Richard Murphy says:
August 16 2017 at 5:04 pm
YesWages are declining
Debt is rising
New credit is being limited
One of those two last might be right. But which one is it?
Should we have rising debt or should credit be limited?
Richard Murphy says:
August 16 2017 at 5:04 pm
YesWages are declining
Debt is rising
New credit is being limited
One of those two last might be right. But which one is it?
Should we have rising debt or should credit be limited?
If there is new credit, however limited, then debt is riding
OK… So if real wages are declining, as they seem to be, and people are going to the plastic or payday lenders then credit must be rising? Bank undercover has a great article on car finance
https://bankunderground.co.uk/2017/08/15/car-finance-whats-new/
Debt is rising, but not as fast as people would like it to be because it’s limited?
It’s not so much that you can’t have the last two at the same time, more that it doesn’t make any sense to complain about them both at the same time.
Translation:
I’ve had no new grant money, my credit card is maxed out and the bank won’t give me a loan. Everyone must be like me.
Can have debt rising without credit being increased.
Fail to pay your debt each month your debt rises while your credit does not.
Have defaults gone up recently?
I hate to write this but Murphy might be making sense in a situation where no new loan monies are being issued but debt is rising because interest accruals exceed repayments.
@ FredZ. You mean in a Chimps-and-typewriters kind of way?
There are bloggers with knowledge and thereby something to say; Matt Ridley, Tim. These guys can hang around. Then there are those with no knowledge but big gobs. They have limited shelf lives. Poor Ritchie has reached the end of his; he just hasn’t realised it yet. People have by and large even stopped trying toock him on his comments.
Hence he is off to Scotland this summer and to Brussels and the odd ‘economics or literary fesitval’ in Nowhere, County Boghop, Ireland. Looking for a gig, any gig, anybody who will still say “Thank you Richard for your expertise and incisive blah blah blah”.