The Armchair Inflation Fallacy

“Zimbabwe.” That’s the favourite one. Sometimes backed up with “The Weimar Republic.” Galloping inflation. That’s what you get when the government prints money. Swiftly followed by economic collapse. Guaranteed. Anyone with half a brain knows that. When armchair economists are finally forced to admit that there is a magic money tree, which government can use to…

John Mason MSP Doesn’t Know His Debt From His Deficit

John Mason MSP is a former accountant who is the Deputy Convener of the Scottish Parliament’s Finance Committee. Last month he was the focus of a lengthy conversation on twitter after stating that the “UK deficit (is) £1.5 trillion”. For those of you with time to squander the entire twitter exchange can be found here: https://twitter.com/JohnMasonMSP/status/703699151461203968…

Two Cats Fighting Over A Dead Bird

For most of the last 30 years it looked like socialism had been soundly beaten by its old adversary, capitalism. From the mid 1980s when Margaret Thatcher’s second government defeated Britain’s striking coal miners, until around 2009 when the extent of the banking crisis had sunk in, free-market capitalism was the only game in town.…