news & politics:discussion

[Guest]

1 minute ago, lost said:

If your agreeing with this tweet inflation is due to lockdown and money printing then the obvious solution would of been yes not to do it but now its done we need some mechanism to remove the printed money from the economy. As fraybentos1 correctly points out interest rates are the only tool the BOE has to choke the money supply.

I'm surprised your blaming net zero / climate change policies though.

As I’ve said many times before when inflation is due to strong consumer confidence then interest rates should be raised to stifle that confidence so people stop spending as much money and inflation falls. However when inflation is due supply side issues then raising interest rates is the wrong course of action because there’s no need to reduce people spending money as it’s due to supply side issues. It adds more pressure onto already stretched household budgets leaving people with even less money which in turn means less money being pumped back into the economy.

The BoE and the Tories are choosing to make people poorer, if you are happy with that then that’s a real shame. 

[lost]

4 minutes ago, Ozanne said:

As I’ve said many times before when inflation is due to strong consumer confidence then interest rates should be raised to stifle that confidence so people stop spending as much money and inflation falls. However when inflation is due supply side issues then raising interest rates is the wrong course of action because there’s no need to reduce people spending money as it’s due to supply side issues. It adds more pressure onto already stretched household budgets leaving people with even less money which in turn means less money being pumped back into the economy.

The BoE and the Tories are choosing to make people poorer, if you are happy with that then that’s a real shame. 

The tweet you posted didn't say that though. It blamed lockdowns, net zero taxes & the war. I was making a point regarding the tweet.

Edited June 18, 2023 by lost

[Guest]

2 minutes ago, lost said:

The tweet you posted didn't say that though. It blamed lockdowns, net zero taxes & the war. I was making a point regarding the tweet.

I didn’t write the tweet, just shared it due the first paragraph. If you have issues with more of its content then tweet the author. 

[Neil]

1 hour ago, Ozanne said:

 

richard murphy is a tax return accountant not an economist. he knows f**k all.

[steviewevie]

1 hour ago, Ozanne said:

As I’ve said many times before when inflation is due to strong consumer confidence then interest rates should be raised to stifle that confidence so people stop spending as much money and inflation falls. However when inflation is due supply side issues then raising interest rates is the wrong course of action because there’s no need to reduce people spending money as it’s due to supply side issues. It adds more pressure onto already stretched household budgets leaving people with even less money which in turn means less money being pumped back into the economy.

The BoE and the Tories are choosing to make people poorer, if you are happy with that then that’s a real shame. 

is it all supply side though?...energy costs are down which was supposed to feed through to lower inflation, but it has remained stubbornly high. Some of it might be that greedflation thing, some of it might be other stuff broken with the economy. Interest rates is all the boe has to try and bring down inflation, and they have to do something as it is a killer, and they are independent so govt can't do anything about it (that true?)...but at same time we have this cost of living thing and now people's mortgages are going to go up on top which will hurt a lot of people, mainly younger home owners at bottom of ladder as older homeowners would have paid off their mortgages...so govt might step in to do something because if the tories lose homeowners then well, they've basically lost.

[fraybentos1]

If you find someone on twitter who agrees with you and post it here then that automatically makes you right in ozanne's world. To the point where he will literally post a tweet blaming lockdowns for high inflation cause he didn't read it all the way through 🤣

[steviewevie]

 

[Guest]

3 hours ago, steviewevie said:

is it all supply side though?...energy costs are down which was supposed to feed through to lower inflation, but it has remained stubbornly high. Some of it might be that greedflation thing, some of it might be other stuff broken with the economy. Interest rates is all the boe has to try and bring down inflation, and they have to do something as it is a killer, and they are independent so govt can't do anything about it (that true?)...but at same time we have this cost of living thing and now people's mortgages are going to go up on top which will hurt a lot of people, mainly younger home owners at bottom of ladder as older homeowners would have paid off their mortgages...so govt might step in to do something because if the tories lose homeowners then well, they've basically lost.

