Tag Archives: Euro

The Economics of Free Lunches, with Guido Hülsmann


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On Show 28 of the Mises UK Podcast, Andy Duncan speaks to Professor Guido Hülsmann about a new forthcoming book that he’s working on, based on the concept of a free lunch, or rather the political economy of gratuitousness. In a packed interview, along the way we also cover a pertinent encyclical by Pope Benedict XVI, the economic consequences of gifts, the definition of a proper gift, spontaneous gratuitousness, what defines an improper gift, the fallacy of government ‘generosity’, the implausibility of Keynesian ‘economics’, the ‘welfare’ state, intellectual ‘property’, the possible collapse of the Euro, and Erik von Kuehnelt-Leddihn. What more could you possibly ask for in a podcast on Austrian Economics?

Podcast sponsored by: http://finlingo.com/

iTunes: https://itunes.apple.com/gb/podcast/misesuk-org-podcast/id1322473728

Music: http://www.bensound.com/royalty-free-music

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The EU Euro stability fund draft press release…


Christopher Houseman

Found in the memory hole.

In the wake of widespread pessimism and protests in Europe regarding the very existence of the Euro, the European Commission and the Council of Ministers have agreed that a permanent Euro stability fund will be established shortly.

All Eurozone members will be expected to pledge impressive sounding amounts of money, which won’t in fact be anywhere near enough to cover the gaping hole in the heart of our wonderful would-be global reserve currency. And we won’t actually expect them to pay anywhere near as much as they pledge – unless they urgently have to.

The existence of a permanent Euro stability fund will reassure the gullible citizens of our glorious Union that all is well – until they actually have to buy something more valuable than our promises about their future earnings and productivity. In fact, the very existence of the stability fund means that:

1) We have no intention of trying to turn the Euro into a sound currency, and we probably wouldn’t know how to do so anyway.

2) We won’t be able to stop Eurozone members overspending in the future. Why else do you think we need this fund? Besides, we know every such crisis provides the justification we need to centralize even more money and power in our hands, so why would we even bother to try?

3) We will pay no attention whatever to calls for repudiation of national debts and a return to national currencies by Eurozone members. Any politician who tries to do this had better have very good life insurance and first-class bodyguards. Our message to the little people is simple: Shut up, pay up, and trust us to spend more money than you can possibly imagine. We’re a government – what else do you expect?

We note that UK citizens have been assured that non-Eurozone countries won’t have to contribute to the fund. We’re glad you like the eyewash, and rest assured that we’re working hard to address this state of affairs.

How to be a Prime Minister: this is the real thing.


UPDATE1:- NB!!! This does  __not__  mean that we don’t still look kindly upon the LPUK.

It’s just that your lot ought to take lessons in resolution and moral fibre, and knowing how and when to Do The Right Thing, before you go onto the ice properly, from The Lady. That she was a Conservative was actually a tragedy: it was a waste.

David Davis

Poor sad defeated and miserable Gordon Brown ought to have taken lessons, when he invited The Lady for tea. I found this while idly trawling:-

Daniel Hannan has got seven+ times more views in a twentieth of the time, but that does not alter the clear skill of The Lady’s perfromance on this video.

Thatcher is an Oxford chemist. This tells you something about what clever and upwardly-mobile girls from poor and/or FabiaNazically-despised backgrounds ought to be encouraged to do.

She will go down in history, which will be kinder to her than Tony Hollick is now going to be, as one of the three greatest and most important women who have ever been (so far of course.) Sorry, Tony, but you probably have some dirt about the woman!

(The leftiNazis is 1971 called her “Maggie Thatcher, milk-snatcher”. So she must have been right then….mostly we tipped the stuff down the plug-hole, while the teacher wasn’t looking – in 1950s-winters it was frozen solid anyway by the time you got it, so you wozz on a n’-hiding-to-nothing”…) (Here’s an interesting take on 1950s free milk given out by governemtns.)

Interestingly, if you wiki “milk snatcher“, you get Margaret Thatcher herself. What a surprise.

This is what wiki says:-

Education Secretary (1970–1974)

When the Conservative party under Edward Heath won the 1970 general election, Thatcher became Secretary of State for Education and Science. In her first months in office, Thatcher came to public attention as a result of the administration of Edward Heath’s decision to cut spending. She gave priority to academic needs in schools,[30] and imposed public expenditure cuts on the state education system, resulting in, against her private protests, the abolition of free milk for school-children aged seven to eleven.[31] She believed that few children would suffer if schools were charged for milk, however she agreed to give younger children a third of a pint, daily, for nutritional purposes.[31] This provoked a storm of protest from the Labour party and the press,[32] and led to the unflattering moniker “Margaret Thatcher, Milk Snatcher”.[31] Of the experience, Thatcher later wrote in her autobiography, “I learned a valuable lesson. I had incurred the maximum of political odium for the minimum of political benefit.”[32]

She successfully resisted the introduction of library book charges. She did not volunteer spending cuts in her department, contrary to her later beliefs.[31] Her term was marked by support for several proposals for more local education authorities to close grammar schools and to adopt comprehensive secondary education. Thatcher was determined to preserve grammar schools, which prepared more students for admission to universities.[30] She abolished Labour’s commitment to comprehensive schooling, and instead left the matter to local education authorities.[30]

Euro destruction: perhaps, in 1998 I merely spoke too soon.


David Davis

About eleven years ago, I was in a newsgroup called “eurofaq”: I believe it still to be in operation somewhere (probably on yahoogroups now if you want to go searching.) To enliven our internal exchanges with intelligence from elsewhere, I had various run-ins with some starry-eyed young people from something called “YEM”.

To do this, I used to go and lurk on their groups under the name of Jacques Bommaerts, a Belgian “student”, occsionally surfacing to ask seemingly naive questions about the forthcoming Euro, such as how one currency could be imposed on 15 nations – remember! We in the UK were to be for it too! – without either elections or referenda, and under what economic parameters it was to operate.

The responses of enraged and indignant uproar were fun to behold.

Eventually I was rumbled. Years before most of us knew about internetty-stuff, a clever-clogs on the Enemy Staff worked out that my IP address was the same as an identifiable member of eurofaq, and I was expelled from the YEM crowd amid showers of rotting cyber-cabbages and virtual-tomatoes. But the fun lasted about a year.

At the end, on my exit, I bet one of them £25 that the Euro, starting about 70p, would be under 50p by Christmas. unfortunately it wasn’t and I had to pony up, which I did.

And now, today, we have this Simon Heffer analysis – of where the Euro, and indeed the entire fascist EU project, stands.

Years pass, and I might even have been dead by now, but I’m not, which is fortunate. I have lived to see the day when the Euro might actually come undone, be toast, totalled. Another Rouble-type experiment to actually bite the dust…and in my lifetime too. 

Actually, it’s very sad: I have lived to see that modern people  _still_  let their governments get away with not learning the lessons of History. This is the main problem that I think should concern libertarians, if we are at some distant time to form the very kind of administration which sets out to cull most of the State.

A major philosophical battle will need to take place about de-sovietisation of money, so that no further disastrous monetary union experiments are tried.

DISASTER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Peter Davis

Within the last hour of this post, the value of the Pound Slerling has gone below the value of the EURO!!

this is a terrifying prospect, but as of 23:11 GMT, £1 is worth 0.72 Euro cents (my keyboard cannot do euro signs, funny though, because it can do everything else though, even these: Ψ Φ ♦ ♣ ← ↑ → ↓↔ θ Ξ ¿)

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