Category Archives: History

Global Covid-19


This week on Facebook: Covid-19 is very much a global political and commercial pandemic and I am posting political and economic articles related to Covid-19¹², known globally as the coronavirus. My reprise posts on the fiscal crises that the world finds itself in post the introduction of fiat money in 1971 — the advent of global deficit financing and a global fiscal deficit are covered by this global pandemic.

A financial and economic crisis will tend to arise from a fiscal deficit if government debt levels contribute to a loss of market confidence in a national economy, reflected in turn in instability in currency and financial markets and stagnation in domestic output. A political and social crisis will tend to arise if both the fiscal deficit itself and the necessary corrective measure implemented to eliminate that deficit result in further losses of employment and output, falling living standards, and rising poverty. Britannica — Fiscal Crises

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Who are 'Les Anglo-Saxons'?


This week on Facebook: I wondered why the Francophone world had such a pejorative view of ‘Les Anglo-Saxons’¹, justified in part by the notion that Anglophones have of a ‘special relationship’² with the USA. They may have good reasons to hold such views, now Anglo-Saxon is a term employed by prominent politicians, serious academics, political commentators, and in everyday conversation”³. For example, Jean Claude Juncker  (clearly not only a Francophone but also a Francophile) accused the Anglo-Saxons of hovering like vultures over the euro crisis, waiting to revel in its failure (4).  

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This week on Facebook: I wondered why the Francophone world had such a pejorative view of ‘Les Anglo-Saxons’¹, justified in part by the notion that Anglophones have of a ‘special relationship’² with the USA. They may have good reasons to hold such views, now Anglo-Saxon is a term employed by prominent politicians, serious academics, political commentators, and in everyday conversation”³. For example, Jean Claude Juncker  (clearly not only a Francophone but also a Francophile) accused the Anglo-Saxons of hovering like vultures over the euro crisis, waiting to revel in its failure (4).  

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UK — Full Employment?


This week on Facebook: In England the Statute of Labourers was issued in 1351 after the Black Death had reached England. Full employment¹ was welcomed by those labourers left alive, often leading to increases in salary and freedom from serfdom for some.

And because many sound beggars do refuse to labour so long as they can live from begging alms, giving themselves up to idleness and sins, and, at times, to robbery and other crimes-let no one, under the aforesaid pain of imprisonment presume, under colour of piety or alms to give anything to such as can very well labour, or to cherish them in their sloth, so that thus they may be compelled to labour for the necessaries of life. Statute of Labourers (1351)

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Aasof on Fat Cats


This week on Facebook: The collapse of the company Thomas Cook raised the spectre of fat-cats¹. Government folly in its fiscal policy matters has always served the interests of the Fat Cats and which, despite any disingenuous political protests², results in yet another burden on the taxpayer. The collapse of Thomas Cook led to its staff, based in the UK, losing their jobs with the troubled operator. Read more of this post

Poetry & other ‘things’!


This week on Facebook: Not that I am short of things to write about but sometimes even I get bored with myself and my tendency to rabbit on and on Still, when I meet my ex-colleague for our monthly ‘pie and a pint’ we often discuss how little things have actually changed. Then we are both getting old and hold the geriatric view that the world is going to hell in a handcart.

Of course materially things have changed quite dramatically, particularly post WWII and especially for the following generations. Although I’m not sure that today Aaron Copland could call his piece Fanfare for the Common Man without raising a controversy. I’m sure that any such controversy would get a mention in the Encyclopaedia Britannica, unlike Copland’s sexuality. It seems that todays society has a predilection for declaring and writing about sexual orientation something that has yet to occur, at least in our conversation over a ‘pie and a pint’. But then it may all be part of a geriatric view that the world really is going to hell in a handcart.

Not so the epigram plus ça change, plus c’est la même chose, which is probably familiar to most of my generation. However, some of my family may read my reflections so for their benefit I will add that it was a somewhat cynical remark by Alphonse Karr translated as, “The more things change, the more they stay the same”. 

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But what is Money?


This week on Facebook: I have posted a lot on the subject of money, often referring to Investopedia, the International Monetary Fund, European Central Bank (which is not a ‘central‘ bank at all) and the Encyclopaedia Britannica¹.

  • Investopedia: Everyone uses money.
  • IMF: Money may make the world go around, as the song says.
  • ECB: The nature of money has evolved over time.

Holding the views I do about money and especially ‘the double coincidence of wants‘ problem, I now find myself torn between the notions of commodity money and fiat money. Of course whether or not either money has value ultimately comes back to the double coincidence of wants, this time being set by the Foreign Exchange Market².

The value of a country’s currency depends on whether it is a “free float” or “fixed float”. Free floating currencies are those whose relative value is determined by free market forces, such as supply / demand relationships. A fixed float is where a country’s governing body sets its currency’s relative value to other currencies, often by pegging it to some standard. Free floating currencies include the U.S. Dollar, Japanese Yen and British Pound, while examples of fixed floating currencies include the Chinese Yuan and the Indian Rupee. Foreign Exchange Market

The reasons for a State investing in another State’s money may be quite complex, which raises the question of if China’s wealth is in the free floating USA dollars debt that it owns, or the fixed floating currency of the Yuan. Read more of this post

What does inflation mean!


