We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.
Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]
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Samizdata quote of the day “If you have a mortgage and are celebrating record low repayments, then enjoy it for now. Ask what the consequences will be for your household budget of interest rates of 10 per cent or higher, which will be needed to tame the rising prices that will result from this mad experiment. But there is another great British consensus emerging around the idea. “It is essential,” say analysts. “No other option,” sighs many a fiscal conservative. “Everyone” is in favour of it, we’re told. I have just about had enough of “everyone”. It was “everyone” – most economists, politicians, etc – who thought that the bubble would never burst. They were wrong then, and are now. “
Iain Martin, on the Bank of England’s descent into monetary madness. Milton Friedman must be spinning in his grave.
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Who Are We? The Samizdata people are a bunch of sinister and heavily armed globalist illuminati who seek to infect the entire world with the values of personal liberty and several property. Amongst our many crimes is a sense of humour and the intermittent use of British spelling.
We are also a varied group made up of social individualists, classical liberals, whigs, libertarians, extropians, futurists, ‘Porcupines’, Karl Popper fetishists, recovering neo-conservatives, crazed Ayn Rand worshipers, over-caffeinated Virginia Postrel devotees, witty Frédéric Bastiat wannabes, cypherpunks, minarchists, kritarchists and wild-eyed anarcho-capitalists from Britain, North America, Australia and Europe.
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Good quote.
So is this bit, a little further on. “Not only is “printing money” morally wrong – because it loads the burden of debt and higher taxation on future generations – . . .”
Basically, no one is prepared to do what is ethical. Doesn’t say much for politicians, does it?
It’s like, they are getting ready for Red Nose Day, but the joke is on us.
Printing money has never been the answer!
I’m confused. Am I right in saying that the Japanese did this in the 90s, but didn’t end up with inflation (or a solution to their recession either)? Or was their situation different?
In the meantime, I’m quietly thinking through contingency plans for if and when we do get inflation back in the system. Suggestions welcome.
Actually, Milton Friedman is probably cackling like a lunatic, because what’s being proved is his complete philosophy — by its exact opposite (as practised by today’s politicians) causing ruin and failure.
We are being bum-raped by the financial sector. They are ass-raping the tax-payer.
Its very clear that all the British and American banks are worthless turds.
Long may Santander and the Asian banks rule.
Relugus, you are a one note troll. It is not the ‘financial sector’ who ‘raping’ us. It is the state, who provided the perverse intensives and mandates for this all to happen, and who are printing money to wipe out the value of savings, who are ‘raping’ us.
And of you think Asia is a safe haven, I guess you don’t include China or Japan.
Do not try India either (a very big budget deficit indeed).
And just forget about all the other nations of the subcontinent.
As for Milton Friedman.
Which Milton Friedman J.P.?
The man who said “we can not spend our way out of a recession”.
Or the man who said “if need be we could drop money from helecopters”.
Want to know why the Chicago School has split over the “quantative easing” and all the rest of the nonsense? It is because their founders (going back to Milton Friedman and before him) were split internally – in their own minds.
By the way the Bank of England claims that “quantative easing” is not “printing money” (which it does all the time anyway – but this seems to be ignored) because it it really writing a cheque to itself.
That it does not see that writing a cheque to itself is insane…………..
As for Japan.
“Why no inflation”.
If by inflation you mean “prices going up in the shops”, this was because the money the Bank of Japan produced just went to prop up the Japanese banks (i.e. it went to try and prop up a credit money bubble that already existed – it did not create a big new one, because the banks did not pyramid on the money).
But the plan did not work either.
Presently the Japanese are just handing out money to people (as the banks will not play ball). At least that is not throwing money from helecopters – but it is close.
I watched Japanese English language television the other day.
It was explaining how certain rocks talked – but how only Japanese people could hear the rocks or understand what they were saying.
I thought “ah now I understand where the Japanese Finance Ministry is getting its advise from” – but then I remembered that Japanese policy (overall) is actually less insane than the line of policy being followed in Britain and the United States.