Thursday, July 04, 2013

Egypt, Breaking Bounds sculpture exhibition and Idea 157 is Monetarism

The turmoil in Egypt is fascinating both as an example of a nascent democracy's growing pains and as an example of the West's mixed feelings on self determination by the Arab states.
Egypt in turmoil?

Although President Morsi  (which appears to have a variety of spellings) was elected democratically there have been worrying signs that he is not a democrat as many of us would understand the term - preferring to consider that he has been elected to be an autocrat.

We can see in Egypt a battle which is to some extent characterised by the metropolitan areas (such as Cairo) and the countryside the proxy struggle  between progressives and the Muslim Brotherhood continues and the military have stepped in to ensure (as they see it) that Egypt continues to function  putting a temporary president in place (the top judge  Adly Mansour).

So how is the west reacting to what looks very much like a military coup overthrowing a democratically elected leader? - As we might expect with some ambivalence, Egypt has been a western ally  and this is the real goal of the US and its coterie.

As a result of enrolling in CityLit course I've got an invite to Breaking Bounds Exhibition this evening.

Big Idea 157 is Monetarism (Economics)

The US economist Milton Friedman is associated with Monetarism, he believed that one of the key factors in the economic system which led to inflation was an increase in the Money Supply (basically printing more money and thus devaluing the currency).

Monetarism was a fashionable creed (and a  bulwark to the Keynesian school) to follow in the 1980's and the analysis was used as part of the UJK treasury's armoury in fighting the rampant inflation experienced at this time. It is interesting to see that many economies have chosen 'fiscal easing' in their struggle with the current economic challenges.
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