Hi How far can the pound fall before the government has to protect its citizens from the effects of a worthless currency? Surely joining the € and effectively fixing the exchange forever seem to make more sense now than ever before. The argument about interest rates do not, seem as valid as before, now we know the banks have their own inter bank rates, also the “toilet paper currency as the Tories once described the € seem to have back fired. Which is the toilet paper currency now? This debate will not go away Britain is coming to the cross roads, and as I see it what point is there in being part of Europe if its citizens can not afford even to holiday there? That alone do business which is not on an even playing field?
Hi How far can the pound fall before the government has to protect its citizens from the effects of a worthless currency? Surely joining the € and effectively fixing the exchange forever seem to make more sense now than ever before. The argument about interest rates do not, seem as valid as before, now we know the banks have their own inter bank rates, also the “toilet paper currency as the Tories once described the € seem to have back fired. Which is the toilet paper currency now? This debate will not go away Britain is coming to the cross roads, and as I see it what point is there in being part of Europe if its citizens can not afford even to holiday there? That alone do business which is not on an even playing field?
Both the above article and Mr Blanchard of the IMF make the totally false assumption that stimulus necessarily involves extra debt.
As Keynes, Milton Friedman and a string of other Nobel prize winning economists have periodically pointed out over the last 80 years (e.g. William Vickrey), STIMULUS DOES NOT NECESSITATE EXTRA DEBT.
Re Friedman, see ; http://nb.vse.cz/~BARTONP/mae911/friedman.pdf Re Keyes see: http://www.scribd.com/doc/33886843/Keynes-NYT-Dec-31-1933 and search for the passage starting “Individuals must be induced….”
For advocates of Modern Monetary Theory (Google it), the idea that stimulus requires extra debt is just a sick joke. If Economics Blog wants to get with it, I suggest it gets to grips with Modern Monetary Theory (also known as Functional Finance).
What none of these figures take any account of is the debt associated with more than three million permanent immigrants to the UK since 1997 and access to the welfare state. The NHS, education sector and housing sector have been drained of billions of pounds of resources not accounted for in aNY GOVERNMENT STATISTICS which make the rest of the statistics presented here meaningless.
ALL money is created as debt and destroyed when repaid.97% of the money we use is Private(digital)Bank loan money.Checkout positivemoney.org [the UK monetary reform group]for detail.
5 comments:
Hi
How far can the pound fall before the government has to protect its citizens from the effects of a worthless currency? Surely joining the € and effectively fixing the exchange forever seem to make more sense now than ever before. The argument about interest rates do not, seem as valid as before, now we know the banks have their own inter bank rates, also the “toilet paper currency as the Tories once described the € seem to have back fired. Which is the toilet paper currency now? This debate will not go away Britain is coming to the cross roads, and as I see it what point is there in being part of Europe if its citizens can not afford even to holiday there? That alone do business which is not on an even playing field?
Regards
Clive Cargill
Hi
How far can the pound fall before the government has to protect its citizens from the effects of a worthless currency? Surely joining the € and effectively fixing the exchange forever seem to make more sense now than ever before. The argument about interest rates do not, seem as valid as before, now we know the banks have their own inter bank rates, also the “toilet paper currency as the Tories once described the € seem to have back fired. Which is the toilet paper currency now? This debate will not go away Britain is coming to the cross roads, and as I see it what point is there in being part of Europe if its citizens can not afford even to holiday there? That alone do business which is not on an even playing field?
Regards
Clive Cargill
Both the above article and Mr Blanchard of the IMF make the totally false assumption that stimulus necessarily involves extra debt.
As Keynes, Milton Friedman and a string of other Nobel prize winning economists have periodically pointed out over the last 80 years (e.g. William Vickrey), STIMULUS DOES NOT NECESSITATE EXTRA DEBT.
Re Friedman, see ; http://nb.vse.cz/~BARTONP/mae911/friedman.pdf
Re Keyes see: http://www.scribd.com/doc/33886843/Keynes-NYT-Dec-31-1933 and search for the passage starting “Individuals must be induced….”
For advocates of Modern Monetary Theory (Google it), the idea that stimulus requires extra debt is just a sick joke. If Economics Blog wants to get with it, I suggest it gets to grips with Modern Monetary Theory (also known as Functional Finance).
What none of these figures take any account of is the debt associated with more than three million permanent immigrants to the UK since 1997 and access to the welfare state. The NHS, education sector and housing sector have been drained of billions of pounds of resources not accounted for in aNY GOVERNMENT STATISTICS which make the rest of the statistics presented here meaningless.
ALL money is created as debt and destroyed when repaid.97% of the money we use is Private(digital)Bank loan money.Checkout positivemoney.org [the UK monetary reform group]for detail.
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