Apparently capitalists like depressions

Bob says:
September 5 2018 at 5:37 pm
According to the graph, labour’s share of national income was way higher in the thirties. Presumably leaves out the income of those not employed?

Richard Murphy says:
September 5 2018 at 7:30 pm
Data was not as good then

But this was a depression

Have you noticed how good profits are in a depression?


16 thoughts on “Apparently capitalists like depressions”

  1. Maybe Murphy excludes losses from his aggregate number for profits.
    Or he doesn’t know what he’s talking about.
    Or he’s a liar.
    In case (i) I still doubt his claim

  2. This was particularly entertaining given he is quite happy to quote statistics from 1694 onwards to justify his proposed overt monetisation of inflation.

    John 77 – your assessment is right on (ii) and (iii) regardless of (i) He’s a liar who doesn’t know what he is talking point

  3. Apart from a few people winding Murphy up, there’s a whole glorious ship of fools (heave ho!) commenting on that thread, captained by the Great Potato himself.

  4. Looks like his EU funded City university role won’t survive Brexit and he will be thrashing around for a new gig.

    If I’d known this before the EU referendum I’d have voted Brexit twice.

  5. Bloke in Costa Rica

    “I have a year to go on my research contract and am wondering what to do next”

    How about fucking off, and then fucking off some more? After you’ve done that, continue to fuck off, for ever and ever and ever.

  6. “Have you noticed how good profits are in a depression?”

    The man is trying to be Hitler, but isn’t even good at that. He’d like to blame the supposed depression profits on the Joooos, but is too cowardly.

    I admire is con-man abilities, but God, he’s a Corbynista piece of garbage.

  7. No, it’s socialists who like depressions. The rich lose more than the poor, so moar equality. Even if everyone is worse off.

  8. About the only people I can think of who find ‘huge profits’ in a Depression are those who buy stock at rock bottom prices and hope the company survives until business picks up again.

    I doubt that is what he was referring to though.

  9. Fred Z

    The great thing is after clashing with Johnny McD he is persona non grata from the Corbinite perspective, hence his constant puff pieces for the SNP. he is desperately casting around for a ‘safe harbour’ – I am sure some Left wing think tanks will pick him up. He is, after all, ‘the number one economic blogger in the UK’

  10. He’s ripe for spoofing. Approach him as some sort of bullshit vaguely leftist fake charity, tell him the views you would like him to have (something which compromises his past comments, given the form, he shouldn’t have a problem with that), offer him £ 100K per year, and play him like a fat fish.

  11. imho he/they are taking the piss and mocking the human rights “gimme, gimme, gimme” industry.

    Tommy Robinson, Consultant – Human Rights for young white girls

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