Good Lord, this is Amaaaazing!

Corbynomics may be the only plan in town that can manage the China crisis

Isn’t that just stunning? £50 billion a year of QE in Britain will solve China’s economic problems?

Is there nothing the Murphmeister cannot solve?

15 thoughts on “Good Lord, this is Amaaaazing!”

  1. Can’t wait to read Ritchie’s response if Corbyn loses 🙂 That’ll provide Tim with weeks worth of RoR material.

  2. @PF,

    No disagreement here. I think going long on popcorn futures either way is a good strategy, cos it’ll be a fun ride whatever the outcome.

    I would of course love Corby Trouser Press to win, and then to make it as far as 2020 just to watch the map turn blue and have the Left standing there absolutely incomprehending that their dream candidate has been trounced good and proper at the ballot booth.

  3. “I think going long on popcorn futures either way is a good strategy”

    Agreed, but Julia’s way ahead of us – she bought the factory…

  4. You are missing that there is a massive groundswell of pent up desire among the people for an anti-austerity left-wing proper socialist party in the UK.

    Anyone doubting that has only to look at the election success of the Trade Union and Socialist Coalition at the recent general election. They fought on an anti-austerity left-wing proper socialist platform and got nearly 36,500 votes in the 135 seats they fought. That’s nearly 270 in each.

  5. The point is that if these voters all moved into the same constituency TUSC could have an MP.

    Or maybe two.

  6. Sorry, what China crisis is he talking about? The one where their stockmarket is at roughly the same level as 12 months ago? The one where their currency is trading some 2% lower against the dollar than a few months ago? If that’s a crisis, don’t let him see what’s happening in Syria.

  7. bloke (not) in spain

    Don’t get too complacent, people. If the long overdue property price bubble burst happens & your banking system follows it down the toilet, Corbynomics could be looking very attractive in the late twenty-teens.

  8. @Andrew M,

    Two things. That tens or hundreds of millions of little investors spent the last year busily buying into Chinese stocks, and those still holding at the top (most of them) will have lost a packet of money. Perhaps not as much as they psychologically feel they have, and to each other (Rather than the greedy western capitalists being blamed for the crash, but still, lost money, lost bravery to continue investing.

    Second, the Chinese stock market is not lower than a year ago because the government has effectively banned selling of shares below the current price. So a lot of people are holding lots of pieces of paper that are nominally worth something but cannot be exchanged (even the shares that have not been suspended there is seemingly little legal market for).

    So those shares are almost like cold-war communist money. Everyone’s rich because they have loads of it.

  9. BiG,

    It’s far too soon to call it a crisis though. A crisis is queues outside the banks; a wobble in the asset markets doesn’t qualify. Obviously it could spread to the banking system – plenty of stocks are bought on tick, so lots of loans could default – but so far at least the Chinese authorities are managing the situation quite well.

  10. “Does anyone else think that “Corbynite” sounds like an explosive…?”

    Indeed. Particularly suited for expelling large volumes of unrepentant Trotskyists out of the woodwork.

    As a by-product of the explosion, it also produces quite a lot of nitrous oxide, making some people in the vicinity giggle uncontrollably.

  11. “£50 billion a year of QE in Britain will solve China’s economic problems?”

    And, when that doesn’t work, the Libtard/Keynesians will double down and say they weren’t wrong, they just didn’t QE enough.

  12. From where I’m looking the Chinese economy is a disaster waiting to happen. There are strict capital controls so wealthy people just buy up apartments and leave them as empty shells because everyone ‘knows’ that house prices just go up and up.

    For decades they have, everyone has stories about people they know who bought some apartments in Shenzhen or Xiamen 15 years ago which are now worth 10 times as much. But when I look out the window I can see 1/3 of the apartments in my garden are empty and I can see cranes everywhere building new gardens of apartment blocks. So to me it seems like there isn’t the demand for apartments as somewhere to live but somewhere to simply grow money.

    Then there are the banks… The apartment next to mine in on the market for about 1.3m RMB (130k GBP). One of the girls in my office was looking to buy it with her boyfriend. Her boyfriend’s parents can give them the 30% deposit so they are looking at a mortgage of about 85 grand. They earn about 15 grand a year between then and the bank will chuck the cash at them. How is that going to end??

    Then you have the stockmarket bubble popping. Banks and investment clubs manipulate the market to cause a huge bubble and then get out leaving everyone else fucked. When the bubble is growing and it’s obviously a bubble the Chinese can’t see it be because they are so hubristic because they think that China is so wonderful and they’re so much better and cleverer than everyone else. Then when it pops the government come in with these heavy handed regulations which is only putting of the inevitable price correction.

    The worrying thing for me is that when it does finally all go to shit because of their hubris and stupidity and a governnent made of that disastorous combination of highly educated very stupid people they are going to blame who they always blame: Foreigners. I’ll be straight in a car to the HK border.

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