goldmoney.com / Alasdair Macleod / August 17, 2017
Western governments have an overriding problem, and that is they have reached or exceeded the bounds of taxation, at a time when legally mandated welfare costs are accelerating. Treasury departments in all the welfare nations are acutely aware of this problem, to which there’s no apparent solution. The economic recovery, so consistently forecast since the great financial crisis, has hardly materialised and has added to the problem.
There is, if treasury economists could only understand it, a solution in free trade.
One of the UK’s leading economists and Brexiteers, Patrick Minfordi, produced an interesting paper, which brought up this subject. It got little coverage in the press, and even that was extremely negative. Trading on the Future was the only economic modelling exercise that showed significant benefits for Britain from free trade.ii
This is the headline from the Independent (19 April): “Only economic study showing benefits of Brexit debunked as ‘doubly misleading’.” The establishment, which is not attuned to free trade, strongly disagreed and presumably felt bound to protect its position.