Let’s teach children about economics

INSTEAD of learning how to use contraceptives in PSE lessons, I would far prefer that schoolchildren today understand basic principles of economics that will enable them to develop into well-informed citizens and voters come election time.

Let us consider a classic socialist fallacy: deficit financing. In their Noddy Land Economics Bible, they believe that raising finance is simply a case of a wander into their metaphorical or mythical monetary garden and picking some Pound Sterling leaves to finance infrastructure investment, increased benefits or military action. On the socialist government’s part, this requires an increase in taxation, which is not a vote-winner, or an issue of government securities (gilts) which is borrowing and, to them, risk-free.

To finance their beloved longterm public sector deficits, the continual increase in supply of gilts will depress their price and, due to the inverse relationship between asset price and interest rate, the interest rate will rise significantly (there is certainly no free lunch effect at play here). Thus, long-term deficit financing is extortionate and a debt crisis will occur which could result in a downgrade in the nation’s bond issues to junk status. Certainly, the servicing of the nation’s national debt is then unsustainable.

Within socialism, humans are just bricks or raw material for their arrogant great experiment to remould society, rather like Lego or Play-Doh for a child. They cut people, press them, remould them and trample on their freedom. It’s only the end that matters to them.

Let teachers teach classical liberalism, conservatism and socialism, without bias, and give our children a solid grounding in citizenship (the condom experiment is an exercise in common sense and selfpreservation and left to the bedroom). Ian Roblin Cardiff