am not sure it is really boredom or lack of effort – at least in Britain.

  Although I hate the mainstream media I have to admit they face a difficult task in a British context.

  In the United States if the media make an effort (a big “if” I admit) they can find politicians (such as Ron Paul) and Austrian School academics to dispute the establishment case.

  But in Britain who are the Members of Parliament who have any understanding of the anti credit money expansion school of economics case?

  I can not think of any such M.P.s

  And who are the British academics demanding an end to the Bank of England and its corporate welfare of supporting credit money expansion?

  Again I can not think of any.

  So the B.B.C. (and other such) have on the recent Nobel Price winning “economists” (who are ignorant of the most basic principles of economics) and, to counter balance their statism, have on various advisers to Mrs Thatcher from the 1980’s (such as Patrick Minford) and various self described “free market” business writers.

  And the all say the same thing – print more money, sorry “an expansionary monetary policy is needed in a recession” and most of them also say “we need an expansionary fiscal policy” (i.e. a big budget deficit).

  Have a lot of people on the air basically repeating the establishment line is boring radio and television.

  So why have a lot of it?

  So, for once, I have some sympathy with the position the mainstream media find themselves in – at least in Britain.

• Alan K. Henderson

  March 3, 2009 at 1:56 am

  Deficit Inattention Disorder?

• Que Sera, Sera

  March 5, 2009 at 12:31 am

  The present financial crisis is partly due to a demographic timebomb that has been ticking away under the British economy for 60 years – Hundreds of thousands of Baby Boomers born after world war II, and today’s governing class. These baby boomers competed for housing, paying over the odds for them in the 1970s. They demanded huge pay rises to fund them. This made Britian completely uncompetitive in the 1980s, 1990s and destroyed our industrial economy which was based on workers renting cheaply.

  Housing gradually hoovered up all the spare money in the economy, but Housing was a false god. It did not bring real wealth to the nation. There is not a second generation of Baby-Boomers, not in sufficient numbers, capable of buying or ready to take on the the stock anymore at high prices. The price of houses will plummet hard. In the meantime most of the Baby Boomers have actually paid off their mortgages, and the nation is awash with their spare savings. This has caused interest rates to drop. The nation tried to bring in labour from abroad to correct the balance, but that has not been successful.

  It will take two generations to correct. The most immediate solution will be to “bankrupt” and otherwise generally reduce the standard of living of the Baby-Boomers born roughly 60 years ago, with reduced pensions, and penury. They will be forced to sell off their hoems to pay for their old-age. The nation will not have any real pension for them. Such housing can be bought up for renting and low rates. And maybe the nation will once again rise.

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