Bwahahahahaha

Murphaloon’s argument that we need stimulus now because inflation is below target also means that he should have been arguing against stimulus in 2011 when inflation was above target.

Y’kno’, there’s heterodox economics and heterodox economics…..

Or, of course, he’s just making it up as he goes along, your choice.

11 thoughts on “Bwahahahahaha”

  1. He’s making the mistake of assuming everyone who challenges him is one of the lads/lassies from here taking the piss. This might have been okay a year ago, but now he’s hitched to the Corbyn wagon, arrogantly dismissing people who (genuinely) have no axe to grind is going to be his downfall I’m sure of it. Before too long he’ll find himself on a platform where he will not be permitted to silence his opponent, and he’ll be up against some left-wing, Labour supporter who is knowledgeable and he has seriously managed to piss off.

  2. Even when I was a lad, I noticed that people who argued for more government expenditure when recession arrived, never argued for reduced government expenditure during booms. I asked my father about it. He was of the opinion that they were crooks; Keynes, he said, had not espoused such an asymmetry. The same bunch advanced similarly asymmetrical arguments about income tax.

  3. He’s making the mistake of assuming everyone who challenges him is one of the lads/lassies from here taking the piss. This might have been okay a year ago, but now he’s hitched to the Corbyn wagon, arrogantly dismissing people who (genuinely) have no axe to grind is going to be his downfall I’m sure of it.

    Which just goes to show how important it is to keep taking the piss out of self-important, arrogant, know-it-all twats.

  4. You misunderstand Tim. In 2011, PQE was not inflationary. In fact, a leading academic on the subject (a certain Prof*0.2 R Murphy) stated that “People’s Quantitative Easing won’t be inflationary” and that “Increasing the money supply does not create inflation”.

    However, the worldwide economy and scientific consensus has moved on since those dark days of about 2 weeks ago. These days, a leading academic on the subject (a certain Prof*0.2 R Murphy) has noted that inflation is incredibly low, and we must do something to create inflation; namely, increasing the money supply through PQE.

    I’m afraid that you simply aren’t keeping up with the latest literature.

  5. Manhattan Brit,

    If it can be both inflationary and non-inflationary perhaps PQE should stand for People’s Quantum Easing.

  6. He was recently banging on about an article that concluded the shocking result that PQE was only inflationary when you spent the money, so it can be both. Actuallly would that be normal QE then where it was an asset class swap so no new money was printed to spend so it wasn’t inflationary.
    Now exactly why he would print money to put in a NIB and then not spend the money isn’t clear. Maybe it’s so he can have a Scrooge mcduck swimming pool.

  7. @Matt
    I can hear Murphy crying out “Infamy, infamy, they’ve all got it in for me”

    (although that is Kenneth Williams)

  8. “How long then until we have People’s Quantitative Easing? I designed it to address this issue, after all.”

    So the credit has murphed from being due to a grouping of 9 people who gave us the term ‘Green QE’ in December 2009 to being due to a sole designer in 2015.

  9. In much the same way in his recent academic article he claimed sole authorship of corbynomics. I can see that sort of grandstanding view causing him some trouble if he keeps on

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