Being an American and knowing little about British politics except for the politics of select points in time like those of King George III, Oliver Cromwell and William of Orange from my studies, I don’t particularly have much to say with any sort of authority at all about the politics of Brexit.
I have, however, been marginally following Nigel Farage, who was a major player in getting the referendum, for years. With the exception of immigration, many of his objections to the European Union make sense, like the way the President is elected and so-called diplomats are appointed without much democratic nod or accountability. The EU, sold to the Brits as a trade union, in recent years has been behaving more like a central government, asserting regulatory reach, without the inconveniences or legitimacy that comes from consulting the governed. And of course, democratic legitimacy is a necessary ingredient for many things, like raising an army, or asserting regulatory authority at the individual level.
Scott Sumner has some posts concerning the economics of the situation which do a much better job of explaining what is going on from a monetary standpoint that I could. Though, I think I would probably leave off the nationalist/ism labels, terms of rather nebulous meaning that are not necessary to the point.
In other news, Hillary has been out on the campaign trail recently taking jabs at Donald Trump. I am, for the most part, disappointed in the lineup of candidates this year, leaving me rather indifferent about what she has to say about him. The one thing she said that somewhat stirred me up, however, was her criticism of Trump’s plan B to handle economic disaster, making deals on the debt and printing money. Her statement was to the effect that printing money and low interest rates are what got us into the housing mess, and doing more of it will just make things that much worse (in the video here, about half way through). She added that we always pay our debt to maintain the full faith and credit of the US.
So, if you were wondering where Hillary stands on monetary policy, there it is. That is unless she’s lying, and instead plans to print money until there’s not a single tree left on the planet, of course.
If one believes, as do I, that Federal Reserve accountability for monetary shocks is one of the most important issues of our time, it is difficult rationalizing Hillary being any more acceptable than Trump. She states quite clearly in her speech that the brunt of economic shocks are felt by the low skilled, as if to allude to her inclination to keep them in heart and mind. In fact, she does allude to many needed programs to help them get back on their feet. But in the same sentence, she states that she is opposed to doing what is necessary to maintain nominal stability in the face of said shocks. Sorry, but Hillary doesn’t get to have it both ways…. Or maybe she can by couching her inauthenticity inside a sugar cube.
Or perhaps I am just daft for believing that low skilled people would prefer to be self-sufficient to being rendered Hillary’s political slaves via preventable economic depravity and getting lost in government dependency. And I have to wonder if that is what the #NeverTrump crowd believes is better for those people. They might just believe that given that of the two plan B’s, Trump’s plan, though the third least bad, would allow the low skilled to retain more of what they have and recover much faster rather than being forever trapped in welfare afterward – and they really are just THOSE kinds of people – *wink. I mean really, Hillary only said all of this while wearing a 13K Armani jacket; while I am spending my 5th summer with no AC.
I really have to hand it to her though, she didn’t try to insult my intelligence by insinuating that I should vote for her because she has the same plumbing. She gets a few extra points on my favorability rating for that.
Developments in the Syria Civil War include the Syrian Democratic Forces (SDF), made up mostly of Kurdish militia, mixed with coalition-trained Arab fighters, two weeks ago having opened a new front against Islamic State in Manbij, Syria’s third largest city before the war. As of now, the SDF have captured the majority of the city’s outskirts with the support of coalition air power, and began a thrust into the city’s center this morning.
PS: Here is the short take on my monetary policy rating scale for the presidential candidates:
- Hillary Clinton says: we won’t print money. Instead, we’ll trap the victims of negative monetary shocks in dependency.
- Gary Johnson says: We need to have a huge negative monetary shock to prevent an impending hyperinflation – the victims are on their own.
- Donald Trump says: We’ll print money and monetize debt – the victims will be able to take care of themselves.
Trump wins the issue in a landslide, and perhaps those so inclined should be more careful about whom they label as stupid.