Fairness or Folly?

Of late we have commented on the usefulness, or otherwise, of the Federal Reserve and other central banks, citing among many issues, their total lack of any pro-active stance on monetary stability and, where they do act, the sheer folly and unfairness of the policy chosen, such as Quantitative Easing and other stimulative schemes. As the global financial crisis has deepened, politicians have tried to curry favour with the electorate in respect of fairness, or at least their version of fairness.

The latest one to jump on the bandwagon has been the UK’s deputy prime minister, Nick Clegg, who appears to be equally hard-wired to ignorance in respect of, “cause and effect,” when he suggested, “In addition to our standing policy on things like the mansion tax, is there a time-limited contribution you can ask in some way or another from people of considerable wealth so they feel they are making a contribution to the national effort?” going onto say, “while I am proud of some of the things we have done as a government, I actually think we need to really hard-wire fairness into what we do in the next phases of fiscal restraint.” One glance at the chart above, courtesy of the BBC news, shows that the wealthy appear to already be doing their fair share to the, “national effort.”

Politics is so often the art of ignorance”

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