Comments by "" (@foxmoongaze) on "Richard J Murphy" channel.

  1. Do people really think that MMT and Keynesian economics are good for the public in the longer term? To me, this fiat currency experiment fully adopted about 50 years ago is doomed to ultimately fail - all fiat currencies always have in the past. Looking at the value of most now, compared to their value 50 years ago (which is down to about 1%), it seems they are well into their death throes. Are we going to get a currency reset soon? Maybe 100, or 1000, to one?
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  2. Removing the benefit and making directors/shareholders accountable would probably be a very good thing in the longer run, and some of the "creative" accounting would become defunct. There may also be a knock on effect where parts of the consumer/investor protections and insurances become almost unnecessary. However, I suggest the use of limited liability runs deep, not just in the UK, and those who could make this change probably will not, or won't be allowed.
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  3. Don't we give much more supporting illegal immigration? Didn't all civil servants/government workers just get big pay rises amounting to an additional £20 billion a year? I could be wrong on the figure, but, big salaries and big pensions for them all. Maybe we could save much much more by reducing the size of government which has nearly doubled in the last 25 years. 100 years ago the whole government was about 24,000 across the whole country, today 4 million. Maybe the newly released workforce could fill all the job shortages currently justifying the illegal immigration and that associated expense.
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  4. Why not start with a scrutiny of spending, and just making current taxation fair and even, then further and perhaps obscene taxes may not be needed.
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  5.  @WarrenPeaceOG  Actually it is as simple as a matter of the amount of currency - I think your points are causes of why more money was created, but does not change the fact that inflation can only be as a consequence of increasing the volume of money - that's the very definition of inflation as it "inflates". Supply and demand values will correct over time, but inflation needs deflation. Also, measuring one currency to another does not work as they are all inflating, we have to measure against something real such as gold. This is why gold, and real assets, priced in all currencies have risen since the 1970s - in simple terms gold, and other real assets such as property, have not risen in value, it's the currency that's lost value.
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  6. ​ @WarrenPeaceOG  I politely disagree. Inflation is purely an increase in the money supply, and rising prices are a consequence of the currency devaluation it brings. Prices can give a measure of the value of the currency, not a measure of inflation. Inflation will cause all prices to rise if there is no matching increase in the nations productivity (which does not include gov spending). A price rise for a scarce product has nothing to do with currency inflation and is just normal market forces. Only productivity can stimulate an economy - printing huge amounts of currency with abandon leads us to where we are now i.e. your " rising deficits, rising private and public debt, and economic stagnation".
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  7. Less government and freer trade, please.
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  8.  @blackbulldog4897  Sure, but it's just playing with words, the outcome is no different and they will do the same things in the same way. I would argue that this is not really a lie, it's just not the complete truth/picture. They do have to cancel some previous spending before borrowing and spending more, or confidence in the GBP will plummet.
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  9. Bitcoin alone requires an obscene amount of energy, more than the whole UK currently uses. A.I. and new/other crypto currencies will need a similar amount, at least. Nuclear energy is the only way forward.
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  10. ​ @debbiegilmour6171  I did not "talk like tax is a bad thing", I think you've made that up to make a point. I do think too much taxation is a bad thing, especially to cover wanton and thoughtless spending by government. Some tax has to be collected to pay for administration, defence of borders, and public services - how much of this we need, and how big government should be to achieve this, is a complicated subject, but probably has an answer of less and smaller than now.
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  11. You get war when the government tells their people who the enemy is. You get revolution when the people figure it out for themselves.
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  12. ​ @blackroseangel123  Make pensioners pay for Brexit, hmmm. Only 36% of 18-24 year olds bothered to vote. Maybe we should make all the apathetic non voters pay for perhaps allowing Brexit. Then think about yourself making an unpopular vote or influencing comment in the future, should pay as well?
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  13. Maybe just get rid of it, it answers to the global bankers and it never does anything that does not protect and profit them. Isn't there a saying : "Give me control of a nation's money and I care not who makes the laws.". I'm being purposely contentious because I'm not quite sure we really need a central bank, or that it really is good for the population overall. Central banks do seem very good at funding wars though....
