Quote of the Day
"The only relevant test of the validity of a hypothesis is comparison of
prediction with experience."
Professor Milton Friedman
prediction with experience."
Professor Milton Friedman
Nick Herbert on his visit to flood hit areas of Cumbria
Please note that the post below was published more than ten year ago on 21st November 2009 Nick Herbert MP, shadow cabinet member for the Environment, Food, and Rural Affairs, was in Cumbria this morning to see the areas affected by the flooding. He writes on Conservative Home about his visit. Here is an extract. I’ve been in Cumbria today to see the areas affected by the floods. I arrived early in Keswick where I met officials from the Environment Agency. Although the river levels had fallen considerably and homes were no longer flooded, the damage to homes had been done. And the water which had got into houses wasn’t just from the river – it was foul water which had risen from the drains. I talked to fire crews who were pumping flood water back into the river, and discovered that they were from Tyne & Wear and Lancashire. They had been called in at an hours’ notice and had been working on the scene ever since, staying at a local hotel. You cannot fail to be impressed by the
Comments
The problem is you can't. You can't because no such example exists. Every time a fiat currency has ever been tried throughout history it fails. It leads to boom/bust cycles each bust worse than the last, then eventually either collapses by huge debts or erodes to its true value via hyper inflation.
Fiat currency is not a new idea, its just every time it fails, history shows us this time after time.
Its a good job we have history to inform us of mistakes, it helps us not re-make them,,,,,,erm, hang on a moment......er......oops!
You're absolutely right about those who try to get away with debasing the currency.
It never, ever, ever works.
Unfortunately every generation someone comes along who has either never learned what happened to the previous generation, or thinks they have found a way to repeal the laws of economics - remember "No more boom and bust" ?