Monday, November 26, 2012

UK to Plug Hole in Fiat, by Digging Faster

commentary by Roger Erickson

Did PT Barnum ever go to the UK?

Osborne warned his slow economic growth .. means another 6 years of Austerity
The era of austerity could last until 2018 and VAT may have to rise to as high as 25 per cent to help plug the hole in the public finances, the Chancellor was warned last night.

They talk about their fiat currency as though it's something they get from someone else, and have to finance. Earth to Osborne: "Get a grip!"

And imagine. They say Americans are ignorant! Churchill must be choking on his cigar. How does an electorate plug a hole in fiat? ?? Index a public initiative tax, so it automatically remains excessive?  Standing in a bucket - in London no less, in a pouring rain - trying to pull themselves up by their bootstraps?

Will "Osborne" someday become an adjective, somewhere between Innocent Fraud and Quisling? Will a link someday be found between Moon Madness and Banker Battiness? Is it the dust, ink or fiber found in Sterling Pound notes? Surely this era's unique mass psychosis will someday be featured in legend.

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