Tag Archives: budget
Jul 28, 2019Posted by on
I did consider withdrawing this post, but it has made me look at ‘Measuring Worth‘ in a new light and is useful to me. Specifically it made me consider how complex the issue of inflation actually is in a fiat money world. Especially in the light of the Retail Price Index and the Consumer Price Index that comprise the items making up the UK’s ‘shopping baskets’.
The best that I could do was to measure the value of one pound (UK) using three sequential periods from 1947 until 1970 and from 1972 until 2018. I missed out 1971 as it was the year that fiat money was introduced into the global economy. Even so the cost of inflation to the consumer for a basket of goods not included in the RPI or CPI indices was hard to identify. This is particularly true of groceries that are considered to be a necessary expenditure. Food is approximately 10% of the basket depending on the percentage variability of the other included items. The following notes below point out that measurements of inflation are based on a fiscal policy that is related to the RPI, CPI indices.
Jan 19, 2019Posted by on
This week on Facebook: Politicians in the UK (and elsewhere) apparently assume that economic recovery is achievable through austerity and a reduction in public debt. However, a self-serving governing elite ensure that deficit financing ensnares us all while they remain immune to the austerity measures imposed. This is particularly true of pension inequality when UK members of parliament have their pensions determined by a notionally¹ Independent Parliamentary Standards Authority (IPSA). Read more of this post
Nov 17, 2018Posted by on
This week on Facebook: In 2008 I wrote an article about privatisation under a New Labour government, in which The Guardian newspaper figured prominently. Some eight years later I am still writing about the sale of pubic assets, with the media on the left now writing in support of a ‘Labour’ opposition party and highly critical regarding the sale of public assets. At least this time around The Guardian has been more honest, if still remaining somewhat circumspect↔ about the part that the New Labour Administration played in the sale and funding of public assets (1). Read more of this post
Oct 27, 2018Posted by on
This week on Facebook: I can’t think of an answer to a financial dilemma constantly driven by political imperatives and am not so conceited that I would ever try to suggest one¹. Regression at my age is a common occurrence and my diffuse dissatisfactions increase day by day, with my belief that the world “is going to hell in a handcart”. On becoming an octogenarian next May what other view would I hold! Perhaps my interest in history is an expression of that regression. I constantly regard events as being a case of “one step forward two steps back” and history replete with stories of debt. Read more of this post
Apr 12, 2018Posted by on
The following is a brief extract from ‘Big Brother Loves You!’ by Detlev Schlichter in which he rails against fiat money and the creation of debt something that I touched on in A Universal Debt. Commenting on the trend towards interventionist policies and assertive state action, The Economist and the Financial Times talk of the trend towards ‘repression’ and ‘national capitalism’ in crisis management. The public believe that greedy bankers and ‘unfettered capitalism’ brought about this crisis. Yet cheap credit through state fiat money and the systematic subsidisation of the housing market, are not features of the free market but of politics. Read more of this post