Oh well done!

The first was Moody’s down-rating of the pound because of weaknesses in the government’s finances. I could have made a song and dance of that. I didn’t. Their opinion is obviously well founded. And it just confirms what I have been saying for I do not know how long. There was little to add.

The Senior Lecturer has been saying Britain doesn’t have a government debt problem, doesn’t have enough government debt and anyway QE cancels much of it.

Moody’s said the UK has too much government debt.

Moody’s just confirmed that the Sage of Ely is entirely correct of course.

4 thoughts on “Oh well done!”

  1. Proving my statement from a few days ago, you can always find Richard Murphy violently opposing the views of Richard Murphy:

    “But the ratings agency knowingly seek to undermine stability.

    If ever you wanted evidence why they must be brought under control, their power reduced and the economics of good sense must be restored to action then this is it.”

    http://www.t*xresearch.org.uk/Blog/2011/07/04/the-making-influence-of-the-rating-agencies-continues-s-p-now-threatens-entente-on-greece/

    When [organisation X] agrees with Richard Murphy, it proves what a genius he is, when [organisation X] disagrees with Richard Murphy, the have been corrupted, co-opted and need to be controlled.

  2. You need a special brain to follow Murphylogic, don’t you?

    Just when you feel you may have analysed a particular psychosis he throws you by indulging in straightforward lunacy.

    Moody don’t understand that Government debt is necessary since without it there can be no private wealth.

    Moody don’t understand that Governments can just print money with no adverse consequences, so their being in debt is purely voluntary.

    And Moody doesn’t understand that it’s vindicating Snippa. But it is. Cos Snippa says so. Even though it isn’t.

  3. @ Dennis
    Moody’s main business is calculating whether debtors will, or at least may be expected by others to, repay their debts.
    Repaying debts is a neo-liberal concept, so if Moody’s aren’t neo-liberal they jolly well ought to be.

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