torsdag 4 september 2008

Crash bang wallop goes the UK economy

I have been looking back over my previous blogs from a year or so back. At the time, I notice that the main economc concerns were about unaffordable housing and its rising costs. In one of my comments, I suggested that there was a crash imminent. My first on Northern Rock was in mid September, and soon after I noted that it was the harbinger of the major economic collapse that is now under way.

How many of the professionals got that right? The most accurate predictions, as usual, came from people like myself who subscribe to the economic analysis developed by Henry George in the 1870s. It is not a matter of being a genius, but simply of following the most reliable body of theory available. There is no satisfaction in getting predictions like this right. We are all poorer as a result of the British government's reckless policies, as becomes evident when one is exchanging one's UK pounds into petrocurrencies like the Norwegian kronor. The pound was a petrocurrency once, but unlike the Norwegians we squandered the benefits. It is frustrating to have to stand on the sidelines and watch the preventable crash from happening and people getting hurt.

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Cardinal Cormac Murphy O'Connor

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