Daily Archives: March 11, 2013

David Cameron and the UK’s Office for Budget Responsibility may have their differences of opinion on the negative impact of fiscal austerity but at least they appear to see eye-to-eye on the effects of monetary policy. Since the Conservative-Liberal Democrat coalition came into office in May 2010, the OBR has persistently projected a return to decent economic growth thanks to the supposed benefits of monetary stimulus, a view shared by the Bank of England and, indeed, by the government’s political strategists. Austerity might be painful but, with thanks to monetary stimulus, the sunny uplands were supposed to be within reach long before 2015, the year in which the coalition reaches its sell-by date.

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Revelations last month of epidemic levels of Chinese military attacks into internet-based systems and networks have only confirmed long-held suspicions. Indeed, it appears that no country, company or citizen is safe from unwanted intrusions by shadowy China-based organisations with spy-novel worthy identifiers such as People’s Liberation Army unit 61398. In the wake of these public assertions, there has been much hand-wringing about how the US and other affected nations must “hit back” against suspected online snooping and unauthorised high-technology assaults.

But just how to do that? Despite the fact that these attacks emanate from purportedly military facilities, their remedy does not lie in applying traditional military responses such as retaliation and deterrence.

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