I’m pleased that the world has come round to my view: it’s taken them a while to do so. As that article also puts it:

[E]ven if stocks trade at a higher multiple these days, it does not matter: US stocks still look too expensive.

So, a crash is coming. It’s not a matter of if, it’s a matter of when. And that’s true of the economy and stock markets based on this evidence. We’re in that short lull before the storm breaks. Think of it as 1912 -13.

Well, given the predictions of a crash coming since 2009 eventually the world would have to come around to it. But here’s the joy:

Another chaos could be used by those who want to drive a neo-feudal and even fascist agenda. It is all too easy to see how. It is all too easy to see how Trump has laid the groundwork for that in the US, and that it could be emulated.

The question – and it is vital – is what can be done to prevent this? I have no certain answers. I am working on theory that provides alternative mechanisms for macroeconomic management. And I clearly think practical applications of modern monetary theory are important here.

If you were to design alternative methods of macroeconomic management, wouldn’t you need to understand how the current ones work first? You know, so that your “tutto nello stato” stuff doesn’t get confused with fascism?

32 thoughts on “Oh joy”

  1. Tim

    Candidly you’re wrong. Why would he need to do that? Surely you would be much better to come to the conclusion it’s all bollocks having not read it and walk out of the course after nary a term?

    can Noel Scoper or some other public spirited contributor here calculate how often Murphy has predicted an economic crash since 2008 – it has to be into three figures now?

    And most chillingly -‘ I am working on theory that provides alternative mechanisms for macroeconomic management.’

    Does this mean I am going to get a fourth book of Venn diagrams and other assorted bs to read?

  2. So Much For Subtlety

    Another chaos could be used by those who want to drive a neo-feudal and even fascist agenda.

    We can but hope.

  3. November 4, 2017, Snippa said we were on a cliff edge and FTSE 100 was 7560.

    It’s now at 7740.

    Candidly we need a new theory of cliff edges from Snippa so that the markets can get things right.

    Along with diversity targets being an indicator of management taking their eyes off the ball, we can also add CEOs who go to Davos. Won’t it be fun to see Trump crowing at the upsurge in the USA while the po-faced Euros try to lecture him?

  4. The preening, helmet-polishing, arrogance on display here is simply breath taking.

    it surely cannot be long before infirm old ladies are taking trips to Ely to be healed by the magic hands of the Godhead that is Murphy.

  5. The 8 years of the Obama Stagnation are over. Pent up growth is occurring. It is real growth. Stock pricing reflects actual growth.

    Predictions of a crash would be stupid, IF they actually were predictions. They are not. They are Leftard agitprop. They don’t like what is happening. They simply dismiss it with a, “It’s going to crash.”

  6. “I’m pleased that the world has come round to my view..”
    So we’ve been taking advantage of our prescience, have we? Been shorting the US markets?

    The great thing about economics is that expertise in economics can provide its own rewards. So one would expect an expert in economics to be living in a fine house in a good part of the country surrounded by the spoils of his success.
    An unimpressive end terrace in Ely, a pseudo-professorship at a polytechnic & scratching around for grant money indicates…?

  7. Feb 16, 2017, he looked at PE ratios and concluded that it would all end in tears. How much would he be out of pocket if he had spread bet on FTSE crashing back then?

    Maybe that explains the increasing air of desperation in his scribblings.

    A search for “crash” on his blog yields 377 results. Truly a genius at work

  8. Sometimes I like posting on his blog knowing he’ll delete, but at least he’s read it.

    “So, a crash is coming”

    Richard Murphy, 2009
    Richard Murphy, 2010
    Richard Murphy, 2011
    Richard Murphy, 2012
    Richard Murphy, 2013
    Richard Murphy, 2014
    Richard Murphy, 2015
    Richard Murphy, 2016
    Richard Murphy, 2017

    You should short sell some stocks to put your money where your mouth is.

  9. Spud’s delusions of grandeur and his messianic fantasies are always amusing.

    I assume his ‘neo-feudalism’ is hyperbolic shorthand for ‘a less unionised workforce with fewer statutory employment rights’.

  10. @Theo

    I suspect he uses “neo-feudalism” because he doesn’t know what feudalism was and sticking the “neo-” in front (q.v. neo-liberal) muddies the waters sufficiently to obscure the meaning anywhere outside his Humpty-Dumpty lexicon.

  11. Someone should show Ritchie a chart of the growth in value of NYSE stocks from inception to present day. Ritchie loves charts.

  12. Noel, so he’s been waiting for the crash for 8 years and he still hasn’t got a plan. This guy is not only thick, he’s completely useless too. You couldn’t even get him to hammer home nails with his head

  13. It’s fascinating to read the people who are allowed to comment on his site. They seem unaware of short-selling, futures, options, etc. They think that no one will buy at the top of the market and that everyone will be selling. They don’t even know history. I suppose that’s why they are allowed to comment

  14. I’m pleased that the world has come round to my view: it’s taken them a while to do so.

    Fuck. An outstanding combination of delusion, lack of self-awareness and colossal arrogance.

  15. Another chaos could be used by those who want to drive a neo-feudal and even fascist agenda.

    That will be the Green Party then.

  16. Not just “It’s going to crash” (would that be the Paul Krugman crash-from-which-we-never-recover?) but that malevolent Trump (guess he isn’t clueless today) will use the crash to “drive a neo-feudal and even fascist agenda” faster than Murphy can “provide[] alternative mechanisms for macroeconomic management.”

    (More neo-feudal than Obama making us serfs of the office park by requiring that every job have comprehensive medical insurance bundled in?)

    Murphy is not “working on a theory” – To the extent that his emanations are novel, he is working on a sales pitch.

  17. Spike has it – Murphy is dreaming up a new con. The sad thing is that some union will buy into the pitch, or may the egregious Corbyn.

  18. Bloke in Costa Rica

    That “working on a theory” is like those tiresome people who say “I’ve done research” when what they mean is they’ve had a desultory flick through Google. What’s the betting that The Egregious Tuber’s “theory” will be anything other than a mash-up of his current collection of bêtises?

  19. I’m working on a theory that the foxes living in the copse next door are actually Zionists.

    See, anyone can be “working on a theory”. It means absolutely fuck all until the theory is tested against the real world.

    Murphy will not allow that to happen; will deny the real world and instead substitute his own ersatz Imaginationland in place of it.

  20. How come he’s not over in Davos? An economics professor of such standing should be guaranteed a headline spot. Christ, can you imagine?

  21. Fred Z

    I have it on very good authority the Corbyn link won’t happen. He crossed Mcdonnell and that guy has a long memory……

  22. Van_Patten: Sorry to hear it that Spudnik failed to reach Corbyn’s orbit.

    Well perhaps Theresa May will be the buyer. She is certainly stupid enough.

  23. He has spotted that Vince ‘I called the financial crisis’ Cable was subsequently lauded by all the know nothings in politics and the media (which is basically all of them) as some sort of economic sage. It took a while for the reality to creep in that a) he hadn’t b) like most economists who claimed they predicted it he was ‘right’ for the wrong reason and c) on a practical basis as an economic adviser he was as much use as the proverbial chocolate teapot. So despite being crap and a charlatan, he nevertheless ended up with money, prestige and a knighthood. Truly a role model.

  24. I’m most disappointed.

    I asked Spud if he realised what a gigantic, arrogant, delusional bell-end his ‘the world has come round to my view” comment made him look and he didn’t publish my question.

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