Yes, It\’s Richard Murphy!

Our favourite retired accountant was one of the contributors to the Green New Deal thing announced on Monday.

No, really.

One of the things they recommend is that there should be capital controls so that the money needed for all their green investments can be found.

The UK has been running a trade deficit for some decades hasn\’t it? The UK has therefore been running a capital account surplus for some decades.

That is, that foreigners send us money to invest in things in the UK.

So, we\’re going to increase the amount of money available for investment in the UK by insisting that Johnny Foreigner cannot continue sending money to invest in the UK?

Sounds like a plan, eh?

5 comments on “Yes, It\’s Richard Murphy!

  1. I wouldn’t worry too much: the high water mark for socialist idiocy has been reached. The tide is turning.

  2. the high water mark for socialist idiocy has been reached

    I wish I shared your confidence. They always have the ability to be more stupid next time.

  3. Nah, capital controls are usually applied to outbound transfers, not inbound.

    Which of course, ultimately inhibits inbound as well – what’s the point of investing somewhere if you can’t repatriate your profits.

  4. If he had just put a banner at the top of the article with “Workers of the World, Unite”, I could have skipped reading it and not lost any of the content.

  5. “Workers of the World, Unite”

    I always read that as “Wonkers of the World, Untie!”

    Perhaps I’m dyslexic. Or perhaps my subconscious mind is good at precis.

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