Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Thursday, 1 December 2016
You, dear reader, are a zombie controlled by banks.
Suppose the head of drug corporation which had had to pay billion dollar fines for criminal activity was appointed minister for health in your country, you’d be up in arms, wouldn’t you?
Private banks in the US have had to pay out around $200billion in fines and out of court settlements in respect of their crimes. But when a senior employee of one of those banks is made Treasury Secretary in the US or made governor of the Bank of England, no one turns a hair.
You’d expect the political left to raise objections, wouldn’t you? But the political left in Britain, is too busy parading its adherence to the new crackpot religion, political correctness, to bother about doing anything effective to make Britain a better place. In fact you have to wonder whether Britain’s political left knows what day of the week it is.
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