The archive is catalogued by 'Politics', 'Economics', 'Mockery', 'In other news' and 'On other things' 


"Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world" - Henry Kissinger

and yet...

"Sooner or later everyone sits down to a banquet of consequences" – Robert Louis Stevenson

Larry Summers wants a free lunch

In response to an FT Blog by Larry Summers on 13th October 2015, entitled 'Another argument for infrastructure repair'

Whatever the wisdom of this policy, the final flourish of the article is a study in hubris:

"A gas tax to finance road repair is about as close to a free lunch as we can ever get in economics"

Wrong.  The last two decades of monetary and financial policy have been an extended experiment in free lunch 'economics' - Enacted through:

1. The Clinton/Rubin/Summers abolition of Glass Steagall

2. The Greenspan 'put'

3. QE and ZIRP 

The government's cronies on Wall Street, and Wall Street's well incentivised buffoons in Congress don't worry too much about potholes.

The ten commandments - a Fed Chair's programme for saving the world

Prof Rogoff says economy is not in a coma...but give him time