Comments by "Aden Wellsmith" (@adenwellsmith6908) on "Richard J Murphy" channel.

  1. That's just the borrowing. The welfare state has a 16 trillion pound pension debt, off the books.
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  2. 16 trillion pounds of socialist welfare state pension debts. How is that affordable?
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  3. Exactly. You have been ripped off. Now along comes a fat cat on a huge final salary pension. We are talking pensions worth in the millions, demanding that someone else pays so he doesn't. He was deep in the system that ripped you and I off, and now he demands more of the same. Ask Mr Accountant Murphy why the socialist pension debts, including his huge pension are not reported in the accounts.
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  4.  @davideyres955  Lewis Hamilton buying a private jet and paying no tax on it =========== He doesn't live in the UK. It's a business expense for him. Do you know how business works? Income, less expenses is profit (or loss). Then its tax on the profits [unless its business rates]
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  5.  @akastewart  Correct. What's worrying also, about Richard, is that for a professor of Accounting, he's from the Enron school of accounting when it comes to pension debts.
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  6.  @davideyres955  I think you will find the rate they pay large on the income. Much larger than the poor that pay a negative rate of tax. Yep, tax rates below zero because the state pays them .
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  7.  @Redf322  Doesn't work red. There's a 16,000 billion pound pension debt. Off the books. The super rich in the UK [Sunday times rich list ] own 220 bn. [Anyone with over a billion]. You run out of super rich before 2 months are up.
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  8. Not enough.
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  9. The biggy Murphy won't discuss. How much pension debt because that debt is inflation linked. Most, but not all of the borrowing is fixed rate. But that's only 8-9% of what is owed. The rest is almost all inflation linked. [Unpaid wages, unpaid invoices being the exception but that's small and very short term].
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  10. No. Balance sheet is assets and liabilities. Tax appears in the income and expense accounts.
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  11.  @adcs88  You exchange them. The government wants them for starters. Employers and employees move to dollars. So they are happy [except PS workers]. It's happened. ZImbabwe for example.
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  12.  @terryboland3816  Richard is sadly, ignorant of accounting and economics. On the accounting its related to how pensions are booked into accounts and IFRS standards. Hence no discussion on the socialist pension debts. On economics, its the equation of exchange that he won't discuss.
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  13.  @terryboland3816  I know. I was backing you up. The bit that Richard leaves off [Like the pension debts], is the equation of exchange. That's the connection between resources and money.
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  14. Or going bust, or investing in another country,
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  15.  @skyblazeeterno  What's the point of your post? It's a tax on work. Just like taxes on cigarettes stop smoking, this tax will cause unemployment.
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  16. Where's the trillions of pounds of wealth the Socialist Welfare state has taken from people?
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  17. How do you get growth when you allow in 1.6 million people who are working and are on welfare?
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  18.  @citizenVader  There are 1.6 million new arrivals not working. Why is that good for the UK when the UK has to house and fund them?
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  19.  @citizenVader  What domestic problems?
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  20. I've left in the past, Came back to look after my parents. The options for me exist. Problem for you, with the kids in school, you get to pay for the costs. 3x 3K health care. 3 x 3k Common goods. 2 x 9K schooling. You wouldn't have to fund my common goods, but I've still got that 3K NHS a year. 39K a year in tax needed to break even. You've lost the profit you were making on that. I was paying more tax funding others. 39 min wage earners consuming zero services [as if] have to work for a year to replace that.
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  21.  @ianoliver3130  I've moved for 8 years. On the real estate front, correct they can't take it. They can sell that's one option. They can mortgage up, which means on death, you can't even tax the value becuase the value is property value less debt. But money leaves, shares leave. There are lots of wealth that is completely mobile and can be moved with a click. A lot will have gone, and you can't tax it.
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  22.  @skyblazeeterno  Will they? Plenty of places with zero corporation tax for starters. The money moves, now what?
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  23.  @skyblazeeterno  They problem can. The questions are will they? In reality will get you get more tax revenue? Next and its the bit you won't say. Why do you need the cash? The state makes a 30% gross profit margin. That's tax receipts compared to cost of services. Cut spending. no 200 bn for other countries. No welfare for foriegners. No 20 bn or more creamed off by the greens. Abolish subsidies. Stop the extortion model.
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  24. Have you seen the video of Biden's economist talking?
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  25.  @fanfeck2844  Remember they caused it. Just like bankers. They are all guilty. Civil servants are all in together.
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  26. For the simple reason that if you are retired you can't get unemployment benefit or extra pension. Almost all of NI goes on pensions. Why pay for nothing? Meanwhile Mr Tax Accountant, why did you and colleagues hide the £16 trillion pound pension debt off the books?
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  27. Richard is after your house, because its an "unproductive asset".
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  28. Problem is that greed is wrapped up in a mantle of helping others. Starmer is a classic example of this. Reeves, Rayner also.
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  29. Austerity is a consequence of the welfare state's pension debts.
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  30.  @Redf322  I'm also interested in your definition of fair.
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  31.  @Redf322  Oh, look replies disappeared. 25% raises 70 bn. You need 1,600 bn a year. What else are you going to do.
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  32.  @Redf322  Lets see if can the first bit done. The debt arises because the pension contributions are spent, not invested. Where is big corp involved in that?
