"We need a system which meets the joint ambitions of the Government and Parliament for prompt and effective action, with few opportunities for mischief and yet prior parliamentary approval before liberties are taken away."
"To get our economy back on track, we need global leadership in great economic governance through Prosperity Zones like the City of London Corporation or the Dubai International Financial Zone."
"With a network of global trade superhighways between London and the world’s economic powerhouses such as New York, the UAE and Singapore, we can create faster flows of goods, services and people, enabling a flourishing UK."
"No one is better placed to deliver this economic transformation for the better than Rishi Sunak. His clear determination to combine fearless principle with pragmatism was revealed when he set the freeport agenda in a think tank paper."
"This week, [Rishi] set a new tone of resolve and optimism. Boris was wise to make Rishi Chancellor: we need now his full capacity to innovate and inspire."
"Free trade and competitive markets, eliminating market distortions and opening economies to competition will kickstart the world economy with the UK as a global beacon of freedom, free trade and prosperity."
"These are the historic principles which made us great.
"But they rest on parliamentary democracy and the rule of law. Please Boris, reach a deal with Sir Graham Brady to put Parliament where it belongs: right with you."
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Inadequate risk modelling follows as a consequence of the moral hazard implicit in the system.
VAR-based risk models have repeatedly been shown inadequate yet they legitimize under-provisioning for losses, thus increasing risk and inflating profits.
Leverage ratio regulation suffers from the epistemological problem of the social sciences so it is likely to fail.
The accounting provisions of IFRS in relation to mark-to-market and loan losses further promote risk-taking and instability. [I believe this phenomenon has been improved.]
Basel capital adequacy rules failed in the past and will fail again.
Authors: Kevin Dowd, Gordon Kerr, John Butler.
2️⃣Capital-based macroeconomics and the boom-bust cycle
CPI targeting is dangerously misplaced: consumer prices are the final signal at the end of a long production chain.
Monetary fluctuations have material effects on the real structure of prices and capital. Prices become detached from underlying realities such as resource availability, technology and consumer preferences.
Interest rate manipulation by authority discoordinates the economy in time by sending false signals about preferences for saving, borrowing, consumption and investment.
Authors: Jesús Huerta de Soto, Detlev Schlichter, John Butler, Roger Garrison, Kevin Dowd, Mises, Hayek, Steve Horwitz.
🥀 What’s happening is the slow collapse of the post war social democratic system under the weight of state intervention, tax, debt and currency debasement.
🇬🇧Yesterday was the 4th anniversary of the UK leaving the EU.
🌎Brexit has allowed us to unlock our international trade potential meaning that #Wycombe, #Bucks, #NI, and the rest of the UK have easier access to global trade.
👇Take CPTPP, for example, which I long advocated for the UK to join.
📊When the UK fully enters it later this year, our membership will deliver lower tariffs, easier connections, and better trade.
👏We will be the first European country to join #CPTPP.
“CPTPP can provide a better standard of living for people in the UK & across the original member countries. It can deliver free trade plus self-government in this great age of interventionism.”
"I was extremely disappointed to be informed last week about the threatened closure, once again, of High Wycombe’s Driving Test Centre."
"Having been through this before, just over a year ago, I remain determined for High Wycombe to maintain driving tests for the thousands of learner drivers in our town."