In his personal bid to ‘save’ the unsaveable Euro, paper bug Ambrose Evans-Pritchard calls for hyperinflation, in the most surreal piece of his I think I have ever read.
Read it yourself, and make up your own mind:
We’re all wrong, eh? Them’s fightin’ words.
We’ll have those Golgafrinchams beaming down next, and stuffing our pockets full of leaves, or burning down the forests, whichever is the latest central planning policy of the day.
It all comes down to two questions, neither of which AEP tackles.
1. Does the Euro paper currency, and the political union of Europe which it engenders, come first, or do the peoples of Europe, outside of the political classes, come first?
Answer that one in misguided fashion, and you get halfway to writing AEP’s hyperinflationary article. The Romans asked a similar question. They put the empire above the people and hyperinflated. Look what happened to them.
2. Do you believe in liberty or socialism?
The free markets want to punish those banks that made stupid risky bets and bankrupt these banks. This, to me, is sensible. The free market also wants a money it can trust, which will hold its value over time (one of the definitions of money) and which is therefore impossible for the politicians to steal through clipping. Therefore, without political interference, these bad banks with bad managers would already be leaves in the wind. The free market would also have destroyed the paper Euro by now, and be on the road to solid free money, or monies, which would probably be gold and/or silver.
It is only political interference which stops this.
AEP writes such pitiful stuff because he puts the survival of the Euro currency project ahead of the best interests of ordinary people. This is because he is a statist who believes in the politicians of Europe and their political plans to march the rest of us into their centrally-planned future, in which they and their descendants will rule the rest of us forever, inside a political global prison.
Well, the global kleptocratic elite who control the politicians, and their descendants, will actually rule us. But let’s not spoil the wet dreams of the political classes.
What’s most annoying about AEP is that he can see outside of the goldfish bowl. He reveals this in his first line:
“This will enrage many readers — especially the “Austrian” internet vigilantes — but I have to say it.”
Alas, like most men, he is unable to shake off the mantras he imbibed at university.
Well, at least, like Jeremy Clarkson, he’s good for a laugh.
But he really does need to start reading Mises, rather than merely the blogs of his followers. And throwaway all of those Fisher books, Ambrose!
They really are doing you no good.
And while you’re at it, read Currency Wars by Jim Rickards.