So here is the future as I see it: Central banks are now committed to printing unlimited amounts of fiat money to artificially prop up various asset prices forever and maintain illusions of stability. Governments will use their legislative and regulatory power to make sure that your bank, your insurance company and your pension fund keep funding the state, and will make it difficult for you to disengage from these institutions. Taxes will rise on trend, and it will be more and more difficult to keep your savings in cash or move them abroad.
Now you may not consider yourself to be rich. You may not own or live in a house that Nick Clegg would consider a ‘mansion’. You may not want to ever bank in Switzerland or hold assets abroad. You may only have a small pension fund and not care much how many government bonds it holds. You may even be one those people who regularly stand in front of me in the line at Starbucks and pay for their semi-skinned, decaf latte with their credit or debit card, so you may not care about restrictions on using cash. But if you care about living in a free society you should be concerned. And I sure believe you should care about living in a functioning market economy.
But, the - as he puts it - “astutely spread myth that the financial crisis resulted from ‘unregulated markets’ rather than constant expansion of state fiat money and artificially cheap credit from state central banks” has resulted in electorates who don’t think they need care about living in a functioning, free, market economy. And that should worry all of us who understand why it’s vitally important.
Read, as they say, the whole thing.
By the way, his statement that “allegedly a staggering 90 percent of households” in Scotland are in receipt of state largesse is shocking, but when I think about the people I know, not particularly surprising. Yet one of the Nationalists’ cheif reasons for “independence” is the securing of “free” university places, “free” care for the elderly, “free” bus passes, “free” prescriptions, “free” eye tests*, etc., etc. They give no indication as to how these are to be paid for without their longed-for Scottish state ending up in a worse situation than Greece by the end of its first Parliament. Even more than the other major parties - which is saying something - they seem to be living in a mid-20th-Century Keynesian dreamworld.
*Because you need a state to provide those. I swear to [insert preferred deity or otherwise] that when I heard the announcment this policy on the radio I was actually looking right at a giant “Free Eye Tests All This Month!” poster in Specsavers’ window. And the thing is, those promotions are more genuinely free than the NHS scheme. Opticians may well make the loss up on other charges, but there’s every chance that they’re actually taking the hit - last time I paid for one it was only £15 - in order to get people in the door. (Competition, see? Something socialists have never been able to get their simple little minds around.) But here in Scotland, it’s all charged to the taxpayer - in full. Plus, of course, you have to add in all the administrative costs that go into such a scheme. Bureaucrats have to eat. Our “free” tests almost certainly cost more than the ones we used to pay for. Don’t get me started on the corruption in the “free” bus-pass scheme.