Costero Poderoso
Well-known member
ditto.
It’s Sunak
- Thread starter glasshalffull
- Start date
hertfordseasider
Well-known member
I bet the food was fantastic!! I'd love to be invited to that you jammy sod!
Wizaard
Well-known member
It was indeed, plus a fair few fireworks.
Tangerinemoss
Well-known member
And that is the problem of discussion in the UK atm. If you disagree with someone, and cannot see that they may have a different view, insult them, whatever evidence they give for their belief. You believe one thing, I another. I wouldn't stoop to the level of insulting you.
Tangerinemoss
Well-known member
Will have to keep an eye open for that
Mexboroseasider
Well-known member
Tbh Rocko is all over the place.
He sees everything through the Prism of Covid, is virulently anti lockdown and yet supported the return of Boris - the architect of lockdown. On the basis it’d be a bit of a giggle.
I shouldn’t take him too seriously.
Danny Ocean
Well-known member
I suppose the ironic thing about Sunak today is that he said he will fix the economic problems created by Truss, yet no mention of all the
problems that were created while he was chancellor such as rampant inflation and low economic growth.
problems that were created while he was chancellor such as rampant inflation and low economic growth.
ElBurroSinNombre
Well-known member
Inflation, in the main, is due to the energy price shock caused by Putin invading Ukraine.
It's hard to pin that one on Sunak but at least he recognizes that getting inflation under control is the most important thing that he should focus on with his economic policy.
Yes, he borrowed a lot during Covid, but once Johnson had taken the decision to lockdown he had no choice but to intervene. The alternative would have been a decimation of the economy and people literally starving.
Adams Kebab
Well-known member
You were screaming for more restrictions and agreed
Spoiler: Lockdown 1.0 I’ll accept, but the subsequent “November fire break” and the Lockdown and farcical tiers and restrictions on businesses is what’s decimated the economy.
Remember when a few on here said it would, because I do
though take no pleasure in saying it.
R
rockontommy
Guest
Sorry, I've got a very low tolerance level for complete twaddle. Will try harder in future.
Ormergod
Well-known member
inflation is down to the printing of fake money out of thin air. You know the fake money that paid for the 32 billion of failed test and trace,the even greater amount of fake money handed out to people to sit at home.Sunak was chancellor and the chancellor signs off on the Bank of England printing fake money.He is the one to blame.
Before you say well what should he have done boris announced lockdown. Simple,you dont lockdown. We had a pandemic plan in this country and it was about to be used then a sudden U turn. Sunak was appointed chancellor on 13th February 2020 thats just one month before the "pandemic" hit UK.What a coincidence.
Sunak serves the bankers and the Bank for International Settlements not you.I said it two years ago and ill keep saying it now,they are crashing the economy so they can bring in a digital currency.Thats full control and surveillence of your spending and if you step out of line it could be turned off,restricted or wiped out at the press of a button.
ElBurroSinNombre
Well-known member
You may find it hard to believe and an inconvenient truth but QE (the printing of money) didn't start at the same time as the pandemic. We have been doing it for years, in fact since 2008. Until very recently we were able to print money as we needed it without causing rampant inflation.
So what changed?
A price shock in the cost of energy that feeds into almost everything that we do in the economy.
The cause of that?
Vladimir Putin
I am guessing that in your mind Putin is part of the great reset plot as well.
R
rockontommy
Guest
ElBurroSinNombre
Well-known member
You were screaming for more restrictions and agreed
Spoiler: Lockdown 1.0 I’ll accept, but the subsequent “November fire break” and the Lockdown and farcical tiers and restrictions on businesses is what’s decimated the economy.
Remember when a few on here said it would, because I do
Read fact 1 here;
11 facts on the economic recovery from the COVID-19 pandemic | Brookings
In the second quarter of 2021, GDP returned to pre-pandemic levels. The Hamilton Project highlights this and ten more facts on the economic recovery from the COVID-19.
www.brookings.edu
Sorry that's the US economy
here;
The economy has (had) largely recovered to above pre pandemic levels.
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1966_and_all_that
Well-known member
More than that. She resigned because of what she did. How come she now finds it within her moral compass to excuse it?
1966_and_all_that
Well-known member
Energy price shock...tick. also, businesses trying to claw back revenue after the pandemic - see alcohol prices. Then there is the sudden increase in general spending post pandemic and, the cherry on the top, Truss's mini-budget that freaked the financial markets and which have badly affected the cost of mortgages.
Costero Poderoso
Well-known member
because she has no moral compass, and / or it was just an excuse to criticise Truss.
1966_and_all_that
Well-known member
Both. It was certainly a ploy to be free from Truss, possibly with an eye on standing for the party leadership. However, the ease with which she has shrug off her 'wrongdoing' highlights her uncaring arrogance.
R
rockontommy
Guest
100% wasting your time. Apparently you can create money out of thin air. Easy Peasy, no downsides whatsoever. The confidence in some of them the way they express their opinions lol, stretching as far as taking the piss, but needed these to stay alive for two yearsYou were screaming for more restrictions and agreed
Spoiler: Lockdown 1.0 I’ll accept, but the subsequent “November fire break” and the Lockdown and farcical tiers and restrictions on businesses is what’s decimated the economy.
Remember when a few on here said it would, because I do
Even the most inexperienced economist could've predicted what would happen, I'm certainly coming around the this point of view.