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  33. What a dilbert. Interest is for giving up immediate gratification of spending your money. Interest is to cover people defaulting on their debts. Lets say you are running a credit card company. You can borrow for one year at 5%. When it comes to your customers 90% paid back in full, 10% default completely. What rate do you need to charge to just break even? No expenses, that's extra? The rate you lend at is "r" So you borrow a million you need to pay back at the end of the year 1,050,000 So what are the borrowers going to pay? Well only 90% of them are going to pay you. They need to pay back their money, the interest you have to pay, and the 10% you lose through default. You need to charge 16.67% to break even No wonder the state is in dire straits when dilberts like this think no interest. So lets cancel his pension. It's debt.
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  34. It's called screwing the young so Murphy can live the high life on the debt. He's owed a pension
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  35.  @tonyy452  So lets say you have a bank with 100 million lent to the state. That money has come from shareholders. Depending on the policy set by the BoE, you can loan a multiple of that. That multiple is basically set that your expected losses exceeds capital by a margin. It's control by risk. On top the BoE can set policies that reduce the money supply. It says, we want a bigger margin, so you have to get shareholders to stump up more capital, or you reduce the amount of money you have loaned. That reduces the money supply. If you look at the equation of exchange, that reduction in money supply reduces inflation.
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  36. National SOCIALISTS. The clue is in the name of
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  37.  @gio-oz8gf  Which pension fund do you know of that doesn't invest its funds ======== The civil service pension "fund" for starters. Notice that he has no cap on his pension. He's immune from tax relief on his pension contributions. Why do you think he's proposing more tax for other people, not him? So his pension is an asset. It's unproductive. Lets tax it 30% now.
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  38.  @Redf322  Lets take that one example. The socialist welfare state. All the contributions redistributed. None invested. So its a socialist not a capiltalist issue. So what issues does that cause? 1. 30 Gross Profit margin, by the state. That's correct. That's the profit the state makes on services. It has to in order to pay the debts. 2. Wealth inequality. Mr Average loses over 2 million compared to what he would have had, if his wealth had been invested. That's his life time loss. Mr 38.5K a year has lost. 3. Lack of investment. There is none 4. Poverty. The state pension is being destroyed pushing more into poverty. But remember, Richard, an accountant, won't tell you how big those pension debts are. Strange one that.
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  39. More debt, more debt, more debt. Asset strip the workers even more. Import more poverty Hide the numbers. Politicians to loot more personally.
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  40.  @keithparker1346  People had paid the socialist welfare state for their old age pension. They are owed a pension. Civil servants and public sector workers have done likewise and are owed a pension. Which bit of the above is wrong?
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  41. MMT says you can't inflate your way out of inflation linked debt. So what inflation linked debt does the state have? Pensions are the biggest at 16 trillion pounds But there's 222 bn of inflation linked gilts as well Unpaid wages are small, as are unpaid invoices, and effectively fixed rate The EU debt is inflation linked because its eurocrat's pensions. Losses on insurance contracts, effectively fixed rate Damages, for example the Post Office, NHS for killing and harming people. That's inflation linked because the damages include inflation protection Nuclear clean up, that's work and materials. That's inflation linked Losses on guarantees. Biggest is pensions again, so that effectively inflation linked. So 90% is inflation linked and you can't inflate your way out of inflation linked debt.
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  42. How's that going to work? The same way as the socialist state pensions. All the wealth redistributed leaving no assets and a massive debt That debt causes wealth inequality, lack of investment, massive austerity, pensioner poverty, ....
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  43. Moral Hazard. Lets see. Take trillions from the workers saying you will give them an old age pension Spend all the money Hide the debts off the balance sheet. Make sure you get a fat cat pension and make sure your pension has capital. When there's a short fall in capital, vote yourself more money. Yep that's socialism for you. Nicholas Taleb published a good book on it called "Skin in the Game". When it comes to politicians and Civil Servants like Richard they have no Skin in Game. It's just that new business model of the state for Extortion.
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  44. Look at Scotland. You then need referenda on tax, like CH. I would suggest a different approach. Abolish rates and council tax. Collect it centrally. Then each area gets the same per head amount. The reason is then that the rich areas subsidise the poor. Then its down to local councils to get the most value out of that money. If you want to do more, be better at doing it. It changes the dynamic and it cuts out whole areas of what is in effect make work job schemes.
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  45.  @stephfoxwell4620  No, that 16 trillion is present value, not future value. It's also inflation linked. So 2.5 trillion GDP now, and you are saying 120 trillion future. A 48 fold increase. That means the pension debts will be around the 768 trillion mark. Now what?
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  46.  @perkinscrane  Inflation is not stablity. It's the opposite. The price index of 100 (reset at the start) is stability So why 2%? So on the energy prices. So do we now get deflation in energy prices. Government policy. Printing money is what they did and that was the BoE.
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  47.  @BAmalakas  Spot on analogy.
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  48. You clearly don't. Create a new currency, the voucher. Pay public sector workers with vouchers. Heck quadruple their wages, in vouchers. You can never run out of vouchers. Of course when they spend the printed vouchers, or try to, you get the problme.
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  49.  @charliemoore2551  Because it can print Vouchers to pay civill servants. Remember it can never run out of vouchers.
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  50.  @blackbulldog4897  And? The government can run out of purchasing power. You cannot magically create resources out of thin air.
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