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  14. Would increasing fractional reserve banking from zero, or almost zero, to 10% - 40% would be a good thing? It could slow wild speculation and thoughtless lending giving more confidence in the currency, as well as taming the derivatives bubble which some estimate is in the many quadrillions of USD. Perhaps painful initially, but much better later?
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  15.  @RichardJMurphy  All currency is a credit to some and a debt to others - credit issued though government spending is a debt that has to be repaid by the public through taxation. It is a debt unless you believe in theft.
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  16.  @RichardJMurphy  Politely - what are you talking about? What is far-right, and what is extreme about what I have said?
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  17. And perhaps we have too many government officials all together? Argentina has many problems but has turned some around by drastically cutting back it's government, and seems to be on the road to recovery. Just a thought.
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  18.  @BeeChomper  I agree. Perhaps any financial system that relies on the intelligence, honesty, and restraint of politicians will always be doomed........
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  19.  @abody499  so, you have no idea what I've read, but decided to comment about it knowing nothing anyway
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  20. I believe, thinking like this for the last 25 years is what's got us into this mess as it never actually works in the real world. By the way, we don't have money, only credit in the form of currency where every GBP created is someones liability on a balance sheet. Interest paid on loans is also created currency and someones liability. There is no way to ultimately balance and settle the liabilities with the creditors. This is also the reason why bitcoin will never work.
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  21.  @abody499  I call the gold a "country holds" as that within it's own borders. Most attempted confiscations have had poor results, even the USA in 1933 only managed 25% handed in by a largely patriotic public. It's not worth the expense for a government to knock on every door and dig up every garden looking for it. Keeping gold reserves off shore is not sensible unless there are fears of invasion or revolt. With sanctions we are probably just talking from the West, the rest of the world doesn't tend to sanction each other, and BRICS will soon offer alternative ways of clearing there.
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  22.  @abody499  Not at all, I just mentioned that sanctions of any sort are generally from the west, not that gold can be sanctioned as it has no need of an international clearing system such as SWIFT and does not have any external dependencies if held within that countries borders. BRICS has created it's own clearing mechanisms and is in the process of finalising it's own unit of exchange (based partially on gold) to avoid the need for dollars.
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  23.  @abody499  You have changed my comment and want to argue your changes 🤣🤡. Then you want to correct my grammar, I can only imagine in an attempt to bolster your ego and prove yourself in some way superior. However, you are confusing me with someone who gives a f**k 🤪
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  24.  @shadowofmyfutureself  It's about confidence, not imagination. Gold and silver, as metal, have many uses and great demand due to their unique properties giving them substantial value beyond the monetary one. Gold in particular is excellent as a store of wealth as it is fungible, immutable and rare enough, there is no equal.
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  25.  @zetectic7968  Er, No. It was Gordon Brown under Tony Blair who deregulated the City of London and fostered a culture of unrestricted speculative capitalism, which took boom and bust to new levels. BTW, I wasn't talking about Margret Thatcher's policies, I just gave one of her very poignant quotes.
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  26. Can we apply this to big government vs small government? I think there were about 5,000 civil servants in the second half of the 19th century, which was arguably when the British empire was at it's largest and most successful - I know people will respond with "it's a different world now", but, just saying .....
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  27.  @Redf322  I don't know, you tell me? Do you think we need 550,000 civil servants today?
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  28.  @Redf322  Eh? I don't have a problem, or one with civil servants, or you to explain anything 😜. I had only wondered if big government is not helpful to the public just as Richard talks about big business. Are you an angry civil servant by any chance 😄
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  29. Hopefully far far away .......
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  30. Governments love high inflation as it diminishes their debts. MMT may never work properly because it can't cater for the way people behave.
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  31.  @blackbulldog4897  It's perfectly reasonable to state that a theory may not work! By the way - there is no such thing as fiat money, there is only fiat currency.
