Here’s former financial services minister Paul Myners in the house recently, attacking the government of which he was a part;
“There is nothing progressive about a government that consistently spends more than it can raise in taxation…” he says and goes on to criticise Labour’s economic policies as “flawed economic thinking”.
Um. Would consistently spending money created out of nothing either by quantitative easing or fractional reserve banking and using it to fund business endeavours, the kind large and small that at the moment are either never getting past the conceptual stage or being starved of funds into administration, that would be regarded then by the great Lord Myners as nothing progressive? I think that for a time at least it’s exactly what this country needs, an alternative money supply to the private banks, one readily available and quite prepared to lend cheaply to foster business creation and support until businesses are bringing in enough mony (and so taxation) for the stimulus to be withdrawn or reconsidered… bring it on, I say, and the sooner the better. Such a shame there’s no discussion of this in the House…