Err, you whut?

Richard Murphy says:
October 18 2017 at 2:06 pm
No we have not used up all our fiscal tools

Nor have we used up all our monetary tools, by a long way

We have just delivered low interest rates that reduce rentierism in the economy

When looking out of the other stump holes The Sage tells us that low interest rates have just increased asset values increasing the value of the rentiers’ capital stock.

And we have all noted how buy to let has fallen alongside those low rates, haven’t we?

13 thoughts on “Err, you whut?”

  1. He (and others) keep throwing words around assuming other people understand them to mean what they themselves believe they mean, without explaining, like boojwah. WTF is rentierism? No, don’t tell me, I don’t care.

    (For all I could work out, boojwah just means “sole trader shop keeper”. What’s so evil about shop keepers?)

  2. He manifestly can’t make up his mind whether he’s a monetary tool or a fiscal tool.

    I’d call that nit-picking once we accept the essential point that he’s a tool.

  3. @Tim Worstall

    Your five week sabbatical from Forbes is long over.

    When do you envisage resuming publishing on Forbes?


  4. jgh – its known as the Vizzini method of using words. His was ‘inconceivable’. (The Princess Bride movie 30 years ago).
    That word, I don’t think it means what you think it means.

    Every time something happened that wasn’t in his plans he claimed it was inconceivable.

  5. Also off topic but absolute top marks to the Guardian contributor who replied to the headline

    “What connects rape in war, domestic violence and sexual harassment?”


    “The Guardian”

  6. “used up all our monetary tools”

    Does one ‘use up’ a tool, or are tools ‘used’ for something?

    Sorry love, I can’t finish putting up the shelves because I’ve used up the screwdriver.

  7. Sorry love, I can’t finish putting up the shelves because I’ve used up the screwdriver.
    Then recharge it.

  8. I hate to say it but he is right. In terms of options HE would consider acceptable the government is not even close.

    Where are the ‘people’s tribunals’ for state enemies?

    Whither the gulags for people in need of re-education?

    Why does any individual need private property when everything of value has been created by the state?

    Why is Worstall still free to publish?

    So, make no mistake, for a man this evil, the arsenal of tools he envisages the state as having is nowhere near even half used up….

  9. Ritchie, arse about face as usual. Thanks to low interest rates, we’re having to put far too much of our money into equities to secure an income stream in retirement, and to hold far too little cash. And when the current asset bubble bursts, we’ll be fucked, at some level of fucked.

  10. @ Justin
    His monetary tool is a coloured pencil with which he writes billion-dollar notes. He used it up writing millions of them for Comrade Mugabe. But some kind soul has given him a whoile new box of coloureds pencils so that he can write million-pound notes if only Mr Carney would let him have some of that fancy paper he uses.
    What? They are using plastic now? But coloured pencil marks wash off plastic.

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