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Ignore Paul Krugman, Margaret Thatcher’s Policies Worked
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
goldnews.bullionvault.com / By Martin Hutchinson / April 12, 2013
Krugman’s attack was both unsurprising and wrong…
THE RECENT on Margaret Thatcher by Paul Krugman wasn’t very surprising,writes Martin Hutchinson for Money Morning.
After all, Krugman is the top Keynesian gadfly.
In a blog post on the very day she passed, he questioned whether or not Margaret Thatcher had actually made any difference to the performance of the British economy.
Since she had spent much of her career fighting the theories of like-minded economists you can easily understand why Krugman was so quick to take a swing.
But as someone who was actually there, I can tell you the evidence of Thatcher’s success is incontrovertible, no matter what Paul Krugman wants you to believe.
What’s more, the larger truth is that Thatcher’s principles still hold lessons for us today.
To illustrate the difficulty of Thatcher’s battle: In the summer of 1981, no fewer than 364 top economists wrote a letter to the London Times denouncing her policies and saying they would inevitably lead to economic decline.
That letter marked just about the absolute low point of the 1979-81 recession.
After its publication the economy reverted into strong growth, and in the following year Thatcher’s Falklands victory assured her re-election.
From 1981, Britain’s economy continued to strengthen with only minor recessions until 2007. The trends marked a complete break from what had gone before, leading British living standards from 10% below those of France in 1980 to 10% above them in 2007.
Thanks to BrotherJohnF
2013-04-14 17:46:42
Source: http://silveristhenew.com/2013/04/14/ignore-paul-krugman-margaret-thatchers-policies-worked/
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