I like Sir Mottram's words so much, I'll appropriate them and say it myself: We’re all f***ed. I’m f***ed. You’re f***ed. The wholeI appreciate the sterling if pitiful efforts of my comrades to clutch at straws these last few hours, but, on this grim morning after, I fear the most salient analysis comes from Sir Richard Mottram, Her Britannic Majesty’s former Permanent Secretary for the Department of the Environment, Transport and the Regions, albeit speaking in another context:“We’re all f***ed. I’m f***ed. You’re f***ed. The whole department’s f***ed. It’s been the biggest c**k-up ever and we’re all completely f***ed.”Words to ponder.
The Panic of 1837: An Austrian View
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The traditional explanation of the Panic of 1837 recognizes that excessive
bank credit expansion generates inflation, speculation, and economic
instability...
1 hour ago