There Is No Money

by Gary North
Jun. 05, 2010

On May 17, David Laws, the new British government's Chief Secretary to the Treasury, walked into his office. There on the desk was a note from the previous holder of this high office, Liam Byrne, who had departed along with Gordon Brown's Labour Party cabinet. The note was brief.
"Dear chief secretary, I'm afraid there is no money. Kind regards – and good luck! Liam."
Mr. Laws was a bit miffed. He informed the media that it is traditional for an outgoing senior office holder to leave some guidelines for the incoming office holder. This note, Laws said, was not helpful.

On the contrary, it may have been the most helpful note left by an outgoing politician in modern history. It told the truth.

Continued












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