The hills are alive with the sound of praxeology

When I told a friend of mine three years ago that I was interested in Austrian economics she asked “Isn’t that just selling cuckoo clocks and lederhosen?” True, she wasn’t the brightest, but Austrian economics was fringe stuff. An influential school originating in Vienna in the late nineteenth and early twentieth century it was largely buried under the Keynesian avalanche of the 1930’s. That’s changing.

The Austrian school survived in America where émigré economists escaping the turmoil of 1930s Europe inspired a new generation. Perennial presidential candidate Ron Paul is an advocate of Austrian economics and the Ludwig von Mises Institute dominates the field.

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We are on the economic brink

It just happened

Yesterday the Bank of England announced another round of quantitatuve easing worth £75 billion.

Andrew Lilico responded by asking

"Perhaps the Bank of England is privy to data that makes it believe that further collapse in the British banking sector is now inevitable. If so, an increase in QE is inevitable and correct. But are we really there yet?"

It seems Lilico's question has been answered. Today came the news that

"Moody's has cut its rating on the debt of 12 UK banks, including the state-supported Lloyds Banking Group and Royal Bank of Scotland"

The banks are back on the verge of collapse.

Beyond credit easing and council tax: How Osborne can sail us toward 'calmer, brighter seas'

Under pressure

The Labour conference last week was all about Ed Miliband but that didn’t really matter, few are listening to him.

The man currently front and centre of British politics spoke at the Conservative conference in Manchester yesterday, Chancellor George Osborne. His brief, the economy, dominates politics.

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