!?!?!?!?!

G Hewitt says:
May 15 2018 at 2:00 pm
I would have thought that a bank’s overheads, (it’s branches – if it has any – employees, overpaid CEO, computer systems and so on) would imply that creating loans has a cost.

Reply
Richard Murphy says:
May 15 2018 at 3:15 pm
To manage default risk: yes. I agree.

The only costs banks incur is default risk?

So, this central computing system that all banks will use, provided by government. It’ll cost nothing to use then, will it?

15 comments on “!?!?!?!?!

  1. From the comments section – a vintage response:

    ‘Rod Hull says:
    May 16 2018 at 8:46 am

    Can you name any one power which is currently devolved which will initially come under Westminster control?
    I’ve read the article and there don’t seem to be any.
    Reply

    Richard Murphy says:
    May 16 2018 at 9:44 am

    You are well aware that these lists exist

    I am not your search engine’

    For some reasons I have an image of Murphy being savaged by a large flightless creature – a fate which most would agree is probably too merciful for him..

  2. I have an image of Murphy being savaged by a large flightless creature

    I’d settle for a half-starved Polar Bear.

  3. ‘So, this central computing system that all banks will use, provided by government.’

    Stagnation begins on implementation of any standardized system. Railroad gauges is about all that can be beneficially standardized.

  4. I wonder if he uses the same answer when students ask for information or the sources to back up his statements? Maybe the state of academic research is such now that providing a bibliography etc. is no longer required?

  5. “Stagnation begins on implementation of any standardized system.”

    You might want to re-think that.

    TCP/IP is a standardised system. So are HTML and CSS. Don’t appear to have stagnated much.

    Anyway; I’m assuming that this was kicked off by the TSB thing yesterday. The on-going grief seems to be a network problem – TSB’s systems may or may not be working internally, to a greater or lesser level of detail, but they don’t appear to be handling communications, payments, with the rest of the banking industry. Their interoperability is buggered, and can’t be guaranteed for any particular transaction, message, now or in the future. So using TSB as a bank might be fine and dandy, just as long as you never interact with any other bank or payments processor, ever, except via cash.

    If this is true, what value would you put on TSB, and what value would you put on cash (or the ability to handle cash)?

  6. “TCP/IP is a standardised system. So are HTML and CSS. Don’t appear to have stagnated much.”

    Problems have been identified with each. The identified problems remain with each.

  7. But the existence (and persistence) of known and even unknown problems and stagnation are different.

    If you want an example of stagnation in networking, what about the persistence of IPv4?

  8. Standardised container sizes, metric units, agreed technical language (chemistry, physics etc), road laws across countries. The list is rather full.

    If countries won’t provide them, the industry steps in. IATA, FIFA, ISBN, and all the rest.

    I’m travelling across Europe and the nonstandardised things (language, currency) are a pain in the arse. But at least I know what 500 grams is, can read the road signs, etc.

    Even international standardisation has massive benefits for ordinary people. Sometimes Libertarians are so determined that all government is bad they say some very stupid things.

  9. A4 paper
    Bicycle pumps
    The carat system

    Someone might know a country which measures printer paper or diamonds in some strange way

  10. All technical standards are a compromise.

    Probably the most important technical standardisation of recent times was the GSM air interface. Not perfect by any stretch of the imagination at the time and in hindsight many flaws, but it allowed mass production of mobiles which opened mobile technology to the masses.

    To be fair the EC making it an EU standard also helped.

  11. DuckyMcDuckface said:
    “So using TSB as a bank might be fine and dandy, just as long as you never interact with any other bank or payments processor, ever, ”

    Wasn’t this Murphy’s vies of banking? That creating credit was just a matter of the bank’s internal book-keeping? A view that only held up for as long as the account holder didn’t want to actually withdraw or spend any of the money.

  12. Doesn’t the US still use “letter”, “legal” etc as paper sizes?

    A lot of automotive stuff is pretty standard – e.g. 55/65w headlight bulbs have had the same 3 pin plug fitting since the 1950s. The bulbs themselves have changed from the Lucas 7″ sealed beam units to halogens in fancy plastic moldings (bizarrely, despite a small fortune spent by manufacturers in R&D, most of them are pretty woeful compared to a set of top notch 7″ sealed beam replacement halogens), but the connector remains standard. Eventually Led units will probably kill it off, but that may not be for a little while yet.

    Again, it’s surprising what is determined by “accidents of history” that become standards because there is no need to change them – e.g. when the pre-war rover engineers were designing the flywheel housing of their 1.6l sidevalve engine, the would probably have been quite surprised to be told that the bellhousing bolt pattern they chose would still be in use in 1998, (you can bolt a 300tdi defender engine to a Rover P3 gearbox no problem, although the gearbox will have a lifespan of about 5 minutes)

  13. Domestic electrical applicance manufacturing and uptake rocketed after Stanley Baldwin forced through the National Grid and standardised UK electric current provision and the IEEE and BSI pushed a small set of standardised interchangable outlet fittings.

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