Quite joyous

The Senior Lecturer posted something to Brave New Europe. I then commented. The comment hasn’t appeared. I get an email:

Thank for reaching out to us. Of course we wish to have hobby economists participate in the discussion on our website, so your comment is very welcome.

Unfortunately the chap who does the comments is on his annual summer holiday, so this may take some time.

They’re absolutely correct that I am a hobby economist of course. No advanced qualification, never worked as an economist etc.

It’s just that if I’m a hobby one then what is the SL?

23 comments on “Quite joyous

  1. Well they do sound thoroughly Brave New Europe. Like the dagos in this holiday resort town who choose August to shut their business & go away on holiday. Never let mere work intrude into your leisure time.

  2. “what is the SL?”

    Isn’t this on a par with those ‘questions asked by journalists’?

    Murphy is a cunt.

    I also tried to post on that site. Didn’t even get an email.

    They don’t want debate. The left never do. They are a religion, led by blind faith and conviction.

    You cannot reason or debate with the left any more than Sarah Connor could ask the Terminator “can’t we just talk about this?”

  3. “Reaching out”?

    A bollocks Americanism which has seeped into public life. More like a reach around for that lot.

  4. “They don’t want debate. The left never do. They are a religion, led by blind faith and conviction.”

    Too true, Andrew C. Was taking with a leftish Remainer, yesterday, who’s convinced come November 1, the dago police will be stopping anyone looks like Brit & doing them for driving on an invalid licence. Swansea’s piece of plastic no longer being fit for purpose. Why would they do this? Upset umpteen million Brits in an economy’s already haemorrhaging money thanks to the Brits who’ve already buggered off because exchange rate changes have hiked their in-country cost of living. Or aren’t holidaying here for the same reason. But it’s EU law, I’m told. This in a country drives a burro & cart through EU law whenever it’s convenient.or they just can’t be bothered. Jeez. The Spanish flith can’t even get on top of half the Spanish drivers driving without insurance in vehicles haven’t been tested or paid taxes on.

  5. “loonies for loonies”

    I also noted on there a review “The Case for People’s Quantitative Easing by Frances Coppola”.

    Can anyone explain something to me, and which I’ve probably never thought too much about:

    At a basic level I understand QE, and crucially that it must reverse by default (one has to keep taking action to keep it in existence). Double entry book keeping ensures that ordinarily there is always a liability for an asset (a debtor for a creditor).

    But helicopter money – “physical bank notes gifted to the people” – there is no counter party, how would that reverse in due course. And if it doesn’t reverse, then by definition surely it must ultimately be inflationary?

  6. “then by definition surely it must ultimately be inflationary”

    or otherwise a debasement of the currency?

  7. Cheers Tim.

    And yes, I get the short term objective (!), it was the long term bit (once the economy was bubbling again) I was confused about.

  8. Can’t helicopter money be removed by removing the money from circulation?
    Eg. with negative interest rates on BoE bonds?
    Or maybe the government raises taxes and instead of spending, removes from circulation (larf)

    Probably misunderstanding something, I just can’t see what it is…

  9. Is there an official definition of inflation? The common understanding is prices going up but I have seen reference to “inflation of the money supply” (leading to prices and wages rising).

  10. With helicopter money couldn’t the government tax the fuck out of everyone and then write it off rather than spending it?

    Not like that would ever actually happen.

  11. [Murphy] is one of the few thinkers who can truly define how a Green New Deal brings together not only a solution to the climate crisis, but to the social and economic problems we are currently facing – worldwide.

    Pass the sick bag, Alice

  12. Tax in excess of spending (a surplus) reduces government debt, a deficit increases government debt. There is no destruction or creation at that point?

    Alan has £1,000 (in his bank account). The Government has a debt of £1,000. Gov taxes Alan £500, and doesn’t spend it. Alan now has £500 in his bank account and Gov debt is down to £500. Always a counter party / balancing entry.

    But, following that earlier commotion, Alan still has £1,000 of physical notes in the biscuit tin that fell out of the helicopter.

    I need a primer on the double entry / accounting of base money. I’d always simply assumed a counter party. Ie, if BoE gives RBS some notes, because I want to withdraw some, then RBS temporarily owed BoE electronically the same, until the notes later found their way back into the banking system.

    Helicopter money appears to me to destroy the notion of counter party, simply creates lots of extra paper with no obligation, ie essentially a debasement. I need to go back to basics.

  13. Arthur the Cat
    Didnt one of Occasional Cortex’s handlers admit recently that the GND was little to do with Greenery, just a way for them to control the economy?
    ‘a solution…to the social and economic problems we are currently facing’ my arse. Socialist power grab more like.

  14. @bis at 9:28 am

    “The Project” and Vindictiveness trumps logic & common sense in EU

    .
    @MC August 1, 2019 at 9:56 am

    “Had a quick look at the site. Seems to be by loonies for loonies.”

    Same as The Conversation then

    .
    @Jimmers

    More or less. Her puppet master told Washington Post(?) all the Green crap was and is a ploy for more state control and higher taxes.

  15. “Like the dagos in this holiday resort town who choose August to shut their business & go away on holiday.”

    Turned up in Paris once not realising it was a French public holiday and most of the restaurants were closed because it was a holiday, very strange business sense

  16. Dongguan John

    “With helicopter money couldn’t the government tax the fuck out of everyone and then write it off rather than spending it?

    Not like that would ever actually happen.”

    That’s my rather simple understanding off MMT, spend the money and only when inflation occurs raise/impose taxes to control it.

    The problems is, as you point out, it relise on politicians raising taxes – there’s a by-election election, GE Chancellor, not this year thank you.

    Also, inflation is a backward looking indicator so inflation has also started well before it’s detected then we have to go through Thatcherism again to purge the system.

    Another issue, I think but haven’t seen it discussed in depth, is that those who first receive the MMT spend, friends of the government, get full value for that money and can convert it in to goods, index linked pensions and if they’re canny, gold, we’ll before inflation kicks in. The rest of the population gets to suffer highs taxes and inflation. To that end helicopter money strikes me as being equitable.

  17. BiS,

    Are those holiday makers pissed up British chavs?

    If so, I think I might forgo the profit and go on holiday.

  18. Didnt one of Occasional Cortex’s handlers admit recently that the GND was little to do with Greenery, just a way for them to control the economy?

    Yes. The exact quote:

    Chakrabarti had an unexpected disclosure. “The interesting thing about the Green New Deal,” he said, “is it wasn’t originally a climate thing at all.” Ricketts greeted this startling notion with an attentive poker face. “Do you guys think of it as a climate thing?” Chakrabarti continued. “Because we really think of it as a how-do-you-change-the-entire-economy thing.”

    Source.

  19. Turned up in Paris once not realising it was a French public holiday and most of the restaurants were closed because it was a holiday, very strange business sense

    The whole of August is effectively a French public holiday, everyone goes away at the same time (most of them to the south coast) causing unbelievable traffic chaos at the beginning and end of the month. The upside is that Paris is much more pleasant to visit, as all the French population have departed, but you’ll struggle to find a cafe restaurant or bar that’s open.

    If, as I used to, you work for a French company, good luck getting any decisions taken in head office during August (or even getting your expenses signed off).

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