Up until this time, nation-states had complete control over their economies and finances.

What? No nation state has ever had complete control over their economy.

Even the Soviets couldn\’t control everything in their economy.

When someone starts out a piece talking about the global economy by making that claim then, well, it\’s something of a problem, isn\’t it?

4 thoughts on “Seriously?”

  1. Bill mixes up “legal authority” with “control”.

    We had capital controls, fixed exchange rates, price controls. People found a way around them all (e.g. the man stopped at Dover with a suitcase full of cash but couldn’t be stopped because he had discovered that capital controls didn’t apply to Scottish notes due to a drafting error in the law).

  2. “Cif editor’s note: This article has been published with comments off because of potential legal issues which might arise. Where possible, articles on this topic will be opened to comment during office hours, but please note that posts will be pre-moderated because of legal sensitivities in this area. For those who want to follow all the developments in the Tax Gap series, please follow our tax blog, where pre-moderated commenting is guaranteed.”

    Do they mean they don’t want anyone to mention the Guardian’s tax status!

  3. The writer (Bill) “goes on,” more or less, babbling about something he doesn’t quite understand. He may be wrong–but no wronger than the rest of us (or anyone, for that matter.)

    My own belief in the matter (but for which I can offer no indisputable reasoning) is that the entirety of the present problems (and even more ominous foreshadows of the future) are the inevitable outgrowth of two mutually exclusive propositions: 1.) that value, and, therefore, the structure of prices on the market, is based on the subjective, real-time valuations of all market participants with relevancy determined by the extent of their participation; or, 2.) that value, and, therefore, the structure of prices
    throughout the market, is under the control of those seeking, as political and monetary “authority,” to control such ultimate outcomes (i.e., the very thought processes of all participants).

    The very idea behind such authority, to “master” the human universe, is as beyond possibility and reality as it is beyond almost any
    concept of human morality. It is no more reasonable a goal than to repeal the law of gravity or that of the conservation of mass and energy.

    Nor is the over-reaching a fault or shortcoming
    of authority, the political leadership. Rather, it is the almost universal shortcoming of the follower masses themselves, who expect from their leaders (and assign power to them) results that only they are able to provide for themselves (make us happy!).

  4. He is a tit, obviously, but is his crime any worse than the common journalistic excess of misusing verbs like “control” and “force”? As in: M&S control 50% of the retail market in knickers, or Jemima was forced to hire a new nanny.

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