Interest Rate Rise

[BillyStubbsTears]

What do you suggest Tyke?

[Glyn_Wigley]

So in essence deliberately cause a catastrophic recession bordering on Depression that will completely tank everything other than savings for something that will fall of its own devices and will start falling irrespective in Spring 2023 .

And if the BOE didn't do this to shore up the currency and target inflation at the same time, what would be the results of unbridled inflation coupled with a collapsing pound be that you're happy to have instead?

Unfortunately you've fallen for the " there's no other options " .

Which is exactly what they want you to believe .

Well I believe what I learnt when I did my Economics A-level.

Tell me what you believe is the answer then, and what the consequences of your solution are that you'd be happy with.

[tyke1962]

So in essence deliberately cause a catastrophic recession bordering on Depression that will completely tank everything other than savings for something that will fall of its own devices and will start falling irrespective in Spring 2023 .

And if the BOE didn't do this to shore up the currency and target inflation at the same time, what would be the results of unbridled inflation coupled with a collapsing pound be that you're happy to have instead?

Unfortunately you've fallen for the " there's no other options " .

Which is exactly what they want you to believe .

Well I believe what I learnt when I did my Economics A-level.

Tell me what you believe is the answer then, and what the consequences of your solution are that you'd be happy with.

Well what you were taught back then doesn't apply in this instance because the root causes of this inflation spike are excessive profit taking and not high wages or high wage demands , settlements are still falling short of the inflation rate .

What you have here is pure Tory ideology who are pushing wages down and pushing interest rates up to limit spend whilst leaving excessive profit taking well alone .

What they should be doing if they weren't so ideologically attached to the wealthy and huge business is to lower interest rates , increase benefits and pensions and raise the wages of the lower paid , the money would go straight back in to the economy and pay for itself .

They could also cut VAT on Gas , Electric , Diesel and Petrol , they are asking those least able to pay to balance the Tory accounts .

They should taxing the energy companies more with even bigger windfall taxes whose huge profiteering is simply unearned and absolutely nothing  to do with entrepreneurship and invention .

[Glyn_Wigley]

And inflation would go through the roof, the pound will fall yet again and short and medium term business planning will suffer leading to unemployment. I'm glad you'd be happy to inflict that on everybody but don't expect to convince anybody.

PS You seem very sure of what I was taught or not. I was taught about the different types of inflation, including the current cost-push inflation. It's nothing new like you seem to think it is.

[tyke1962]

And inflation would go through the roof, the pound will fall yet again and short and medium term business planning will suffer leading to unemployment. I'm glad you'd be happy to inflict that on everybody but don't expect to convince anybody.

PS You seem very sure of what I was taught or not. I was taught about the different types of inflation, including the current cost-push inflation. It's nothing new like you seem to think it is.

In a credibility contest I'd back two Political Economic Professors whose words I'm quoting versus  your A level economic studies and drip fed to you by a client media .

[Glyn_Wigley]

And inflation would go through the roof, the pound will fall yet again and short and medium term business planning will suffer leading to unemployment. I'm glad you'd be happy to inflict that on everybody but don't expect to convince anybody.

PS You seem very sure of what I was taught or not. I was taught about the different types of inflation, including the current cost-push inflation. It's nothing new like you seem to think it is.

In a credibility contest I'd back two Political Economic Professors whose words I'm quoting versus  your A level economic studies and drip fed to you by a client media .

Link please, let's see whose words you're being drip fed.

[BillyStubbsTears]

Please, please don't tell me it's Richard Murphy.

[tyke1962]

And inflation would go through the roof, the pound will fall yet again and short and medium term business planning will suffer leading to unemployment. I'm glad you'd be happy to inflict that on everybody but don't expect to convince anybody.

PS You seem very sure of what I was taught or not. I was taught about the different types of inflation, including the current cost-push inflation. It's nothing new like you seem to think it is.

In a credibility contest I'd back two Political Economic Professors whose words I'm quoting versus  your A level economic studies and drip fed to you by a client media .

Link please, let's see whose words you're being drip fed.

https://twitter.com/LBC/status/1588238615225798657?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1588238615225798657%7Ctwgr%5E3fa59dcccca718f428cf01e09765782d9cead199%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.taxresearch.org.uk%2FBlog%2F

[tyke1962]

Please, please don't tell me it's Richard Murphy.

Are you more qualified then Billy ?

[BillyStubbsTears]

Please, please don't tell me it's Richard Murphy.

Are you more qualified then Billy ?

Not in economics, no. But I do read a lot of far better qualified economists than him, who think he's away with the fairies.

[wilts rover]

This isn't a 'normal' inflationary cycle when wages and demand have caused prices and inflation to rise. Inflation has shot up because of high energy prices and excessive profiteering.

You don't need to be a qualified economist to suggest that the way to tackle this is to cap energy prices and tax excessive profit.

[tyke1962]

Please, please don't tell me it's Richard Murphy.

Are you more qualified then Billy ?

Not in economics, no. But I do read a lot of far better qualified economists than him, who think he's away with the fairies.

Better qualified , how's that work then ?

[BillyStubbsTears]

Please, please don't tell me it's Richard Murphy.

Are you more qualified then Billy ?

Not in economics, no. But I do read a lot of far better qualified economists than him, who think he's away with the fairies.

Better qualified , how's that work then ?