Yes it's supply side, it's not like the economy is booming because people are going spending loads. Forcing a recession is cruel and unfair on a population that has seen living standards decline for the last 13 years.

Raising interest rates will do nothing to stop any 'greedflation'.

[Neil]

4 hours ago, steviewevie said:

inflation is due to strong vendor arrogance.

corrected for you.

[Guest]

He’s such a wet flannel. 

[Neil]

55 minutes ago, Ozanne said:

He’s such a wet flannel. 

he should be frightened of the consequences of not voting for it.

[steviewevie]

Starmer doing a speech on net zero stuff this morning.

[steviewevie]

 

[Ryan1984]

Cowards, all of them - and not sure how they’re claiming Johnson quitting to be an act of self-sacrifice for the greater good?

https://www.theguardian.com/politics/2023/jun/19/dozens-of-tory-mps-expected-to-abstain-in-vote-on-committees-partygate-report

[steviewevie]

19 minutes ago, Ryan1984 said:

Cowards, all of them - and not sure how they’re claiming Johnson quitting to be an act of self-sacrifice for the greater good?

https://www.theguardian.com/politics/2023/jun/19/dozens-of-tory-mps-expected-to-abstain-in-vote-on-committees-partygate-report

It's really just a vote on his members pass isn't it? And he was always going to lose anyway. So seeing how party so divided on it I don't blame them really.

[steviewevie]

 

[Neil]

19 hours ago, Ozanne said:

The Tories and the BoE are choosing economic hardship, you can either support them or support working people. 

Doing nothing has inflation create economic hardship, and us older ones remember how that impoverishes everyone.

Edited June 19, 2023 by Neil

[steviewevie]

 

[Neil]

spotify reckon that harry and megan scammed them.

who'd have thought those two could be dishonest?

[Neil]

On 6/4/2023 at 9:08 AM, Neil said:

just spent half an hour looking at house porn - in the area i'm from (just to see what houses prices are there now!), because i expanded the area i ended up with a few billionaire mansions in st George's hill, Weybridge - the most expensive address in the country residents have included russian billionaires, john lennon(white piano, white rolls royce), cliff richard, and more.

nice job if you've got £18M to spend on a house

 

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=STATION^9968&maxPrice=20000000&radius=0.5&propertyTypes=&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=#prop132021563

from reading an article and a bit of googling, it seems that peter crouch lives on st george's hill.

[gary1979666]

14 hours ago, Ozanne said:

Yes it's supply side, it's not like the economy is booming because people are going spending loads. Forcing a recession is cruel and unfair on a population that has seen living standards decline for the last 13 years.

Raising interest rates will do nothing to stop any 'greedflation'.

The other part of raising interest rates is to keep up with the Fed interest rate, as if we don't then there are implications to the pound/dollar rate, which could then push inflation even higher.  I think the BoE's hands are tied to some extent - they are still in the stage where they are tying to limit the rise, rather than lower them.

[Neil]

7 minutes ago, gary1979666 said:

The other part of raising interest rates is to keep up with the Fed interest rate, as if we don't then there are implications to the pound/dollar rate, which could then push inflation even higher.  I think the BoE's hands are tied to some extent - they are still in the stage where they are tying to limit the rise, rather than lower them.

If they hadn't hiked interest rates to match the USA the pound would have fallen and imported goods would cost more, which is extra inflation.

[gary1979666]

2 hours ago, Neil said:

If they hadn't hiked interest rates to match the USA the pound would have fallen and imported goods would cost more, which is extra inflation.

Exactly - that was my point.  

Ozanne is saying that the BoE's hikes have done nothing, but without them then inflation is likely to have risen.

[lost]

Indeed. Switzerland has been pretty well protected from this round of inflation due to having a strong currency.

[cellar]

2 minutes ago, gary1979666 said:

Exactly - that was my point.  

Ozanne is saying that the BoE's hikes have done nothing, but without them then inflation is likely to have risen.

There have been multiple attempts to explain it all to Ozanne, with examples, but they refuse to accept any of the explanations. And if you ever ask something they can't answer, they ignore it. So it's a bit pointless even bothering.