No you didn’t actually, no you didn’t

Steve Groves says:
September 29 2017 at 10:08 am
If the private company owns the gilts and is lending them to a bank then they are receiving cash. Which doesn’t make this process a ‘home for cash’ as you previously claimed. It means they would ctually have more cash for which they need to find a home!

Reply
Richard Murphy says:
September 29 2017 at 10:10 am
The private company buys them from the bank

And sells them back at a higher price next morning

That’s what I said

That’s how repo works

No, that’s not actually what you did say. You got it the wrong way around the first time:

He should know how the repo market works and that this involves the technical sale to banks of gilts overnight and their repurchase with what appears to be interest credited in the morning, in this way providing the large customers making use of this facility for their cash piles with the deposit guarantee that they crave and which the government will not itself supply.

Tsk.

14 comments on “No you didn’t actually, no you didn’t

  1. @Theo

    I’m assuming that he’s on Facebook as a cheap alternative to adult friend finder.

    Plenty of dogging groups on FB over in the fens….

  2. 5 Ragging on Richies in a row… I know he’s an embarrassment in many ways but I almost feel sorry for the guy.

    I’m sure he loves kittens and his mother and I am concerned for his mental health.

    I’m not sure he’s much of a danger any more, except to standards in ‘higher education’ – effort better spent Ragging on McDonnell perhaps.

  3. @Oblong

    No point in posting about McDonnell: people either believe him to be right (no point in arguing), or know him to be wrong (why sing to the choir?).

    Murphy, by dint of his Professor (of practice) title, may mislead honest folks.

    I’m with Ecksy: keep attacking til he’s gone. And then do it some more, just in case.

  4. @oblong -“I’m sure he loves kittens” – i very much doubt it – cats have a mind of their own – lapdogs are much more spuds scene.

  5. Monomaniacal weirdos such as Spud prefer amphibians. Think Livingstone and/or Gussie Fink-Nottle.

  6. @Oblong

    The last time I put my head above the parapet here was to ask exactly the same thing. I think that silently changing his blog post and shouting down the people that understood the error has pretty much convinced me that he’s a nasty piece of work.

    However…
    I still think we should spend more time debating his ideas (as though they’re not the ramblings of a madman), understanding both sides of the argument, and perhaps trying to educate him.

    We don’t want to look like a vicious, singleminded echo chamber that can’t tolerate new ideas. Do we?

  7. “We don’t want to look like a vicious, singleminded echo chamber that can’t tolerate new ideas. Do we?”

    Shut up you moron! 🙂

    Seriously though, its very important in this day and age to point out the nutter telling us that we can all print our way to wealth is indeed a nutter, because if we don’t, sadly the broad mass of the public (via the left leaning media) will come to believe them. The Right have done ‘leave the nutters alone, its not their fault they’re not the full ticket, its unfair to be harsh on them’ for the last 30 years, and look where its got us – the nutters are in charge everywhere.

  8. perhaps trying to educate him

    Do you honestly believe such a thing is possible?

    We don’t want to look like a vicious, singleminded echo chamber that can’t tolerate new ideas.

    Tim’s post’s and the responses – especially from those here (unlike me) who know their stuff in this field – are almost always intended to point out the flaws in Murphy’s ideas. And occasionally to mock his idiocy and personality disorders.

    Tolerating new ideas need not involve pandering to cunts and idiots.

  9. Speaking for myself, I have learned a massive amount about the repo market simply because Snippa brought it up as an argument from imbecility

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