2016

Learning the lessons of history I begin by offering my apologies to Colin Teese. In referring to the risks of assuming that “creating additional currency and credit will energise the economy” I was expressing only a general concern about the soundness and sustainability of what today is almost universal conventional wisdom. Whether we look at the history of private-sector economic initiative or public-sector economic initiative haven’t we seen runaway debt expansion and the squashing of interest rates lead to the crisis of a bursting bubble more often than an energising of the economy (or economies) concerned? Perhaps the most spectacular…