On Economic Perspectives no. 116:   “An excellent piece as always. I suppose it has to get worse before it gets better. The problem is when society collapses the result is usually more government not less” [Godfrey Bloom]   “Wonderful, Emile! Absolutely top notch. You summarized the main problem wonderfully” [Professor Patrick Barron]   “Every essay is excellent. We are certainly on the same wavelength! Thank you.” [George Lengvari]   “Powerful stuff” [RichardMapleston]  
Looking for an honest assessment of the state of the world economy? You won't get it from any government, but you'll get it from Emile Woolf. What he says about Britain's so-called leadership applies in spades to the US.
Prof. Pat Barron
Emile that is a great article. I see they (govt) are now talking about reducing the Civil Service by 70000. A mere drop in the ocean compared to 5.7 million! Don Bailey, OBE  
Masterful, Emile. Thanks for quoting me. Your explanation of money is simple, concise, and easily understood, as it should be. It won’t happen, but the best transition to better money would occur if government simply repealed its legal tender laws. Gresham’s Law would work in reverse; i. e., good money would drive out bad, just as good products drive out bad products. Now there’s something I’d love to see you scratch! Pat  [PROFESSOR PATRICK BARRON] Wonderful, dear Em. Your papers get better and better. Keep scratching   Love, Richard [RICHARD ELIAS] My dear Emile      That is indeed the best scratch you have given your privileged followers in 2021!!            Amongst all the tittle tattle news this week we have had the report of growing expectations of harnessing nuclear fusion with temperatures twice those of the sun . Maybe this power will revive the medieval sorcerers claim of making gold ?       I recall from academic economics the notion that the discovery of the New World brought major new gold supplies back to Europe stimulating industrial and economic activity.       To contemplate Governments giving up their currency printing powers is like expecting turkeys to vote for Christmas !!  Or ,as Cobden said , if everyone is to be in receipt of charity who is to be the donor !! One of Mr Andrew’s favourite quotes.        As you know WSC was not only the author of the People’s Rights but also , as Chancellor , reestablished the Gold Standard!!    A true Liberal !!           Love to all the family - and keep up the good work !!        As ever.    Roger PS   Do you send your Epistles to Richard Elias?    Sent from my iPad [ROGER PINCHAM, FORMER CHAIRMAN, LIBERAL PARTY OF GREAT BRITAIN]
"I know of no one with your skill in the beautiful but rarely practiced art of pricking economic nonsense bubbles! Long may you remain a master practitioner!" [Richard Elias, Hyperion Insurance Group]
I strongly suggest that you read and disseminate Emile Woolf's latest essay. Very clear, concise, and truthful. 
The link to Emile's website, which houses much more of his insights, is found below.

Paul_Southampton | Wednesday, March 10th | View on Going Postal

"If I were prime minister, I would make Emile chancellor of the exchequer. And the first thing I would do is send him to the Bank of England and sack them all, from Governor down...." [Paul Southampton]
Comments on Emile's appraisal of March 2021 Budget: “Thank you Emile. A very useful read for someone not very knowledgeable about economics.”     “Thanks for the article, greatly appreciated...I'm one of those old enough to recall Geoff Howe's budget at the time.”    
“Great, again, Emile. How we miss a sensible PM like Maggie and bright, thoughtful and informed Chancellors like Howe and Lawson”
   
