Interesting editorial from Allister Heath in City A.M today which I commend to you.
I think he is right. There is a fatal conceit at the heart of the political elites (I prefer the term clique as “elite” suggests some competence) who are running the UK, the EU, and the USA today that their political will can overcome the laws of economics. They are about as likely to be able to repeal the laws of physics as they are the laws of economics with their never ending conveyor belt of new legislation and regulation, summits and new acronyms (EFSF, ESM, LTRO) for flooding the world with more of the currencies they are attempting to devalue. I can sense it every time I hear one of them as I did yesterday when I was on Radio 4 with Sir Howard Davies and heard him express the wish for the UK to still join the Euro – interview here.
Surely in any other area of human endeavour someone confronted with the evidence of the damage wrought by the policies they had supported, as we are daily with the Eurozone disaster/farce, would have the good grace and common-sense to remain silent. But they have no such sensibilities.
The same is true of the economic policies now being pursued. Allister Heath is also right - whilst there is plenty to fear in the economic and social disaster which we are experiencing and that is the inevitable consequence of this clique’s policies, we should view this as a necessary evil in which the laws of economics are stopping their folie de grandeur from continuing.