This is what the UKLP has to say on its proposals to reform the financial system in the UK. I quite like the critique of the present system they provide, but I can’t get my head round the proposed reforms, with idea like giving the government the power to create fiat money, etc.
What does anybody else think?
its confused. someone has copy and pasted bad moneterist stuff at the top, and this rather contradicts the good laissez-faire stuff at the bottom. the overall blend is not laissez-faire.
my 2cents.
I just read the manifesto. I agree that their explanation of money creation and FRB is excellent, I would have to work do a better job myself.
However, I’d say their proposals are not only confused but also in many ways mutually contradictory to purpose and conflicting. Indeed I was shocked that the so-called libertarian party is even suggesting Plank 1 as a proposal on its own anyway. They seem to be harbouring under the fallacy that government created money used on capital works and wages of public sector workers could be any basis for creating a market economy. It seems like a decorative way of describing redistribution of resources under a “planned” economy to me.
Needless to say, if thir second proposal is the creation of a genuine gold backed currency, we would witness a flight from their first currency, unless they instituted price controls ala Gresham’s Law to counter such movement. This has not been a good introduction to the UK Libertarian Party for me(or at least I think they should change their name)!
The LPUK is involved in a by-election campaign at the moment (the election day is tomorrow, in a constituency where a Labour MP lost his seat due to crooked expense claims), but I think that afterwards, some review of policies may come up.
Sounds libertarian.