Friday, March 27, 2009

It makes sense to me


  1. no problem - bound to work.

  2. Good job that government debt is really peoples debt.

  3. Someone has to act against the population individually all deciding to cut back. Government cannot follow the herd. That way lies a vicious spiral.

    The only other way government can outspend taxation revenue - which destroys money - is to print more money, and boy can we hear the howls in that direction. Never mind that paper money and government debt are tiny proportions of the money created by the banks.

    John Maynard Keynes was right. Milton Friedman is a fucking idiot, and is responsible for the last thirty years of bubbles.

    The government's mistake was not acting against the movement of the market in boom times. Instead of pulling money out of the economy by raising taxes, they fuelled it by running deficits. Taxes are now lower than they were under Thatcher and Reagan. Happened both here and especially in the US.