Diners & Sloggers
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- This topic has 0 replies, 1 voice, and was last updated 11 years ago by Reverse Engineer.
May 14, 2012 at 12:04 am #3261Reverse EngineerMember
I am happy to announce that the Brit Blogger John Ward who writes The Slog has joined with us over on the Doomstead Diner to contribute articles from his Perch in Jolly Old England.
A Tidbit from his first article on the Diner
Slogger wrote: For people like Krugman and Buckley, the past is for shaping the future, and the present is for kicking into the future.
Think about it for a second. Wolfgang Schäuble is driven by memories of the Weimar 1923-25 hyperinflation: an event caused by direct money-printing following the draconian exconomic sanctions of the First World War. It all took place 23 years before he was born. The Tory’s ‘radical’ committee is called the 1922. The substantial proportion of votes in last weekend’s Greek election were cast in support of a theorist who died 130 years ago. Angela Merkel’s approach to life was learned in a Communist State that collapsed 22 years ago. The British Prime Minister (when he isn’t making it all up as he goes along) clings to the at least partly discredited ideas of Baroness Thatcher who, along with Reagan, let loose the dogs of banking on us. His Government is dominated by rich public schoolboys and Oxbridgers living in a fantasy world of good old days when everything was getting better and better.
The Right across the West cleaves as strongly as ever to the ideas of Milton Friedman, a bloke whose monetarist laissez-faire principles insisted that a self-correcting economy would result in the absence of regulation….as opposed to the absence of wealth apart from the rich 3%. That same rich 3% now manipulates markets from gold to Government bonds across the world….all in the name of the Mighty Milt. He proposed the idea of trickle-down wealth, which in practice works in the opposite manner. Friedman spent thirty years developing his ideas: thirty years in which there was no global internet, China was a sleeping Red, satellite communication was unknown, and Bob Diamond had reached the tender age of twelve. There were no SOL trading software packages, deep liquidity pools, Hedge Funds (beyond a tiny sector after 1949 doing what Hedgies should do) or segmented multivariate bourses…
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