October 2017 - Emile Woolf writes

Economic Perspectives – 1

ECONOMIC PERSPECTIVES 1 Surpluses & deficits are hotly debated – but what about the currency? Much has been made of Britain’s current account deficit, which is the amount by which our imports of goods and services exceed our exports. It is a situation that protectionists would love to “do something about”, such as resorting to […]

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Economic Perspectives 13

ECONOMIC PERSPECTIVES 13   AN EPIDEMIC OF ECONOMIC IGNORANCE The last two issues of Economic Perspectives drew on observations made while I was on a month’s visit to South Africa, during which time the Finance Minister, Pravin Gordhan, presented his annual Budget to Parliament in Cape Town. He was robustly resistant to calls from a […]

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Economic Perspectives 12 (March 2017)

ECONOMIC PERSPECTIVES 12 PAYING THE PRICE The only way in which government debt, generated by central banks’ addiction to unrestricted credit expansion, can be paid for, honestly, is with honestly earned wealth in the form of private sector savings. But that knowledge, which every central banker quickly learns to forget, is now a feint memory […]

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Economic Perspectives 11 (March 2017)

ECONOMIC PERSPECTIVES 11 Inflationary folly has consequences Responses to previous instalments of my “Economic Perspectives” include queries on why unbridled credit expansion by the main central banks in USA, UK, EU and Japan does not appear to be reflected in a commensurate rise in the general price level, affecting all sectors of the economy. Further, […]

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Economic Perspectives 21- Anti-competitive protectionism

ECONOMIC PERSPECTIVES – 21   “ANTI-COMPETITIVE PROTECTIONISM”   1 – BALANCING IMPORTS AND EXPORTS Since the exports of every nation are other nations’ imports, why does the myth persist that exports are somehow “better” than imports? But absurdity has never been a barrier to political argument, so we should not be surprised. I have already […]

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Economic Perspectives 22

ECONOMIC PERSPECTIVES – 22 Currency fables – the devaluation myth The notion persists that a particular country’s economic hardship may be alleviated by an official devaluation of its currency on the basis that this would make its exports cheaper to overseas buyers. Let’s therefore pretend, just for the sake of debate, that all countries in […]

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