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2016-06-25

Britain was last conquered by an invading army in 1066. In 2016, it repelled an attempted conquest by the E.U.’s nomenklatura.


Brexit refutes the progressive narrative that history has an inexorable trajectory that “experts” discern and before which all must bow. 

The E.U.’s contribution to this fable is its vow to pursue “ever-closer union.” Yes, ever.


George F. Will, Washington Post 24 June 2016

2016-06-23

Cameron, Churchill, 1940 and referendum

- At my office I sit 2 yards away from the Cabinet Room where Winston Churchill decided, in May 1940, to fight on against Hitler. The best and greatest decision perhaps anyone’s ever made in our country. He didn’t want to be alone, David Cameron said, according to FT 20 June 2016.

But isn't it the other way around?

Churchill decided that Britain should fight alone, instead of being part of a united Europe under German leadership.

FT 20 June 2016

Remember Winston Churchill’s phrase about "fighting them on the beaches". Well our beaches are entirely subject to the European Commission’s directives.

Article by John Blundell in the Business 12/3 2006

One of the great clichés of politics is that Britain has no written Constitution. Britain’s constitution is called the Treaty of Accession. It has been supplemented by the Treaties of Maastricht and Nice.

http://www.nejtillemu.com/konvent.htm#onthebeaches

The Myth of Austerity and Growth, Noah Smith

The principles of Keynesian fiscal policy -- which have slowly been coming back into vogue -- say that tightening spending is the worst thing you can do in the middle of a recession. 

More generally, it isn’t clear just how austerity is supposed to work its positive magic. The main claim seems to be the rather vague idea that lower budget deficits increase business confidence.

Blanchard has shifted his stance. In a 2013 paper with Daniel Leigh, he showed that the IMF had been consistently wrong in its forecasts of the effects of austerity. 

The more beneficial the IMF predicted that austerity would be, the more incorrect its predictions were!

In 2010, the IMF admitted that its demands exacerbated the pain of South Korea’s financial crisis in the 1990s. 

And in 2016, the Fund released a report questioning whether its entire economic philosophy had major weaknesses.

Noah Smith, Bloomberg 22 June 2016

2016-06-20

Gunnar Wetterberg än inte den som sticker ur hakan om inflationsmålet

Dags att utreda inflationsmålet. Varför är just två procents inflation så önskvärd? 

Det frågar Gunnar Wetterberg i Expressen den 19 juni 2016.

Han erinrar om att för tio år sedan skrev chefsekonomen Bill White vid centralbankernas samarbetsorgan BIS ett varnande papper.

Om bankerna håller räntan låg på grund av den låga inflationen exploderar istället priserna på aktier och fastigheter, med alla risker det skapar.

 Gunnar Wetterberg i Expressen den 19 juni 2016

Mer om och av Gunnar Wetterberg

PS Jag ser nu vad han skrev åtta år efter folkomröstningen om euron

Varken Greklands finanser eller ens euron är värda
det vågspel som en finanspolitisk union skulle betyda. 

Risken är påtaglig att politiken håller på att skena ifrån sitt folkliga stöd.
Gunnar Wetterberg, Expressen, 23 december 2011

Han är väldigt duktig, Gunnar Wetterberg, men han är ingen hjälte.

2016-06-18

Macroeconomic stability still depends on creating more debt than we can easily handle. Turner Wolf

 “Precisely,” he /Adair Turner/ says. 

“We are in the absurd position where we have so much debt that we can only afford it by having interest rates at zero, which creates an incentive to create some more debt.”

Martin Wolf FT Lunch  June 2016


Between debt and the devil by Adair Turner


2016-06-13

Brexit: whether to restore the full self-government of this nation, or to continue living under a higher supranational regime, ruled by a European Council

Stripped of distractions, it comes down to an elemental choice: whether to restore the full self-government of this nation, or to continue living under a higher supranational regime, ruled by a European Council that we do not elect in any meaningful sense, and that the British people can never remove, even when it persists in error.

My Europhile Greek friend Yanis Varoufakis and I both agree on one central point, that today's EU is a deformed halfway house that nobody ever wanted. 

His solution is a great leap forward towards a United States of Europe with a genuine parliament holding an elected president to account. 

I do not think this is remotely possible, or would be desirable if it were, but it is not on offer anyway.

Ambrose, Telegraph 13 June 2016