An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Nigel is a libertarian and euro-skeptic. He and Daniel Hannan are my favorite British politicians. It seeems they have been proven right by events. On the night that Mr. Farage was elected to the European Parliament, the local television reporter asks: "So, from now on it's going to be endless lunches, lavish dinners, and champagne receptions: will you be corrupted by the lifestyle?""No," Nigel deadpanned, "I've always lived like that."If you want to see an even better speech by a world-class speaker, just search for Daniel Hannan speech European Parliament.
Welfare,who votes for the european parliament members, how many members does the UK send to the EU pariliament? are they 'at large' from the UK?
Matt, MEP's (Members of European Parliament)are voted on by the constituents of the home country. I think Britain has about 80 MEP's. The number of MEP's is determined by population. They are not 'at large' from the U.K. It is the bureaucrats in Brussels that have the real law-making power though. There is nothing really 'democratic" about the European Union.
http://www.youtube.com/watch?v=I48DsBRrSfYPeter Schiff's 'Napoleon Complex' - 'I Was In Ireland Urging Government Not To Accept Bailout' Right. Talking as if he is a trusted adviser to the Irish government. As if the Irish government is clamoring for advice from a stockbroker from the US who has a peanut sized brokerage.Utter fabrication and outright lie. He was actually at the Kilkenomics Festival making a damn fool out of himself and getting clobbered by real economists. Glad to see that the Irish, although in financial trouble, have retained some measure of sanity, and are having none of 'General' Schiff's nonsense.Napoleon Complex = A personality complex that consists of power trips and false machismo to make up for short height and feelings of inferiority.Before you think the Kilkenomics Festival is some G20 or Davos like event, here is the description:The Kilkenomics Festival is the brainchild of David McWilliams, one of Ireland's foremost economic commentators, and several compatriots. With their homeland on the verge of sovereign default and in the midst of a tough austerity program, the organizers are trying to answer the question: "What the heck just happened?"But the goal is to bring in citizens from all walks of life, not just economists and economics enthusiasts. So, in perhaps a worldwide first, Kilkenomics will mix economic panels with performances by a sampling of Ireland's top stand-up comedians, like Des Bishop and Colin Murphy. [and Peter the Clown]No one knows what happens when you mix eminent economists with stand-up comedians, but it will surely be unforgettable.
Welfare,did you catch the part where he accuses the bureaucrats of being "happy that millions will be unemployed and poor" (due to the austerity implementations)?Do you know if Farage's party back in the UK supports the current austerity back in the UK? Do you know what his (or his party's) interpretation of fiscal policy is?
welfarewarfare, You never give a due to others that called the financial crisis. Just the "libertarian" Austrians. A lot of them are more in tuned with what Mike Norman says about economics than what Schiff does. Such as Roubini. Actually they called the financial crisis better than the Austrians you cite. They called debt-deflation, not hyperinflation. They called Treasuries being a safe haven. The only thing that the Austrians called that was right was the runnup of GOLD. But that was mostly before the Financial Crisis. During the Ponzi era.
How could the Austrians call anything if they have a flawed understanding of government finance and money. For example, as pointed out ad nauseam in previous threads, they falsely believe in money multipliers and they falsely believe that quantitative easing actually creates more money. These falsities can be proven, and are well documented in MMT white papers but they have no response. Cognitive Dissonance.
I made a mistake in my previous post and said MEP's weren't 'at large'--they are.Nigel Farage is a member of the UNIP because he doesn't think that the Tory party is far enough to the right. He also resents the Tory's for going along with the EU project. Nigel has called for a British Tea Party to combat loss of national sovereignty and the suffocating socialism of British life. He thinks that the existence of the EU is partly responsible for many millions being out of work. I think some of you misunderstood the context of the speech.BTW, I have no idea if he is an adherent of Austrian economics though I think he is sympathetic to Austrian Business Cycle Theory given his statements on the cause of the Irish housing bubble.Lastly, one of you mentioned deflation. We should be experiencing price deflation right now given that we are in a depression. The Fed has guaranteed that we won't have to worry about the scourge of the dollar gaining purchasing power though. Also, no Austrian predicted that we would have hyperinflation by 2010. I think it could be be 5 years off or more unless we change our course. We are going to have double-digit price inflation very soon though.
I'm wondering what Farage sees as the pathway from the current arrangements to unemployment and a resultant increase in those citizens considered 'poor' now...ie Is it 'profligacy' just now thru ECB mechanisms? He may be just like US Tea Party types and is deluded as to the true macroeconomic realities....
welfare,Our posts passed each other...this is about what I suspected.
Oh great. We get 5 more years of inane analysis.
If your double-digit price inflation does not happen "very soon" can you just be quiet and listen for a change.I define very soon as next month. What do you define it as.
Adam, I'll start deferring to you when you start predicting events accurately. As for price inflation, the real price inflation rate is calculated at about 5% by private sources. This jives much more closely to my own experiences at retail and grocery stores than the government's fictitious number. The problem with the CPI is that it is full of substitutions and subjectivity. Owners equivalent rents skews the number down as does the use of hedonics.The government weather man can tell me its sunny outside all he wants, but if I look out the window and see storm clouds, I'm carrying an umbrella.
THIS NIGEL GUY IS A CREATIVE DESTRUCTIONIST.BAILOUTS = BAD NEWSTHIS IS OUT OF PARADIGM.HE'S A DEFICIT TERRORIST, PROCLAIMING THAT DEMOCRACY AND LIBERTY ARE AT STAKE BUT HE'LL LET EVERYONE GO DOWN THE TUBE WITH HIS CRASS AUSTRIAN DESTRUCTIONISM.THE EURO STATES SHOULD NOT BE ALLOWED TO LEAVE JUST AS MUCH AS CALIFORNIA OR TEXAS ARE ALLOWED TO LEAVE THE FEDERAL UNION OF THE USA.THE COUNTRIES LIKE THE PIIGS NEED TO BEHAVE LIKE STATES IF THEY WANT THE AMENITIES THE EURO HAVE BROUGHT OR HAVE NOT.
googleheim, Are you going to pick up a weapon and kill British, Irish or Greeks when they decide they want to leave? Or are you like the political classes who spout off principles and let then pay the working class to do your bidding? What a joke!
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