The cost of living!

[Maddog]

You don't really own the Bank of England anymore than we own the Federal Reserve.

Although both have become more entertwined with the government. As the above article stated, the greenlighted all government debt by promising to buy it all as soon as it was issued.

The reason it has to be paid back is the same reason that Treasury departments can't just print more actual money. It devalues the money by creating more of it, without it being backed by a promise to repay.

[Stooo]

You don't really own the Bank of England anymore than we own the Federal Reserve.

Although both have become more entertwined with the government. As the above article stated, the greenlighted all government debt by promising to buy it all as soon as it was issued.

The reason it has to be paid back is the same reason that Treasury departments can't just print more actual money. It devalues the money by creating more of it, without it being backed by a promise to repay.

These people do what they want.

[Maddog]

After reading Murphy's explanation and cure, which is largely based on just raising taxes to tax our way out of debt (which will slow down inflation no doubt) he reeked of the MMT crowd which are the kooks of the economic world.

I was correct.

He is an advocate of Modern Monetary Theory.[13][14][15] He thinks it could be applied to, though not essential for, a Green New Deal.[16][17]

https://en.m.wikipedia.org/wiki/Richard ... campaigner)

[Stooo]

After reading Murphy's explanation and cure, which is largely based on just raising taxes to tax our way out of debt (which will slow down inflation no doubt) he reeked of the MMT crowd which are the kooks of the economic world.

I was correct.

He is an advocate of Modern Monetary Theory.[13][14][15] He thinks it could be applied to, though not essential for, a Green New Deal.[16][17]

https://en.m.wikipedia.org/wiki/Richard ... campaigner)

Have a look at the shit that Patrick Minford comes out with and how our government follows it to the letter.

We live in interesting times.

[Maddog]

After reading Murphy's explanation and cure, which is largely based on just raising taxes to tax our way out of debt (which will slow down inflation no doubt) he reeked of the MMT crowd which are the kooks of the economic world.

I was correct.

He is an advocate of Modern Monetary Theory.[13][14][15] He thinks it could be applied to, though not essential for, a Green New Deal.[16][17]

https://en.m.wikipedia.org/wiki/Richard ... campaigner)

Have a look at the shit that Patrick Minford comes out with and how our government follows it to the letter.

We live in interesting times.

Sounds like he is of the Chicago School of Economics and Milton Friedman. Hardly the kook filled world of the MMT clan.

It was the MMT clan that was positive that all of this QE wouldn't cause inflation. And if it does, you just raise taxes. Well, I challenge any government to try that now, while people are already being punched in the gut with rampant inflation.

This boils down to something we all intuitively know. If you constantly create more of something out of thin air, to fund your spending, you will soon pay for that habit. It's not if, but when.

[Maddog]

When Ms. Kelton’s book, “The Deficit Myth,” was published in June 2020 and shot onto best seller lists, inflation had been weak for decades and had dropped below 1 percent as consumers retrenched in the pandemic. The government had begun to spend rapidly to try to prop up flailing households.

When Ms. Kelton appeared on a Bloomberg podcast episode, “How M.M.T. Won the Fiscal Policy Debate,” in early 2021, inflation had bounced back to around 2 percent.

But by a chilly January afternoon, as ducks flew over the frosty estuary outside Ms. Kelton’s house near Stony Brook University, where she teaches, inflation had rocketed up to 7 percent. The government’s debt pile has exploded to $30 trillion, up from about $10 trillion at the start of the 2008 downturn and $5 trillion in the mid-1990s.

Last summer, Ms. Kelton called inflation a temporary sign of “growing pains.” By the fall, she painted it as a good problem to solve, compared with a continued weak economy. As it lingers, she has argued that diagnosing what is causing it is key.

https://www.nytimes.com/2022/02/06/busi ... elton.html


The MMT economists are kooks who are descendents of the Titanic captain.

[Stooo]

Sounds like he is of the Chicago School of Economics and Milton Friedman. Hardly the kook filled world of the MMT clan.

It was the MMT clan that was positive that all of this QE wouldn't cause inflation. And if it does, you just raise taxes. Well, I challenge any government to try that now, while people are already being punched in the gut with rampant inflation.

This boils down to something we all intuitively know. If you constantly create more of something out of thin air, to fund your spending, you will soon pay for that habit. It's not if, but when.

He advised Thatcher and convinced her to get rid of industry and replace it with services, he later convinced the ERG tories (and later the whole party)that the fishing and farming industries were a necessary sacrifice for brexit (that word again).

Meanwhile life gets more shit.

[Maddog]

Sounds like he is of the Chicago School of Economics and Milton Friedman. Hardly the kook filled world of the MMT clan.

