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February 24, 2023



You might add that Tony Blair though that he could sort out the Middle East with military intervention once NATO 'sorted out' the Balkans with a similar strategy.


Covid Responses:

No, not locking down earlier was an unforgivable error. I wrote to New Scientist on 8 February 2020 suggesting that the UK immediately close its borders to all incoming travellers. Sadly New Scientist chose not to publish my letter, but I'm sure their editor will confirm that I sent it.

Similarly, the BoE was powerless to control inflation caused by rising oil and gas prices since these rises were all caused by a reduction in supply on the international market. Boosting the value of the pound would have helped, if this were within the control of the BoE. Long term, the development of indigenous energy sources is the only protection against changes in external energy markets.


VAR is instructive because we can form a hierarchy of error...

Mason committed an error of negligence... so he didn't even get to make an error of measurement... let alone an error of judgement... so we didn't get to form an opinion on his taste. Mason thought his taste outweighed his duty so he shot from the hip and missed. He didn't even measure once before cutting.

Truss/Kwarteng are similar... negligence in failing to understand the problem compounded by negligence in failing to use the OBR meant they didn't even cut the right bit of wood.


《Boosting the value of the pound would have helped, if this were within the control of the BoE.》

What about boosting volume to meet money demand? If extraction is more expensive because capitalism has created more middlemen, why not simply print money to pay the middlemen?

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