Tag Archives: Quantitative Easing

Cassandra on World Debt


This week on Facebook: I am repeating myself here, in my 2011 post with the title ‘A Universal Debt!’ I recalled, “That someone looked into world indebtedness and facetiously drew the conclusion that The Earth must be in debt to the rest of The Universe. This was because every country in the world had an external debt load (barring about three). Obviously the earth is not in debt to someone else in the universe — unless you are a conspiracy theorist — but it is true that there is a global indebtedness.  What really matters, is not the debt, but the ability to pay off the debt with the interest that the debt accrues and the consequences of any inability to do this.” [sic]

All classes alike thus build their plans, the rich to spend more and save less, the poor to spend more and work less. John Maynard Keynes (1919)

For those of us living in the Western world global debt is something that the majority of its citizens do not take seriously as no end is foreseen to the ever increasing economic growth of the Western world. Today global debt is increased and the global citizenry has increased along with its indifference to deficit finance becoming the norm. Matt’s following cartoon repeats that joke, but as Yanis Varoufakis writes in his book ‘Adults In The Room’, politicians and their financiers are using world debt to ensnare us all in a global plutocracy.

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Cassandra on Money & Debt


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Cash is subversive (2)


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

It’s only money!


This week on Facebook: Trying to use last weeks post on Criminals & Taxation as a link to those that may follow at some point proved to be very difficult, the reaction of a public administration’s response to economic failure is more akin to investigative journalism than a short, singular, post. So this week I focused a little bit on factors relating to Government economic policy, with particular reference to Social Security and taxation in the UK. My post last week last week illustrated some of the financial disasters that can occur when a public administration overreaches its level of competence. In an earlier post on Debt & Taxation (2013) I began: ‘The role that economic theory plays in the creation of money and the role played by all politicians in the manipulation of economic theory for the purpose of a fiscal policy, bear little relationship to the social responsibility that Drucker applied to a private enterprise.’ Read more of this post

Plus ça change


This week on Facebook: My five reprises this week reflect the epigram Plus ça change, plus c’est la même chose. The epigram is probably familiar to most of my generation and needs no translation (Google it), but perhaps some of my family may read my reflections so it was a somewhat cynical remark that translates as, “The more things change, the more they stay the same”. Jean Baptiste Alphonse Karr (1808-1890) wrote this epigram in the January 1849 issue of Les Guêpes (“The Wasps”), the year following the European 1848 Revolutions.  A number of broadsheets¹ at the time extolled or attacked the presidential candidates General Cavaignac and (most of them) Louis-Napoleon, both of whom Karr described as Les Guêpes.

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Assignats and Reprises!


This week on Facebook: I keep getting economic reports that any money I may hold is in danger and that those who want to take it from are my government. That my government should seek innovative means of creating inflation is hardly a surprise, the government’s (apparent) wish dispense with money altogether and make all fiat money digital is news. Although digital money is not new concept and in todays economy is synonymous with debt, the trail blazed by a digital money economy will be complex. Not in the least — I believe — because it will lead to greater debt having to be borne by the taxpayer. In a world scramble for economic growth any public administration where all money is digital in form will find it easier to devalue their currency in a sleight of hand inflation, especially when engaged in a currency war to promote economic growth.  Read more of this post

Helicopter Money


This week on Facebook: Sees me return to economics, yet more history and the despair of an old man who — like all old men before me — thinks that the world is going to hell in a handcart. My first instinct was to ignore articles on helicopter money as it being something that I was incapable of having an influence on (which is true) and finding myself totally confused by the rationales offered by economists and politicians. Nevertheless, the notion of helicopter money made me think of some historic precedents that I believe are valid allusions to its use. Read more of this post

The Budget Deficit – The Record


The role that economic theory plays in the creation of money — even if understood by a government —  is ignored in favour of economic manipulation for the purpose of a fiscal policy. Self interested post war governments have little interest in the social responsibility that Peter Drucker applied to a private enterprise.

“The first responsibility of business is to make enough profit to cover the costs for the future. If this social responsibility is not met, no other social responsibility can be met.”

Peter F. Drucker, The Practice of Management (1954)

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That Odious Greek Debt


Der Spiegel reported in May 2010 that without bribes virtually no foreign company could do business in Greece. In How German Companies Bribed Their Way to Greek Deals, Der Speigel claimed that the money from bribery enriched industrialists, civil servants, the military and politicians.  Read more of this post

Funny Money? (SNAFU)


On Thursday 20th November Parliament will debate ‘Money Creation and Society’ (pdf). This is probably the most important economic debate to precede a general election since the Banking Act of 1844 and one which most politicians would like to avoid. While the majority of the public may not know how money is created, the fact that most politicians do not have any understanding of ‘money creation and how we arrived here’ ought to be of great discomfort to them. These politicians being the very people in control of the economy. Read more of this post

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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...

The Real Economy

Blogs and stuff from Ed Conway

Public Law for Everyone

Professor Mark Elliott

Bleda

Am I my Brothers keeper?

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