news & politics:discussion

[cellar]

11 hours ago, steviewevie said:

Well yeah. Ok. I mean, I failed economics so what do I know. But... it just seems that they are trying to bring down inflation that is mainly driven by supply side issues by killing demand...so double the pain for us plebs...when they are predicting inflation to come down anyway. But I guess they know best. 

As I think someone else noted, countries around the world are raising interest rates, so its not just the BoE. Which is why the whole conspiracy vibe is just a bit frustrating. 

Oh, one exception is Turkey. Which has seen some sickeningly high inflation rates. Last posted in March it was around 50%, but I think at the end of last year it was in 70s - Erdoğan favours low interest rates to try to boost growth, and it's been a shambles. That's what happens when you ignore conventional economic thought.

Also I can't seem to see my original post that you replied to, which is strange. Can you? My turn to get on the conspiracies 😂

[Neil]

49 minutes ago, cellar said:

Oh, one exception is Turkey. Which has seen some sickeningly high inflation rates. Last posted in March it was around 50%, but I think at the end of last year it was in 70s - Erdoğan favours low interest rates to try to boost growth, and it's been a shambles. That's what happens when you ignore conventional economic thought.

yeah, turkish currency is fucked. and erdogan isn't helping.

[steviewevie]

4 minutes ago, Neil said:

yeah, turkish currency is fucked. and erdogan isn't helping.

He might be gone in a couple of days.

[cellar]

6 minutes ago, Neil said:

yeah, turkish currency is fucked. and erdogan isn't helping.

I like that the forum automatically put the funky little thing over the g in Erdoğan 

[Neil]

20 minutes ago, cellar said:

I like that the forum automatically put the funky little thing over the g in Erdoğan 

tits not the forum doing that, think it might be google if you're using chrome.

[cellar]

5 minutes ago, Neil said:

tits not the forum doing that, think it might be google if you're using chrome.

Oh, well it was quite fun. I'm using the standard Samsung Internet browser so maybe it's that.

[steviewevie]

1 hour ago, cellar said:

As I think someone else noted, countries around the world are raising interest rates, so its not just the BoE. Which is why the whole conspiracy vibe is just a bit frustrating. 

Oh, one exception is Turkey. Which has seen some sickeningly high inflation rates. Last posted in March it was around 50%, but I think at the end of last year it was in 70s - Erdoğan favours low interest rates to try to boost growth, and it's been a shambles. That's what happens when you ignore conventional economic thought.

Also I can't seem to see my original post that you replied to, which is strange. Can you? My turn to get on the conspiracies 😂

this?

18 hours ago, cellar said:

They are making a difference - prices are coming down. Its just as others are saying, it turns out they should have raised interest rates higher and faster to begin with, so the impact isn't being felt as much as we would all like. I actually thought it was a bit of a coin flip whenever they raised it to 4% - I was wrong about that in hindsight (as in it was a much more necessary decision to do it).

I think its been discussed before, but in terms of the BoE, raising interest rates is their only tool to fight inflation, as they can't control supply side issues. Its not nice, but there isn't an alternative for them - it would have to be government doing something.

 

[cellar]

5 minutes ago, steviewevie said:

this?

 

Edit: I think you meant the top one? That's the one I couldn't see

Nope, that's the one I just wrote 😂

Edited May 12, 2023 by cellar

[cellar]

12 hours ago, steviewevie said:

Well yeah. Ok. I mean, I failed economics so what do I know. But... it just seems that they are trying to bring down inflation that is mainly driven by supply side issues by killing demand...so double the pain for us plebs...when they are predicting inflation to come down anyway. But I guess they know best. 

The one you quoted in this post (I don't know how to embed your quote sorry)

[Neil]

32 minutes ago, cellar said:

Oh, well it was quite fun. I'm using the standard Samsung Internet browser so maybe it's that.

i reckon its some sort of spelling correct.

[steviewevie]

12 minutes ago, cellar said:

The one you quoted in this post (I don't know how to embed your quote sorry)

yeah, it has disappeared. I'm not too good at the quote thing either. Anyway...copied from your post that I replied to...(if it's the right one!)

It does sound like you're basically agreeing with everything that is being said, but just championing people's right to argue against it. I'm all for a reasoned argument and discussion around possible economic alternatives, but the narrative that BoE is intentionally trying to make things worse is just laughable.

To clarify as well, inflation makes people poorer, at least by the way I (and I imagine most people) would define it - that being their spending power. Inflation impacts poor people more than it does rich people. Raising interest rates, whilst still affecting poor people more, will have a greater impact on rich people than rampant inflation would, as they would more easily weather the higher prices than they would a fixed percentage raise in their borrowing costs.

I'd happily accept that the current economic theory has it wrong, but there isn't a suitable, proven alternative at the moment. In the future we (or future generations) might be able to look back with hindsight and know there was a better solution, but at the moment decision are being made backed by decades worth of evidence and studies. Obviously even the BoE knows its not a perfect solution, hence why they've been cautious.

It kind of feels like arguing with an aanti-vaxxerat times.

[cellar]

Well thanks for confirming I'm not going crazy! That is indeed the one, thank you

[steviewevie]

outlier etc.

[Guest]

8 minutes ago, steviewevie said:

outlier etc.

Give me a knife and fork because this is a tasty dish. 

[steviewevie]

1 hour ago, Ozanne said:

Give me a knife and fork because this is a tasty dish. 

I saw that SNP would be 2nd largest party.

Bring Back Boris.

[steviewevie]

 

[lost]

Taxes at 80 year highs had already killed the traditional tory vote and now the news net immigration might clear 1 million this year has probably just killed the new tory/red wall vote. There is nobody left to vote tory.

[steviewevie]

 

[steviewevie]

2 minutes ago, lost said:

Taxes at 80 year highs had already killed the traditional tory vote and now the news net immigration might clear 1 million this year has probably just killed the new tory/red wall vote. There is nobody left to vote tory.

I think the fact that everything is shit might be a factor too.

[steviewevie]

president of russia.

[steviewevie]

9 hours ago, Neil said:

yeah, turkish currency is fucked. and erdogan isn't helping.

this very interesting on Erdogan (well, I think it is).

https://www.bbc.co.uk/iplayer/episode/p0d9cfyv/turkey-empire-of-erdogan-series-1-episode-1

[Ryan1984]

1 hour ago, steviewevie said:

 

Boris’s lot are piping up quite a bit now, aren’t they? Ready for the return…

[Guest]

58 minutes ago, Ryan1984 said:

Boris’s lot are piping up quite a bit now, aren’t they? Ready for the return…

Rumours on Twitter that letters have been going into the 1922 Committee…

[Guest]

 

[steviewevie]

8 hours ago, Ozanne said:

 

privatise everything.