Opinion: Mario and the Austerians – Paul Krugman ex NYT – John Gelmini

United Kingdom: stamp

United Kingdom: stamp (Photo credit: Sem Paradeiro)

Paul Krugman is quite right to point out that if the Europeans and Mario Draghi, Olli Rehn, et al thought that their policies were working they would not have cut interest rates.

A generation of young people has been sacrificed in the UK and most of Europe due to the failure of these policies which were never going to work on their own.

Where I might differ with Krugman and Dr Alf is in finding the money needed to effect growth, enterprise, exports and to fund infrastructure.

They would favor less austerity, and more borrowing and presumably printing money to fund the infrastructure projects and create jobs–a Keynsian stimulus.

My approach would involve infrastructure bonds sold to Sovereign Wealth Funds and a lower tax system designed to keep capital onshore, rather than drive it away into cash mountains hidden in tax havens.

My approach to the EU for the UK would be to leave it, become a tax haven, make it attractive for wealthy foreigners to live here, freeze all other immigration other than for those with special skills, cut the Monarchy and the public sector down to size and export our way out of trouble.

John Gelmini


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