11 comments on “Who the Hell is Tony Makara?

  1. “It means that we have to pursue a strong pound policy to ensure that the foreign goods stay cheap.”

    Twat. We learned the lesson that we can’t pursue any currency policy. Or does he want to take us back to the days of shadowing the Deutschemark?

    I just watched the BBC’s coverage of the 1968 budget and listened to some unbelievably twattish things (fixing prices and wages by law). There seem to be way too many people that would like to take us back to that era.

  2. There is a historic precedent for this brand of protectionism – Friedrich List: The National System of Political Economy:
    http://oll.libertyfund.org/files/315/List_0168.pdf

    “Friedrich List (1789-1846) lived and consciously deployed himself as part of three republican networks that were at political war with the British empire: the Prussian Reformers movement in Germany, the Ecole Polytechnique of France, and the heirs of the American Revolution. After being imprisoned at the behest of Prince Metternich for his attempts at reforms in Wurttemberg, the German-born List was invited by the French hero of the American Revolution, General Lafayette, to join him on his triumphal tour of the United States in 1825. List lived in Pennsylvania for several years, where he worked with the Careys, Henry Clay, and John Quincy Adams to build the fight for protective tariffs for industry. After 1830, he returned to Germany to implement the American System there. Known as the `Father of the German Railways,’ he was perhaps the most outspoken opponent of free trade in the world. His book The National System of Political Economy, translated into numerous languages, has served since 1841 as a manual on how to fight the evils of British cosmopolitan `free trade’ system of looting to build an empire.”
    http://american_almanac.tripod.com/list92.htm

    For comparison, see this satirical petition on behalf of the candlemakers in France to the National Assembly, as drafted by Frédéric Bastiat:
    http://www.ccsindia.org/ccsindia/lacs/25candlemakers_petition.pdf

  3. C’mon. Every mainstream political party has its nut cases. According to this news report from two years ago, it was revealed in the New Statesman that a youngish Tony Blair wrote a 22-page letter in 1982 to Michael Foot saying how Karl Marx had “irreversibly altered his outlook.”

    “Tony Blair’s youthful enthusiasm for radical socialism and his admiration for socialist theorist Karl Marx are revealed in letter written in 1982.

    “In the 22-page letter, the 29-year-old Mr Blair tells then Labour leader Michael Foot how reading Marx had ‘irreversibly altered’ his outlook.

    “He also praises Tony Benn, agreeing with the left-winger’s analysis that Labour’s right-wing was bankrupt.”
    http://news.bbc.co.uk/1/hi/5081798.stm

  4. “Tony Makara is a very wise man”

    And what then does Tony Makara propose to do about the admission of China to membership of the WTO:
    http://www.china.org.cn/english/49058.htm

    Is the EU or Britain to withdraw unilaterally from the WTO pending China’s expulsion or depending on whether China unties its currency – the Renminbi – and allows it to float freely in the foreign exchange markets without any links to currency baskets?

    I think we should know.

    “China’s currency, which for the previous decade had been tightly pegged at 8.2765 yuan to the U.S. dollar, was revalued on July 21, 2005 to 8.11 per U.S. dollar. Following the removal of the peg to the US dollar and pressure from the United States, the People’s Bank of China also announced that the renminbi would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC has stated that the basket is dominated by the U.S. dollar, euro, Japanese yen and South Korean won, with a smaller proportion made up of the British pound, Thai baht, Russian ruble, Australian dollar, Canadian dollar and Singapore dollar.

    “As of February 29, 2008 the renminbi traded at 7.1058 yuan per U.S. dollar which is a 16.5% increase since the removal of the peg. There are frequent suggestions that the yuan is undervalued, often on the basis of purchasing power parity analysis (see below). However, some studies suggest that the yuan is not in fact undervalued. . . ”
    http://en.wikipedia.org/wiki/Renminbi

    China currently has the fourth largest economy in the world. Only a few years back, Britain had the fourth largest economy but we now have only the sixth largest at current exchange rates, having been overtaken by China and by France.

    Btw we used to have a perennial US Dollar problem in the 1950s, which some once regarded as intractable – as here: Sir Donald MacDougall: The World Dollar Problem (1957).

    For illuminating insights, see his obituary in the Telegraph, notably the part about MacDougall’s reaction to RAB Butler’s secret and abortive proposal of February 1952 to float the Pound.
    http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2004/03/29/db2901.xml

  5. “They don’t call the Tories the ‘stupid party’ for nothing.”

    There are a lot of stupid people among the Tories but there are also a lot of clever people too. The challenging trick is in being able to distinguish one lot from the other.

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