I must admit I took no satisfaction at seeing the man we used to call the "Iron Chancellor" being savaged in an open arena — but someone had to say it. Bailouts, stimulus packages, interest rate cuts, quantitative easing and anything else they can think of just will not work. The reaction of the Prime Minister to this scathing attack was embarrassing. His great strength as Chancellor was that he gave the impression of being both able and formidable — you took him on at your peril. Not so now. They say that history tells us everything, even the future. … Continue reading Fiat Money and Inflation