And today’s view from the stump is –

What flows between her headline and the two noted observations does not seem to matter greatly because whilst it is clear that Someset Webb does get the fact that QE creates significant negative social consequences, as I long ago predicted, the essence of her argument is that these can be resolved by increasing interest rates.

In other words, the argument is that increasing the pressure on those who borrow (i.e. by and large those without capital or wealth) by requiring that they pay more to those who lend (i.e. those who have wealth) will somehow reduce social pressure in society and restore well being to the majority and send a lesson on greed to the world’s billionaires even though their incomes will be increased as a result, inequality will rise, more who are clinging to solvency by their finger tips will go bust, house foreclosures will increase, and the pressure on social safety nets will increase considerably.

The Senior Lecturer’s usual analysis of the effects of QE is that all it has done is raise asset prices. Raising interest rates would, therefore, logically reduce asset prices and thus reduce that wealth disparity between the billionaires and the rest of us.

But we shouldn’t do that because all the previous analysis is ignored for today’s view from the stump.

11 thoughts on “And today’s view from the stump is –”

  1. “Someset Webb does get the fact that QE creates significant negative social consequences, as I long ago predicted”

    Lying cunt. He’s never said anything other than QE (BoE, “green”, “peoples” or otherwise) is free, good and there should be more of it.

    I also notice that in comments on this year’s HMRC tax gap he’s not once mentioned his crazy £100b figure. Backing out Richie?

  2. Noel

    What I enjoyed most was his criticising HMRC for having estimates of the tax gap that were so close and were therefore worthless. From the man whose only estimates are £120bn and £123bn. Oops!

  3. @aaa,

    I once, by private email, offered to pay Ritchie to recalculate the tax gap. He wanted 40 grand for it. For sticking your thumb up your arse for a calculation that’s a bit steep.

  4. TMB, if you wait a few weeks you can watch Polly milking Snippa’s prostate with a variety of kitchen implements, including a fish slice… Polly Milks Murphy

  5. @Noel

    How the fuck did he justify that?

    Everything he writes these days is just a regurgitation of something he wrote a while back.

  6. Rocco – sounds promising!

    If you manage to get Polly full-frame contemplating the trembling contours of Murphy’s over-generous fundament, do try and capture the look of dreamy ecstasy as her mind’s eye travels to the rolling Umbrian hills.

  7. Andrew. The £40k goes straight into the LLC which we know is a tax avoidance scheme. Spy will calculate how much tax he has saved and multiply it by another fight plucked out of his arse and will arrive at one hundred and twelvety billion pounds. And that, my friends, is the tax gap.

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