This week on Facebook: I am still being asked, “Who is it that this debt is owed to. The examples of  public debt that I referred to last Sunday appear’s to be of little concern to an electorate who assume that economic growth can continue unabated. The electorate’s assumption appears to be that the distribution of this perceived economic growth will be used to support the State’s spending on a social welfare programme. It ignores the history of their public administration’s attitude to debt and particularly to austerity. It was Germany that adopted the earliest modern social welfare programme under the aegis of Otto von Bismarck in 1889 (3).

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Sunday 4/8/2019


This Sunday on Facebook: It’s impossible to separate money from inflation in a fiat money world, then it is also impossible to separate money from the gold standard if the rate of exchange is determined by the State.

Money, it’s a crime
Share it fairly, but don’t take a slice of my pie
Money, so they say
Is the root of all evil today
But if you ask for a rise, it’s no surprise
That they’re giving none away

Pink Floyd’s lyrics, “Share it fairly but don’t take a slice of my pie“, hold as true today as nearly 50 years ago when the song was written. A ‘slice of my pie’ is always the issue. In my post of 2011, I wrote that the war reparations of WWI that were imposed on Germany 100 years ago caused the resignation of John Maynard Keynes from the British delegation. In Keynes’ book The Economic Consequences of the Peace Keynes pointed out that the principle of accumulated wealth based on inequality was a vital part of the pre-First World War order of Society and ‘progress’ as it was understood then. Echoing a principle common in todays world that it is unnatural for a population minority to accumulate such huge wealth when so few enjoyed the comforts of life.

The hyperinflation brought about by The Weimar Republic, compounded by the Treaty of Versailles a 100 years ago, being tempered by the thought that it couldn’t happen to money in the UK. Of course I didn’t count on the Bretton Woods Agreement introducing fiat money to the world in 1971.  In my naivety (I was very young at the time), I assumed that politicians acted as the representative of their electorate. Instead the State’s public debt is a common function of all working economies. There has been an increase in the debt to GDP ratios throughout the world in past decades and yet The U.S. Dollar Still Dominates Global Reserves.

Perhaps it is time that the eccentric heroine of Christopher Isherwood’s novella Sally Bowles is resurrected — thought I doubt very much that any new terms will be invented for the inflation created by the State in a fiat money world.

Part of the fascination of Weimar Berlin lies in the mirror it holds up to our own time. In Cabaret, fictional Nazis beat up the gay hero and kill cabaret owners who dare to criticise, or simply to make people laugh at, pomp and stupidity. If the musical is at last being staged in a Berlin that never made much of Isherwood, then it may be because the producers want to emphasise alarming parallels. A newly vibrant German and European capital, Berlin today has record unemployment and recession is a returning threat. Some of the young have embraced the violent right, with its hatred of foreigners and permissiveness, and parade menacingly through the streets. Wicked joys (2004)

 

Sunday 14/7/2019


I essentially use Facebook as a repository for my WordPress account, having had my fingers slightly burned by the demise of a previous social media site. Last week I was looking at some previous postings on C.S. Lewis that I was going to make reference to and found that some of the url links were ‘lost’, which is a common feature of social media. I replaced or deleted the links and next week intend to revisit C.S. Lewis with a posting titled ‘Screwtape Revisited’. most, if not all, of my C.S. Lewis reprises refer to Screwtape. Not long after I started seeing with my ex colleague for a ‘pie and a pint’, he remarked that any theist must lack intellect to believe such nonsense. I would not say that C.S Lewis and his ‘Inkling Friends’ lacked intellect. Read more of this post

We the People


This week on Facebook: I would venture that there never has been a time in history of mankind when there was not a wealthy Aristocracy. The Encyclopaedia Britannica opens with the definition that aristocracy means, ‘government by a relatively small privileged class or by a minority consisting of those felt to be best qualified to rule’.

Of course the vast majority of people supporting this ‘privileged class’ have no desire to rule, they are only interested in their own welfare. However, the even smaller privileged class¹ that they currently support most certainly do. Furthermore, be they capitalists or socialists, or even the demos (whoever they may be), the ruling elites always claim that they represent the views of ‘we the people’.

It seems to me that the nature of the ultimate revolution with which we are now faced is precisely this: That we are in process of developing a whole series of techniques which will enable the controlling oligarchy who have always existed and presumably will always exist to get people to love their servitude. (Aldous Huxley – Berkeley 1962)

Written nearly 500 years ago and preceding Aldous Huxley’s remarks, the prescience of Étienne de La Boétie ought to be remembered for his essay The Politics of Obedience — The Discourse of Voluntary Servitude. Both are now largely forgotten by a demos that loves its voluntary servitude under a controlling oligarchy. However, searching for a political system on which there would be a consensus in the nature of a more perfect union is a fruitless task, as is any reliance on ‘we the people’ seeking political solutions to their subjugation. Read more of this post

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Martin Widlake's Yet Another Oracle Blog

Oracle performance, Oracle statistics and VLDBs

The Land Is Ours

a Landrights campaign for Britain

The Bulletin

This site was created for members and friends of My Telegraph blog site, but anyone is welcome to comment, and thereafter apply to become an author.

TCWG Short Stories

Join our monthly competition and share story ideas...

Public Law for Everyone

Professor Mark Elliott

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