There can be little doubt that tenacity is a great virtue. It means holding on to something important, something you believe in, no matter what. The trouble with tenacity, however, is that it does not [more…]
Perhaps the most destructive premise of modern, mainstream economics is that a central bank-induced monetary/credit expansion can cause an economy to grow without adverse consequences. Let’s be perfectly clear from the start…this policy has been [more…]
A couple of months back, in the context of blaming the government’s inflexibility for its failure to achieve a deal with the EU over Brexit, Jeremy Corbyn railed against the Tory Party, declaring that it [more…]
Few people understand the purpose of so-called “legal tender”. It is widely believed that the government’s legal tender laws protect citizens’ money by formally designating it as the official medium for the settlement of transactions. [more…]
A number of Going Postal subscribers have asked me to cover the concept of Bank Bail Ins. My intention therefore with this essay is to outline the idea for the intelligent layman rather than the [more…]
Governments rarely set out to take responsibility for every single issue, but that usually happens anyway. As a result there is a growing expectation by citizens that, whatever the problem, it is the government’s job [more…]
Most of the world takes it for granted that central banks are necessary for the smooth conduct of trade, both foreign and domestic. Nothing could be further from the truth. Let’s be clear. Central banks [more…]
One of last Monday’s blog-readers, “WinstonSmith”, challenged me to describe what I would do if, after Britain has finally left the EU, I were to be appointed Prime Minister! Well, I can’t miss out on [more…]
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