http://johnredwoodsdiary.com/2008/11/11/reading-evening-post-5/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Thu, 09 Feb 2012 11:18:17 +0000 hourly 1 http://johnredwoodsdiary.com/2008/11/11/reading-evening-post-5/#comment-7872 Jason Fri, 14 Nov 2008 21:17:11 +0000 http://www.johnredwoodsdiary.com/?p=2043#comment-7872 I agree with the comment above, the lack of proper debate in the House is simply unacceptable. The Labour government (aided and abetted by an opposition front bench seemingly unable to bring the pertinent and fundamental issues to light and force a proper educated debate), and most of the agencies tasked to have responsibility and accountability of running the economy and financial matters of our nation have demonstrated such gross ineptitude...to a degree in my view that should render them obsolete with regard to finding solutions to our current mess. I don't want to start the blame game, firstly because it sickens me to my stomach, and secondly, the horse has already bolted. So I think it is important that we now face up to the legacy of our collective ignorance / ineffectiveness. To me, the differing paths of solutions, at heart, are outcomes of a philosophical debate - that has been going on for some time - Keyensian -vs- Monetarism / Austrian. The path the whole world seems to be going down is one of more intervention and aggregate demand management - large capital spending and financial assistance schemes. Whilst I understand the political attractiveness of such schemes, the economic reality is that we cannot afford such schemes. They will tell us that unless we borrow and invest now (from future generations) we wont be able to avert a depression. Even with this, the effects are only likely to be dragged on for a long time as was the case in Japan. Remember that Japans depression happened against a benign global growth environment. This time round we have the most malignant global environment imaginable. It is very urgent that the government and government spending in the UK is downsized immediately, because the current problems are rooted in government intervention - whether that be negative (as in the case of a policy of dereliction of responsibility for prudent financial oversight) or the expansion of the 'nanny' state - which essentially distorts labour markets and stifles the innovation and inventiveness required to compete in the global economy today - via the tax system and associated reduction in incentives. This is not a question of detail, it is a question of philosophy...are we to become a nation dependant on government for employment (which always collapses under its own weight) or are we going to radically redifine the role of government in the 21st century and reduce spending, taxes and increase the incentive structure and let the power of free markets rejuvinate our flagging economy? This is the debate that the conservative party need to have with themselves and the country as the current government is rapidly leading us down the road to serfdom. Apologies if this is a bit of a rant...it is not meant to be....i just wanted to let you know that for the conservatives to be fit to govern...they will require a compelling alternative vision and will need to discredit the path we are currently going down. Unfortunately, I dont see that compelling vision - and i am not hearing a lot of discrediting either. Its time to get serious. If the leaders of the opposition cannot do the job, find people who can - period. I agree with the comment above, the lack of proper debate in the House is simply unacceptable. The Labour government (aided and abetted by an opposition front bench seemingly unable to bring the pertinent and fundamental issues to light and force a proper educated debate), and most of the agencies tasked to have responsibility and accountability of running the economy and financial matters of our nation have demonstrated such gross ineptitude…to a degree in my view that should render them obsolete with regard to finding solutions to our current mess. I don't want to start the blame game, firstly because it sickens me to my stomach, and secondly, the horse has already bolted. So I think it is important that we now face up to the legacy of our collective ignorance / ineffectiveness. To me, the differing paths of solutions, at heart, are outcomes of a philosophical debate – that has been going on for some time – Keyensian -vs- Monetarism / Austrian. The path the whole world seems to be going down is one of more intervention and aggregate demand management – large capital spending and financial assistance schemes. Whilst I understand the political attractiveness of such schemes, the economic reality is that we cannot afford such schemes. They will tell us that unless we borrow and invest now (from future generations) we wont be able to avert a depression. Even with this, the effects are only likely to be dragged on for a long time as was the case in Japan. Remember that Japans depression happened against a benign global growth environment. This time round we have the most malignant global environment imaginable. It is very urgent that the government and government spending in the UK is downsized immediately, because the current problems are rooted in government intervention – whether that be negative (as in the case of a policy of dereliction of responsibility for prudent financial oversight) or the expansion of the 'nanny' state – which essentially distorts labour markets and stifles the innovation and inventiveness required to compete in the global economy today – via the tax system and associated reduction in incentives. This is not a question of detail, it is a question of philosophy…are we to become a nation dependant on government for employment (which always collapses under its own weight) or are we going to radically redifine the role of government in the 21st century and reduce spending, taxes and increase the incentive structure and let the power of free markets rejuvinate our flagging economy? This is the debate that the conservative party need to have with themselves and the country as the current government is rapidly leading us down the road to serfdom. Apologies if this is a bit of a rant…it is not meant to be….i just wanted to let you know that for the conservatives to be fit to govern…they will require a compelling alternative vision and will need to discredit the path we are currently going down. Unfortunately, I dont see that compelling vision – and i am not hearing a lot of discrediting either. Its time to get serious. If the leaders of the opposition cannot do the job, find people who can – period.

]]> http://johnredwoodsdiary.com/2008/11/11/reading-evening-post-5/#comment-7871 mikestallard Tue, 11 Nov 2008 18:53:41 +0000 http://www.johnredwoodsdiary.com/?p=2043#comment-7871 Steel differs from cast iron in that it is hammered until pure. If, like you, you subject your ideas to ruthless discussion (and hammering!) from anyone who cares to do so, and then take the trouble to read and reflect on what you hear, developing you thought so that you are actually communicating commonsense, then you are producing stuff that people really want to read/hear (see above). What makes so many politicians and otherwise sensible people talk rubbish is that they do not like to think and they do not like their ideas put to the hammering. John McFall on Newsnight was an excellent example of this lack, I thought. What is so scary to us on the ground is that parliament used to be the place where the cast iron was hammered into steel. Today the leaders of both parties were in an undignified race to see who could be the first to announce their ideas on taxation - outside the Palace of Westminster. Neither set of ideas was questioned therefore - except by the (biased) press and media. Steel differs from cast iron in that it is hammered until pure.
If, like you, you subject your ideas to ruthless discussion (and hammering!) from anyone who cares to do so, and then take the trouble to read and reflect on what you hear, developing you thought so that you are actually communicating commonsense, then you are producing stuff that people really want to read/hear (see above).
What makes so many politicians and otherwise sensible people talk rubbish is that they do not like to think and they do not like their ideas put to the hammering. John McFall on Newsnight was an excellent example of this lack, I thought.
What is so scary to us on the ground is that parliament used to be the place where the cast iron was hammered into steel.
Today the leaders of both parties were in an undignified race to see who could be the first to announce their ideas on taxation – outside the Palace of Westminster. Neither set of ideas was questioned therefore – except by the (biased) press and media.

]]>