It was the MMT clan that was positive that all of this QE wouldn't cause inflation. And if it does, you just raise taxes. Well, I challenge any government to try that now, while people are already being punched in the gut with rampant inflation.

This boils down to something we all intuitively know. If you constantly create more of something out of thin air, to fund your spending, you will soon pay for that habit. It's not if, but when.

He advised Thatcher and convinced her to get rid of industry and replace it with services, he later convinced the ERG tories (and later the whole party)that the fishing and farming industries were a necessary sacrifice for brexit (that word again).

Meanwhile life gets more shit.

Has QE led to all of this inflation in both of our countries? Or do you think record levels of debt have nothing to do with inflation, like the MMT crowd?

[ArchieG]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

[Snookerballs]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

It seems History could be repeating itself , Following the Spanish Flu Pandemic of 100 years ago , there was a World Wide Depression , and we know what happened after the Depression . Hitler and Stalin came into power with devastating results .
This time we appear to have Putin .

[Rolluplostinspace]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

It seems History could be repeating itself , Following the Spanish Flu Pandemic of 100 years ago , there was a World Wide Depression , and we know what happened after the Depression . Hitler and Stalin came into power with devastating results .
This time we appear to have Putin .

Nato have moved men and missiles right onto Putin's front lawn to the point like Putin says that he has no where left to retreat to.
Wouldn't you say at this point enough is enough now fuck off from on my doorstep?
Seriously Snooks what would you do to protect your country from an ever encroaching foe?
NATO with missiles right on top of your warm water massive military asset in the Crimea which has been Russian for hundreds of years same as Ukraine.
You'd just ignore it or maybe throw in the towel?

[ArchieG]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

It seems History could be repeating itself , Following the Spanish Flu Pandemic of 100 years ago , there was a World Wide Depression , and we know what happened after the Depression . Hitler and Stalin came into power with devastating results .
This time we appear to have Putin .

Nato have moved men and missiles right onto Putin's front lawn to the point like Putin says that he has no where left to retreat to.
Wouldn't you say at this point enough is enough now fuck off from on my doorstep?
Seriously Snooks what would you do to protect your country from an ever encroaching foe?
NATO with missiles right on top of your warm water massive military asset in the Crimea which has been Russian for hundreds of years same as Ukraine.
You'd just ignore it or maybe throw in the towel?

What would you do now if you were Ukranian? Come to that, care to hazard a guess where Putin’s ambitions stop? He’s already had a chunk of Ukraine, it’s not as if he has no form.

[Middens]

I see idiot posh bint, Kirstie Allsop, is having none of this cost of living shite. She reckons young people can afford a house no problem if they just give up Netflix, coffee and the gym. Her daddy, the 6th Baron Hindlip, bought hers when she was 21 and she had to live on sandwiches for lunch, so she knows a bit about roughing it.

[Maddog]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

It seems History could be repeating itself , Following the Spanish Flu Pandemic of 100 years ago , there was a World Wide Depression , and we know what happened after the Depression . Hitler and Stalin came into power with devastating results .
This time we appear to have Putin .

The depression was almost a decade after the Spanish Flu. The depression had nothing to do with the flu. There wasn't a massive swelling in government debt to combat that pandemic.

This pandemic didn't cause inflation. The fiscal and monetary policy to take on the pandemic did.

Now countries that had lower debt levels had more room to play. The US isn't one of those countries.


We are now boxed in because we need to raise interest rates to combat inflation, but our government has amassed so much debt, that it can't afford to pay those higher rates on all of that debt, or we will have no money for guns and butter.


What we are doing is called monetizing the debt and kicking the can down the road.

[Maddog]

I’m sure there’s a direct link between QE and inflation. You can get away with it for a short time, but it had already run it’s course before covid. Then again, economic disruption has followed previous pandemics, it's probably a combination of factors. Pray to any Gods you hold sacred that we don’t follow the same course as 100 years ago.

It seems History could be repeating itself , Following the Spanish Flu Pandemic of 100 years ago , there was a World Wide Depression , and we know what happened after the Depression . Hitler and Stalin came into power with devastating results .
This time we appear to have Putin .

Nato have moved men and missiles right onto Putin's front lawn to the point like Putin says that he has no where left to retreat to.
Wouldn't you say at this point enough is enough now fuck off from on my doorstep?
Seriously Snooks what would you do to protect your country from an ever encroaching foe?
NATO with missiles right on top of your warm water massive military asset in the Crimea which has been Russian for hundreds of years same as Ukraine.
You'd just ignore it or maybe throw in the towel?

NATO isn't going to attack Russia. Putin isn't in any danger of French tanks rolling through Moscow..


He believes that Ukraine rightfully belongs to Russia based on some historical precedence..