Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Economist dismantles Rachel Reeves' economic strategy" video.

  1. He's a Professor of Accounting in his current role, but he is also a political Economist. He qualified as a Chartered Accountant, ran a practice in the East of England for a couple of decades before moving into economics. So he's doubly qualified.
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  2. ​ @mw01908 I think I would rather listen to a Chartered Accountant, who is also a trained economist, than some bot. Sorry, mate.
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  3. The Gold Standard is too inflexible to work in a global financial system, and believe or not, no-one fancies being in hoc to the US. That's why Churchill overvalued Stirling when he wanted to go on back the Gold Standard. The US took all of England's gold in payment of war debt after World War I. If Churchill had listened to JM Keynes, the following years of economic pain wouldn't have happened. The UK had to crash back out again in 1931.
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  4. Not true about migrants suppressing wages. Without migration, the UK economy would stop working. Why? Over nearly 5 decades the British electorate kept on voting for the party responsible for the suppression of wages - the Tories. Turkeys voting for Christmas.
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  5. ​ @m0o0n0i0r Not quite true. QE pumped billions of pounds into the economy. And guess where most of it ended up? In the hands of corporations and banks, who were run by people already asset wealthy. Not only do the rich minority not spend enough to drive the economy, they actually hoard their money by buying assets and living off the economic rent. Inflation hits the poorest hardest, but the little they got of QE was spent paying bills to - again the asset wealthy. The banks gratefully took that money and financed asset bubbles and speculation. Accordingly, very little was put into productive investment such as infrastructure or production. Real wage growth was stymied quite deliberately by a combination of factors, and contributed to the inability of the UK Economy to grow, because it relies on consumption for growth. Post-covid because of QE, created another massive wealth transfer to the usual suspects, whose spending Post-pandemic exacerbated the reopening supply shock, driving up inflation. The recovery was a K-shaped recovery where QE was used, and the weakness across the highly integrated global economy is appearing in economies that barely recovered after Covid. The rush to return to normal actually set us up for the abnormal. Pandemics don't just stop; they slowly recede in their effects on economies over years. The loss of workers due to death or disability, the fragility of businesses unable to recover from the disruption, and Nature's gift of viruses that migrate between animals and humans, causing food to increase in price - all that would have happened without Brexit, but Brexit made us even more vulnerable to such a pandemic. And it's the same thing everywhere. Neoliberal economic thought was found wanting, and it's in its death throes. It won't be quick or kind in it's passing. But it's a busted flush.
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  6. ​ @mw01908 You don't know that we can see your comments do you? And all you have are insults.
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  7. She's listening to Bankers. That does not bode well. Why? The financial sector have their own agenda, and economic welfare isn't on that menu.
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  8. Sorry, but stereotyping economists is no analysis, or a useful critique. Economics is not a monolith. There are divisions within the discipline, with the classical, orthodox economists in the driving seat for nearly the last 5 decades. But there are heterodox economists who are sceptical of the claims of neoliberal economic theories, and their empirical work is proving that some key orthodox assumptions are wanting. Why? Few orthodox economists have a strong grip on Finance or Accounting, or Distribution within an economy. In that sense, orthodox economics doesn't provide an irrefutable description of how modern economies work. They had no idea that 2008 was even possible, but being wedded to political and corporate power, their account of the economy ignores key elements of it. And since 2008, the heterodox economists has have been pointing out the holes in the economic theory of the orthodox thinkers.
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  9. ​ @Padraigp You might not understand what a bond is, but what's stopping you finding out? And the Brexit voting public after years of economic and political neglect had stopped trusting the usual suspects, and were so angry at the political class, they wanted Brexit to be true so to punish the "Elites". They wanted to believe the lies they were told. And that's the problem that's occurred for a long time. It's not the first time in British Economic History that belief trumped facts. The comfortable delusions people live in often go unchallenged because it is more difficult to swallow uncomfortable truths. The stereotyping, prejudices, and downright lies are easier to digest in a world where Divide and Rule is the rule of the political classes. And now, they're tearing apart the country. It's a transition point, where the old system is dying, and what the new will bring nobody is sure. All we do know is that the old is no longer fit for use.
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  10. ​ @fburton8  Wealthy people are wealthy because they purchase assets, so taxing the returns from those assets is taxing wealth.
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  11. ​ @fslinteriors7889 I think you are playing grandma, to the public as Red Riding Hood. Play the ball, not the man.
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