The rating agencies are, then, living on another planet far removed from reality, and are subscribing to an economic logic that is disconnected from the facts. If they do not appreciate that very soon my simple answer would be that the government rule that its debt is always investment grade and dispense with their services – after all, they pay for this nonsense; the agencies don’t do it for free.
Anyone want to explain the sovereign bond rating model to him?
I do not know what Spud is smoking, I don’t approve of it, and I want some.
Isn’t it strange that he is unaware of all those times that governments have defaulted….
His ignorance of the world is mind boggling.
“If they do not appreciate that very soon my simple answer would be that…. ”
In Questions We Can Answer today: Dear mr. Ritchie, they don’t and won’t, ever. Nor, quite frankly, would they be likely to notice.
It’s amazing that someone who is able to pass himself off as a (formerly) salaried professor at a university in this country can be so clueless. Then again, he’s not the first that have tried to pretend sovereign polished turds are gold, from Venezuela to Zimbabwe and others between, the track record hasn’t been good.
Better to stick to what works, because if a ratings agency things your debt is dogshit then they are probably right and it will stop politicians from spaffing even more taxpayers money up the wall.
That’s North Koren levels of deluded. ‘The government rule that their debt is always investment grade.’
What’s even more worrying is he probably has no idea what that is such a mad statement to make.
Zimbabwe and Venezuela tried that, didn’t end well. South Africa soon in same boat. Argies tried several times and always defaulted
Richard Murphy really is a simpleton. He should be on global list: Employ as “Trolley Collector only”
Anyone want to explain the sovereign bond rating model to him?
Would he want to listen if they did?
He’s cut from the same cookie cutter Marxist mold as the rest of his ilk. He/They will never learn anything because it would undermine their fundamental principle of “The Magic Money Tree”.
To people like Spud, reality is racist, fascist, sexist and every other “ist/ism”, since it follows its own rational principles and will not conform to their diktat.
I feel Boris is missing an obvious trick here by failing to rule that COVID has been eliminated.
He’d probably insist that the trolleys should have a parking space each, to the detriment of the customers.
Then insist the supermarket must be doing something else wrong when they lose money because no-one can park, and therefore shop, because the trolleys are taking up all the parking spaces.
I have been against lockdowns since before Boris announced UK one
Japan, Sweden, Taiwan: Keep Calm and Carry On – no lockdowns and no ill effects
Hitchens gives credit to Lord Sumption today
https://www.dailymail.co.uk/debate/article-8188359/PETER-HITCHENS-deep-velvet-quiet-cities-terrifying-fire-bell-night.html
Lots of oppostion to lockdown in MoS:
Tory MPs want lockdown ended and rebeliing against Hancock’s ever more totaliterian measures which will destroy economy for generations
Tory MPs and even NHS & PHE staff increasingly angry at Mgt refusing to use private sector
BBC Marr more concerned Excel Centre not rent free, only reduced rent “Profiteering from crisis”. Strange they didn’t accuse Tesco et al of same for still making peeps pay for food
MoS Comment
https://www.dailymail.co.uk/columnists/article-8188329/MAIL-SUNDAY-COMMENT-Britain-proud-lets-way-lockdown.html
MoS Links:
No comment needed as they expose the chaos, incompetence and Hancock’s etc power, career & reputation more important than UK needs
https://www.dailymail.co.uk/news/article-8188041/Ministers-accused-treating-Doomsday-scientist-like-demigod.html
https://www.dailymail.co.uk/news/article-8187983/Rishi-Sunak-war-Matt-Hancock-best-way-coronavirus-lockdown.html
https://www.dailymail.co.uk/news/article-8188049/Scientist-leading-Swedens-battle-against-coronavirus-says-Britains-lockdown-gone-far.html
https://www.dailymail.co.uk/news/article-8188751/Ministers-furious-NHS-bosses-failure-solve-testing-shortages.html
“the government rule that its debt is always investment grade”
He truly is the King Knut of our times.
“the government rule that its debt is always investment grade”
Trouble is, his next move would be to force all the pension funds to buy government debt. After all, it is investment grade.
Pcar said:
“Employ as “Trolley Collector only””
He’d be one of the mad ones who tries to engage the customers in demented conversation.
“I invented Corbynomics you know!”
Look how well that went.
Fortunately the Corbynists have cast themselves into the wilderness with both Diane “Mrs Numbers” Abbott and John McDonnell resigning, although the reality is both went before they could be pushed, unlike Barry Gardiner, Ian Lavery and Jon Trickett who were all sacked.
I can’t like Sir Keir Starmer, since his time as the Director of Public Prosecutions (DPP) for England and Wales, and Head of the Crown Prosecution Service (CPS) demonstrated he was another tinpot little fascist, quite happy to ignore the rule of law in favour of prosecuting his personal prejudice. Nothing good will come of his time as Labour leader (fortunately).
News
PM Boris Johnson admitted to hospital after coronavirusinfection
https://www.youtube.com/watch?v=WMMOc2wG5cg
Boris, Wishing you a speedy recovery, be positive
Covid-19 Global Deaths: 69,379
UK Annual Deaths: >600,000
SPECIAL REPORT: China’s deadly coronavirus cover-up
https://www.youtube.com/watch?v=pKmUxSlOoUE
Sunbathing is Banned
https://www.youtube.com/watch?v=cpFsWzj5ZSE
+100 Sargon. Hancock & Morgan have lost the plot. Cure worse than disease
Covid-19 Global Deaths: 69,379
UK Annual Deaths: >600,000
The Police State: You will not sunbathe
The Police State: RoP Child Rape gangs around the UK are still hunting children and inflicting terror on their victims without restriction
Sovereigns can print money therefore they can’t technically default on their own currency except in limited circumstances. This doesn’t mean they will give you back any purchasing power after inflating their debts away or force refinancing upon you at unattractive terms.
A debt trap is bloody hard to get out of without some form of debt restructure, see so many examples, which for a sovereign then means forced refinancing or refinancing The rating is really a recognition of this IMHO.
BBC Marr more concerned Excel Centre not rent free, only reduced rent “Profiteering from crisis”
Horsehit. Excel Centre is owned by The Abu Dhabi National Exhibitions Company of which Manchester City owner, Sheik Mansour is the patron. It is NOT charging the NHS a single penny for use of The Excel Centre as NHS Nightingale Hospital. The initial agreement was for the NHS to cover some of the fixed costs. ADEC have announced that they will cover the fixed costs in full.