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  32.  @blackbulldog4897  Then it's back to my original comment - thanks for confirming your first response was unnecessary 😂
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  33.  @blackbulldog4897  Ok, if you say so. I hope you feel better now 😀
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  34.  @blackbulldog4897  Ok gotcha - thanks again. However, it is strange that you keep talking about "fiat money" when even I understand there can only ever be fiat currency - glad to be able to educate you ..... 🤣
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  35.  @blackbulldog4897  yawn ...... 🥱
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  36. Looking at Harris, the democrat party and the last four years it's easy to see why Trump won.
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  37. Don't we need deflation to put the money supply and prices back to where they were prior to 2020, not more inflation?
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  38. I believe that is correct. Many other countries and the EU itself have also hidden their money creation under the QE banner. It's a con job really and does real harm to the economy if overused and abused, as it has been - but the banks and certain others have profited very well from it. Savers Usually lose out as the currency is devalued, but assets like property and stock markets rise for the same reason.
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  39. Well said. Inflation is always caused by government increasing the money supply (inflating it). We never get the deflation that would restore the purchasing power of the currency. The GBP has lost about 98% of it's value in the last 50 years.
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  40. ​ @stephfoxwell4620  The west has profited well since 1945. Efficiencies of manufacture, farming and supply give cheaper abundance of goods. However, the constant spiral of devaluing currency, increasing wages, and destruction of savings, while accruing massive national debt that cannot be paid is not a sign of a healthy financial system. Inflation is probably one sign that the piper wants paying.
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  41.  @downshift4503  Well, people have to constantly earn more because the currency becomes constantly worth less. And yes, saving cash is not a good idea because inflation is always higher than interest earned.
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  42.  @Vroomfondle1066  Price rises are a consequence of inflation. Inflation can only be caused by the state inflating the money supply (hence "inflation"). Short term inflation sometimes by temporary supply shortages. I'm sure there are some companies who might exploit a situation, but generally not as it would be bad for long term business.
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  43.  @Vroomfondle1066  1. Supply shortages can cause temporary inflation of a certain product. Otherwise, prices rise because of inflation. Inflation is the expansion of the money supply which can only be done by the state. 2. Inflating the money supply devalues the currency and so wages have to rise, but they are always lagging and often don't keep up with the real levels. 3. The devaluation of the £ means that the value of your labour today loses value in the future - it's the same as being paid £100 today, but if you spend it later you can buy less than you could today. It's a form of taxation, or theft, as someone else benefits from your loss i.e.: they get to use the new money created before currency devalues. Hope that makes sense.
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  44.  @Redf322  Completely wrong - prices rises are a consequence of inflation!
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  45.  @Vroomfondle1066  1. Supply shortages can cause temporary inflation of a certain product. Otherwise, prices rise because of inflation. Inflation is the expansion of the money supply which can only be done by the state. 2. Inflating the money supply devalues the currency and so wages have to rise, but they are always lagging and often don't keep up with the real levels. 3. The devaluation of the £ means that the value of your labour today loses value in the future - it's the same as being paid £100 today, but if you spend it later you can buy less than you could today. It's a form of taxation, or theft, as someone else benefits from your loss i.e.: they get to use the new money created before currency devalues.
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  46.  @downshift4503  The money supply should only Inflate by true increases in national production (not including government spending!), that would seem sensible and retain the value of the currency. I think most problems would then disappear, but we would have a certain amount of turmoil as the banks adjust to losing their money for nothing, and the investment bubbles stop artificially inflating. We are probably in an "illusion vs reality" situation right now.
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  47.  @downshift4503  True, but the money supply has always grown far more than the economy/production has, which is why we have constant inflation. Government spending should not be included as growth, as it's a cost until any consequential real growth feeds back into the economy.
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  48.  @gio-oz8gf  Oh dear - you need to rethink things here, and do some research - start with why it's called "inflation" and always happens after things like QE (quantitive easing) or after periods where rates are very low and banks create/lend large amounts.
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  49.  @Redf322  Well, because we would need negative inflation, i.e.: deflation, which would increase the value of the currency and so bring prices down.
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  50.  @stephfoxwell4620  Oil prices are subject to supply and demand, and fluctuations in value of currencies - like everything that's bought and sold.
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