A simplified tax regime and regulatory cull – oh, yes please! [Jonathon Clark, author of "It's never about the money"]   Excellent Emile, You strengthen my resolve. [Ronald Lello, Founder, Millenium Trust]    
"Thank you, very interesting and thought provoking !"[Nick Davis, investment manager]
"Outstanding Emile, even by your standards!" [Roger Pincham, former Chairman of Liberal Party]
Emile
Thank you so much for by far the most sensible, balanced, intelligent, honest, bullshit free statement I have read anywhere on this issue over the past three years!
Rabbi Jeremy Rosen
Thank you Gary for sending me this great article and Emile congratulations for nailing it! I look forward to more enlightenment in the future.   Best wishes,   George
George Lengvari
  • Thank you Emile, excellent, informative article.
1642again • an hour ago Thanks Emile - in ideal terms you are right of course, but I still think President Trump is correct. Countires like the US and UK have a right to defend their sovereign interests, including critically important parts of the economy, from predatory overseas rivals, such as China, who use free trade as a strategic weapon to undermine their rival' economies. The UK steel industry is a case in point - China massively over invested in steel capacity and then started dumping very cheap steel on the global markets using marginal cost accounting, threatening the survival of the steel industries of western countries. Would we really want to see our domestic suppliers bankrupted and be dependent on China for our steel production? Emile Woolf  1642again • 7 minutes ago Johnson has in fact already promised to support British Steel with subventions. I can understand that. But whenever I talk about free trade, comments always cite China as if the entire free trade issue hinged on one rapacious dictatorship. We need to distinguish the purist arguments (mine) from the special cases. I would certainly support the argument for applying taxpayers' money to save British Steel - but ONLY if BS has a plan in place for improving its competitive position - even against China. There have to be limits. Emile China invested massively in steel because it needed steel in massive amounts for its own economy. If it managed to produce good stuff cheaply because of this massive investment, tough. That's the market. I know Chinese quality is extremely variable, including steel, but like the Japanese in the 1980s, they are being punished for being ambitious and efficient. I don't blame them for trying to break their dependence on Western technology, and copying Japanese methods. There is a lot of arrogance on the US side in this. Their market is nothing like as "closed" as the Japanese one was until very recently. Cars are a case in point. It is still hard to find foreign cars in Japan and Korea. In China, you struggle to find Chinese brands at the high end.
        • •
Euseless  joe slater • an hour ago The idea is to sell China things they need, rather than to buy things they no longer need. That is rewarding failure.
          • •
  Show more replies
Euseless  1642again • an hour ago There is no greater mecantilist force in World Trade than China. I am unsure Emile recognises or accounts for that.
1642again  Euseless • an hour ago Sadly he doesn't because he does not suggest how to address the likes of China, but merely advocates the benefits of free trade - something I don't think exists because of human nature and national interests.
  • Emile Woolf 1642again  8 minutes ago
  • OK - Guilty as charged. But please, in mitigation, see my above points in my replies to 1642 again and Joe Slater, to save me repeating myself and boring you. I am delighted with the responses - remember that my whole purpose is to alert our next chancellor to the merits of free trade so that when he is battling with morons, he does not lose sight of what is real. Emile
Allowing China into the WTo without first agreeing it would both staged and monitored before being enforced was a huge error. Bit a lot of well connected people got insanely rich. 1642again  Euseless • an hour ago Another way China corrupts itself way into the West. Euseless  1642again • an hour ago I remember reading Kissingers memoirs in the Suzhou hotel where Mao, Nixon and Kissinger first met. He was struck not by the horrifying conditions of the populace but instead by the control administered by the state.
        • •
 
Harry Meneely  1642again • an hour ago Would you prevent US companies setting up manufacturing plants in China...to increase their profits through cheap labour? Euseless  Harry Meneely • an hour ago If they are happy paying a large tarrif for behaving in such a manner then of course. Harry Meneely  Euseless • an hour ago Who pays the tariff?
Euseless  Harry Meneely • an hour ago The company, the consumer who choses to purchase.
LetEnglandShake  Euseless • an hour ago • edited There's not a lot of choice when it comes to water. Chinese 1642again  Emile Woolf • 15 minutes ago Your articles are arguments for sanity Emile but when does international politics display much sanity? I generally agree with your arguments btw, especially in relation to fiscal policy . Emile Woolf  1642again • 4 minutes ago Of course, that's right. But in the land of the blind, the one-eyed man is king, and it is not the answer to blind him too. I can tell from responses that my apparent idealism does not fall on fallow ground - so there remain some point in sounding reveille? Anyway I can't help it, so as long as Swiss Bob tolerates them, I'll send them!  
Emile
Thank you so much for by far the most sensible, balanced, intelligent, honest, bullshit free statement I have read anywhere on this issue over the past three years!
Kind regards
Jeremy
[referring to EP 70, following the election result]
Yes, I did read it. Excellent!
Keynes attempted to refute Say, but he failed of course. But politicians latched onto his crazy ideas, because they love nothing more than to spend, spend, spend. Fiat money made it possible and JMKeynes made doing so respectable. When asked what one reform he would choose if allowed only one, Mises picked sound money without hesitation. Sound money exposes the weaknesses of crackpot economics.
Breath of intellectual fresh air.  Thank you.
jim Graham
Commendations on "TIME TO WAKE UP"   "What a great article" - Don Bailey   "Excellent article Emile" - Philip Goldsmith   "An excellent piece of writing Emile" - Ronald Lello, Founder, Millenium Trust   " I just want to thanks you very much for this brilliant, incisive analysis....not a word wasted, and no fool, or ideology gladly suffered." - Eric Liknaitsky, CEO, Contemporary Films.
Another excellent essay - thankyou Emile Jim Graham

Wonderful, Emile! You have such a talent for writing that the man-on-the Clapham-ominbus or Joe-sixpack can understand.

[Patrick Barron - Professor of Austrian Economics & Banking, University of Wisconsin]
"Wonderful essay, Emile. Right on target! Nigeria has overtaken South Africa? My God!" [Patrick Barron, Philadelphia]