I don't know what the inflationary effects of COVID spending were, not read anything about it, so I'm not arguing that particular point here as I have no idea. But the UK spent hundreds of billions on quantative easing after the financial crash and it did not lead to inflation, although unfortunately did widen inequality. So yes, at times you can create money out of thin air when you have your own sovereign currency and centralised bank.100% wasting your time. Apparently you can create money out of thin air. Easy Peasy, no downsides whatsoever. The confidence in some of them the way they express their opinions lol, stretching as far as taking the piss, but needed these to stay alive for two years
View attachment 13429
Even the most inexperienced economist could've predicted what would happen, I'm certainly coming around the this point of view.
Wizaard
Well-known member
Conspiracist nonsense. Yes, we already have digital currency with contactless etc but to then conflate that to switching it off to keep you in line...behave.
ElBurroSinNombre
Well-known member
Instead of the passive aggressive nonsense, perhaps you could explain why printing money after the 2008 banking crisis didn't cause rampant inflation?100% wasting your time. Apparently you can create money out of thin air. Easy Peasy, no downsides whatsoever. The confidence in some of them the way they express their opinions lol, stretching as far as taking the piss, but needed these to stay alive for two years
View attachment 13429
Even the most inexperienced economist could've predicted what would happen, I'm certainly coming around the this point of view.
Costero Poderoso
Well-known member
you're probably right, which raises the point about her level of delusion that she thought / thinks she's a credible PM, Most politicians are egotistical to the point of narcissism, but legal Sue thinking shes a potential PM, is really out there. saying that i have to put it in the context that she was AG and home secretary - feeding her delusions i suppose
R
rockontommy
Guest
Would you agree that the inflationary effect is pegged to the amount of money created? A simple incontrovertible fact, surely?
During COVID? I don't know. Inflation had risen to I think 5.5% before Russia invaded Ukraine so clearly other effects, but there were also huge supply chain issues around the world. I'm sure smart people have figured out what caused it, but I haven't read anything about it. As a general claim, like it's a strict rule? Absolutely not. This claim is clearly incorrect as we started printing hundreds of billions of pounds in 2009 and every year until Brexit inflation CPI fell.
Costero Poderoso
Well-known member
No printing money isn't the sole cause of inflation, and inflation itself isn't defined in any one particular way. As economies grow more money is available which isn't inflationary. Up until 2008 the general consensus amongst economists was more money availability equals inflationary risk, but the financial crisis made most sensible economists re-think that orthodoxy.
The Credit creation theory of banking also outlines how banks create money from thin air on digital legers outside of the legal recognition of money creation by sovereign entities (or central banks), this has never led to inflation.
The UK has been in an inflationary cycle in respect of cost of living for forty years but it has rarely registered in official inflation rates.
Mexboroseasider
Well-known member
No. As pointed out we started pumping money into the economy in 2008. Inflation only started going up recently.
Pure monetarism (which I think is what you’re talking about) was abandoned as a theory by Thatcher in the early 1980s.
Costero Poderoso
Well-known member
there's an interesting piece I was reading a while ago on long term inflation. They had taken the money out of the equation and were using work hours as the marker which on the face of it is a good indication of actual inflation over long periods of time which are difficult to manipulate when calculated against growth. An average car now requires an average worker 20% more hours to buy than in 1965 although it dropped by 15% during the 80s. Energy now requires a higher proportion of work hours, food and clothing were generally lower as were social activities.
R
rockontommy
Guest
It did cause inflation, just not rampant inflation. It's irrefutable that paying people not to work is inflationary. That and the sheer scale of the printing in the last few years explains the difference.
I knew it was coming and took my own steps to fix in my mortgage rate for a decade, reduce debts as much as practicable etc when the going was artificially good in 2020. I assume everyone else on this thread with decent foresight has done the same? Perhaps those who don't believe in basic economic principles around inflation / interest rates didn't. C'est la vie.
To yourself and the other posters, I'm done from here. Play nice.
ElBurroSinNombre
Well-known member
Congratulations you are so clever.
Nice flounce BTW
Costero Poderoso
Well-known member
the vast majority of money is digital anyway, there is around 2.5 trillion of actual dollars in circulation, and around 20 trillion in transactional capability, meaning 80% is simply digital transactional dollars,
Saying things are "irrefutable" does not make it so.
Costero Poderoso
Well-known member
After the 2008 financial crash there was a period of deflation, which should not have been happening, also at the same time there were cost of living rises. How can an economy be deflationary and cost of living go up?
You need to show your working when saying that "It's irrefutable that paying people not to work is inflationary". its simply a claim with no foundation, it may be mass media economics orthodoxy, but no-one is providing an actual foundation for that thinking. In fact paying people not to work is the base of the theory behind universal minimum income models which are proposed as sustainable economic growth mechanisms.
Like most you were worried about cost of living and personal expenditure, very well done, fixing your mortgage rate, reducing debt, be cautious about spending because there was a global crisis. Interest rates have been artificially low for nearly three decades, because they are manipulable. what we are seeing now is the culmination of those decades of artificial rates (fuelling property increases and excess consumption) bumping up against the reality of wage stagnation over the same period and several international catastrophes happening in quick succession.
One recent theory I was shown was how cautionary individuals like yourself when replicated across an economy, reducing debt, and reducing spending actually causes inflation, it makes sense on some levels and complete nonsense on others: with a reduction in debt you reduce money supply which should cause deflation, but the reduced spending means mass market consumption no longer stacks up so prices have to rise, it sounds arse about face and it is but then austerity is theoretically an economic growth mechanism.
The big issue here is that trying to simplify economics to household budgeting doesn't tally.