"Most people are in arrested development and cannot use logic." Jacob.
"Competition and capitalism are hated to-day because of their tendency to destroy poverty and privilege." William Hutt
"America is unique in that our economy is totally dependent on global charity." Peter Schiff

Thursday, August 11, 2011

Talk about mainstream recognition of Austrian Economics, how 'bout the British Chancellor of the Exchequer?

We have Krugman. They have the Rt Hon George Osborne MP.
Really heartwarming to read his statement, most of it. He foolishly thinks the Euro is good for someone, and that it's important that the banks be coddled, but look at his other stuff:
Let me make it clear, not only to the House of Commons, but to the whole world.
Ours is an absolutely unwavering commitment to fiscal responsibility and deficit reduction.
Abandoning that commitment would plunge Britain into the financial whirlpool of a sovereign debt crisis, at the cost of many thousands of jobs.

Mr Speaker, it is not hard to identify the recent events that have triggered the latest market falls...They all have the same root cause. Debt.

Those who spent the last year telling us to follow the American example with yet more fiscal stimulus need to answer this simple question: why has the US economy grown more slowly than the UK’s so far this year?
More spending now, paid for by more government borrowing and higher debt, would lead directly to rising interest rates and falling international confidence that would kill off the recovery not support it.
Instead, we’ve got to work hard to have a private sector that competes, that invests, that exports.
In today’s world, that is the only route to high quality jobs and lasting prosperity.

Don't get me wrong. there's plenty of goofs in his speech, too. But seeing this is nice stuff.
I wonder if he'll reduce England's debt by cutting spending or by raising taxes? Time will tell.

At any rate, Rt Hon George Osborne MP, you hereby get the greatest award known to man, a slap on the back from Smiling Dave. Way to go!

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