It works by people being Professors of Macroeconomics for a start, rather than Professor of Bookkeeping as Murphy is.

Then it progresses to their relative successes on predicting previous economic outcomes.

But you fill your boots listening to Murphy if it makes you happy.

[tyke1962]

Please, please don't tell me it's Richard Murphy.

Are you more qualified then Billy ?

Not in economics, no. But I do read a lot of far better qualified economists than him, who think he's away with the fairies.

Better qualified , how's that work then ?

It works by people being Professors of Macroeconomics for a start, rather than Professor of Bookkeeping as Murphy is.

Then it progresses to their relative successes on predicting previous economic outcomes.

But you fill your boots listening to Murphy if it makes you happy.

Actually none of what Richard Murphy writes or broadcasts make me happy .

[BillyStubbsTears]

Good

[tyke1962]

Good

Billy I'm not the one swallowing that something created by inequality is going to be solved by creating even more inequality , you are .

There's nothing good about that .

[SydneyRover]

Good

Billy I'm not the one swallowing that something created by inequality is going to be solved by creating even more inequality , you are .

There's nothing good about that .

maybe not but you scoffed down the brexit bbq

[tyke1962]

Good

Billy I'm not the one swallowing that something created by inequality is going to be solved by creating even more inequality , you are .

There's nothing good about that .

maybe not but you scoffed down the brexit bbq

So did you given the choice that was on offer to you in 2019 .

Basically another referendum and you voted to leave the EU just as I did in 2016 .

How stupid are you ?

[BillyStubbsTears]

Good

Billy I'm not the one swallowing that something created by inequality is going to be solved by creating even more inequality , you are .

There's nothing good about that .

You haven't got the first idea what I'm saying, because you've never, ever engaged with a word I've said on the subject. You've decided I'm your enemy, and you won't be budged. Your call.

[SydneyRover]

those that believed the lies about brown put the spivs in that gave the country Austerity, the pot was stirred to make many believe it was the fault of immigrants and led to brexit which puts the country where we are now. Why someone right proud of workin' class would ever trust their lies I haven't a clue.

https://www.theguardian.com/commentisfree/picture/2022/nov/05/conservative-gaslighting-cant-hide-the-prowling-wolf-of-recession

[tyke1962]

Good

Billy I'm not the one swallowing that something created by inequality is going to be solved by creating even more inequality , you are .

There's nothing good about that .

You haven't got the first idea what I'm saying, because you've never, ever engaged with a word I've said on the subject. You've decided I'm your enemy, and you won't be budged. Your call.

Billy you aren't my enemy , the fact of the matter is you are going along with the narrative that making working people and businesses worse off with the increases in interest rates is the right thing to do at this time .

People losing their homes and their jobs doesn't work for me .

That appears to be your reality .

[BillyStubbsTears]

Tyke.

Would you be able to point to the words of mine that make you come to that conclusion?

[tyke1962]

Tyke.

Would you be able to point to the words of mine that make you come to that conclusion?

Yeh it's the bit where you state in post two that the BOE have no alternative and is the text book method of reducing inflation .

Just exactly what do you believe are the consequences of those measures ?

[BillyStubbsTears]

All that is correct.

There is no magic wand to stop this economic slowdown from happening. And if very high inflation becomes embedded, things will be far, far worse for everyone.

You cannot solve this problem by taxing the energy companies. I do think we should be taxing them massively, but that's not going to stop inflation. What it WOULD do is to give Govt a lot more income so that much of the cuts that Hunt will announce in 10 days time would be unnecessary.

I also think we should be motivating the current recession by investing in capital infrastructure. All those things would reduce the impact of the recession. But it's here now. From where we are now, you are not going to avoid a recession. You're deluding yourself thinking there's an alternative. And, as usual, you are lashing out at people who face up to the reality.

[tyke1962]

All that is correct.

There is no magic wand to stop this economic slowdown from happening. And if very high inflation becomes embedded, things will be far, far worse for everyone.

You cannot solve this problem by taxing the energy companies. I do think we should be taxing them massively, but that's not going to stop inflation. What it WOULD do is to give Govt a lot more income so that much of the cuts that Hunt will announce in 10 days time would be unnecessary.

I also think we should be motivating the current recession by investing in capital infrastructure. All those things would reduce the impact of the recession. But it's here now. From where we are now, you are not going to avoid a recession. You're deluding yourself thinking there's an alternative. And, as usual, you are lashing out at people who face up to the reality.

I'm not lashing out Billy , I just see the world different to you in what's reality and what isn't .

Reality was that the Iron Curtain would never come down because it's citizens were prisoners in their own states and subject to harsh penalties should they not accept their lot .

Reality was that a Black man who was incarcerated for 40 years in a country ruled by white people and black people kept in line through apartheid would never again see the light of day never mind become that country's President .

Good job Atlee didn't accept reality either in 1945 .

 

[BillyStubbsTears]

Good for you Tyke. You're right.

[tyke1962]

Good for you Tyke. You're right.

I'll probably receive pelters from the usual suspects but it is my opinion .

The two most damaging PM's this country have elected and they both won 6 elections between them are Thatcher and Blair .

Everything you see today is a tentacle of their Premiership .

History is rather kinder to Thatcher for reasons I find difficult to accept but none the less , however Blair is almost universally disliked .

[SydneyRover]

well that's covered interest rates then