Next year there will be a parliamentary enquiry into the effects of ultra low interest rates and other mechanisms of radical monetary policy. It will be called “Effectiveness and impact of post-2008 UK monetary policy”. Merry Christmas to all Cobden Centre readers, 2017 is shaping up to be one of the most important years so far for those of us who believe in honest money. More and more political figures on both sides of the Atlantic are realising that modern monetary policy has negative effects for the economy, for individuals, for companies and for society.
How can protection, think you, add to the wealth of a country? Can you by legislation add one farthing to the wealth of the country? You may, by legislation, in one evening, destroy the fruits and accumulation of a century of labour; but I defy you to show me how, by the legislation of this House, you can add one farthing to the wealth of the country. That springs from the industry and intelligence; you cannot do better than leave it to its own instincts. If you attempt by legislation to give any direction to trade or industry, it is a thousand to one that you are doing wrong; and if you happen to be right, it is work of supererogation, for the parties for whom you legislate would go right without you, and better than with you.
- Richard Cobden, Speech in the House of Commons (27 February, 1846).