one of john keynes important role was to stabilize them and that's what we are very different place than the 1930s as a country and as a government. and you know, i want the automatic stabilize to operate while at the same time having a fiscal deficit, which doesn't undermine our credibility in bond markets. so that's why the fiscal mandate is a cyclical one. and if you want a cyclical one, then you need to have an idea of what the output gap is. >> i want to turn to a new stabilizer, the fuel stabilizer. you seek a welcome fuel duty, slight surprising increase in the oil and gas taxation. what assessment have you made of the impact on investment going forward? >> our expectation is that it will not damage investments. and what would damage investment is if we were to maintain the new higher rate of tax with a falling oil price, once the oil price sustained and taken down to the kind of levels that we saw a few years ago and that was the amount many oil companies made their investment decisions on, which is why i've made a very explicit promise to farm and in the budget assure the oil pr

let me give you a much better source than john maynard keynes. let me refer you to matthew chapter 2. whether it is proper to pay taxes to rome what does he say? why tempt me tikrit, showed the tribute money. and they brought on and jesus said on to them who is this image in superscription they answered him jesus. then jesus said render them the things which are ceaseless and on to god the things which are god. before you conclude by completely lost my mind i'm not arguing our lord is on one side with the other on the argument of the euro. [laughter] the point of the story is when he was looking to identify the supreme source of the temporal power, the one absolute symbol of the government control he pointed to the economic policy isn't some issue ministers could amount to in their fair time governing is the central business of the modern state and if that power passes from the 27 nations of europe to the institutions of the e.u. and the bureaucrats who run them we have given away our democracy. >> the colorado springs. i lived for two years in t

let me give you a much better source than john maynard keynes. let me refer you to matthew chapter 2. whether it is proper to pay taxes to rome what does he say? why tempt me tikrit, showed the tribute money. and they brought on and jesus said on to them who is this image in superscription they answered him jesus. then jesus said render them the things which are ceaseless and on to god the things which are god. before you conclude by completely lost my mind i'm not arguing our lord is on one side with the other on the argument of the euro. [laughter] the point of the story is when he was looking to identify the supreme source of the temporal power, the one absolute symbol of the government control he pointed to the economic policy isn't some issue ministers could amount to in their fair time governing is the central business of the modern state and if that power passes from the 27 nations of europe to the institutions of the e.u. and the bureaucrats who run them we have given away our democracy. >> the colorado springs. i lived for two years in t

john keynes argued he who controls the currency controls the country. i promise you that it's going to be the only time i quote keynes approvingly. in fact, never mind. let me give you a much better source. the very free to the gospel of matthew, chapter 22. the lord has asked whether it's proper to pay taxes. what did he say? show me the tribute money. jesus said to them, who is this image? the afternoon seriously. then jesus that i surrender the things which are caesar's and unto god. before you conclude that i've completely lost my mind, i'm not arguing our lord is on one side or the other meant about the euro. [laughter] the point of the story is that when he was looking to identify the supreme source of temporal power, the one absolute symbol of government control, he pointed to the coin. economic policy is the website issue they get around to after busy days governing. it's the essential goodness of the modern states. and if that power passes from the 27 nation eurydice duchenne said e.u. the unelected bureaucrat, we have given away part of it. >>