Wednesday, November 12, 2008

Queen Elizabeth metaphorically man-checks economist


This is . . . . just . . . . awesome.

"An entire profession now appears to have suffered a collapse. Last week the Bank of England decided, overnight, that the ideal way to grapple with the financial crisis was not with a high interest rate policy but with a low one.

This week a political community adamantly opposed to cutting taxes, indeed having begged and borrowed from Asia rather than do so, suddenly thought tax cuts an excellent thing. This was not Keynes finding a new opinion when the facts no longer supported the old one. It was a colossal U-turn."

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