Not surprising. But interesting.
This is a big deal and reflects the profound lack of confidence the world has with the current global banking regime. That Britain would do this, in spite of our general objection, is very significant.
As we have said in the past, an important thing to watch for is the moment the dollar is no longer the “world reserve currency.” When that happens the game fundamentally changes. We can’t print forever any longer and the reality of the market hits. We are still far from that point, but Britain joining the Asian Infrastructure Investment Bank certainly is a solid move toward a post-dollar reserve currency world.
Another terrorist attack and another liberty grab by politicians. It’s like clockwork. Some tragedy happens and some busybody uses it as an opportunity to take yet more freedom from everyday people.
The IRS has gone after Boris Johnson, current London mayor and potentially the next prime minister of the United Kingdom, because Mr. Johnson sold his house for a profit and because Mr. Johnson holds a US passport. He was born in the US (he left when he was 5) so naturally the Internal Revenue Service feels that by virtue of this it is owed some of Johnson’s money. Under the law as it stands the IRS has a case, if an immoral one. Johnson has however told the IRS to take a hike. As he should.
UKIP is not a libertarian party but it does have deep and serious libertarianish tendencies. In the wake of the Purple Party’s historic win in Parliament comes this interesting bit of analysis of the political disposition of Britain’s youngest voters.
Willie says “Aye or die!”
Well that IS a relief. I thought things were going to hell in a hand basket over there. Whew!
Technically Hong Kong is now part of communist China, yet today it is perhaps the freest and one of the wealthiest places on Earth. One man, Sir John James Cowperthwaite, had everything to do with this.
The times they are a changin’ and they are a changin’ in jolly old England.
The big pharmaceutical companies have done very well in the crony department over the last decade. Medicare Part D was a giant gift to pharma, then the “donut hole” fill of Part D in 2010 meant even more money for the drug companies. Big Pharma in many respects is a government contractor. A quarter of its revenue comes from Medicare, Medicaid, and various other government programs. But now one of the giants is leaving for England lured by lower tax rates.
“I’m not for laws. We need a minimum of laws. I hate big government, I hate being told what to do on a personal basis.” – Nigel Farage *
Nigel Farage has lead a deeply important political surge in the United Kingdom over the last few years. His rants from the floor of the European Parliament have become legendary.
No reason to keep records of what happened at one of the world’s most powerful central banks during the height of the 2008 Crash. Nothing important to know there. No reason to look back and remember what worked and what didn’t. No reason to keep the evidence.
If you don’t know Mr. Farage you should. He might be the most important politician in Britain not to walk through the halls of Parliament. Heck he’s barely allowed in the halls of European Parliament and he was elected to that body.
Ms. Thatcher was not perfect, but what a contrast to our current crop of politicians. At least the woman had a spine.
Fresh off of defeating the Soviets, Ms. Thatcher is in top form here.