Positive Money vindicated.

I’m delighted to see Chris Giles (economics editor at the Financial Times) advocate the idea, which has been advocated by Positive Money for about ten years, namely that the central bank (or some other committee of economists) should decide the SIZE OF the deficit, while politicians retain control of strictly political matters, like what proportion of GDP is allocated to public spending, and how that is split between education, health, law enforcement, etc. Article title: “Britain needs a new fiscal and monetary framework”.

Ben Bernanke actually gave an approving nod to that sort of idea a year or so ago.

Only trouble is that Chris Giles claims the idea as his own. Cheek!

Reminds me of the phrase “first they ignore you, then they laugh at you, then they fight you, then you win”.  There really needs to be a fifth item added to that phrase: “then they claim your idea as their own”!