Yes, we've come to an extremely strange point in economic history, haven't we, Gavin? People who still claim to embrace Adam Smith and Henry Hazlitt are making statements that appear to be at odds with the thoughts of both these excellent gentlemen.

So, if we accept that taxes on production, thrift and exchange are inflationary (love Hazlitt on inflation), tantamount to theft, and are a deadweight on the economy, what's the alternative, fellas? I would have thought the economic rent favoured explicitly by Smith, and implicitly by Hazlitt, provides a very valid option?

But we've seen the reception the right has given to Ken Henry's panel's recommendations, so c'mon, libertarians, we've reached the stage where neither taxes nor rents offer a suitable revenue base? You have an alternative then? You're fast losing your street cred, guys!