This is fun logic

Fourth, this indicates the conservative nature of most wealth ownership. There is, of course, no productive value to gold, but the owners of this wealth do not care about that. What is of concern to them is the preservation of their status, indicated by wealth, and that is what motivates this decision.

Fifth, this does very clearly indicate a capacity to tax wealth more: if the wealthy cannot put their wealth to productive use then they might as well pay tax with it.

That people try to preserve their wealth shows that it should be taxed away from them.

That you resist the mugger shows your wallet should be taken.

31 thoughts on “This is fun logic”

  1. Can anybody shut off the tide of drivel that streams from the Great Sewer of Ely? By the time he gets to point number four, his brain is totally used up. As far as I can tell and, admittedly, I spent 2 seconds max on his infantile fist thumping, all his points are restatements of the first point. How much wealth tax is he prepared to pay? What percentage of his railway assets will he dispose of to help the Corajus State?

  2. So Much For Subtlety

    The explicit assumption being that if he can think of something better to do with my money he is entitled to it.

    Well there is only one thing to say to that – molon labe you great fat potato headed fuck

  3. So Murphy wants to reintroduce the workhouse!

    Most wealth ownership is to ensure that one has something to live on after one stops working. Murphy wants to confiscate (“tax”) the means to survive outside the workhouse in retirement.

  4. There is no productive value to gold? So why do we produce it, then? I was under the impression that everyone who owned a smartphone, therefore, owns a very small amount of gold.

  5. ‘What is of concern to them is the preservation of their status, indicated by wealth, and that is what motivates this decision.’

    Mr Murphy, having never been wealthy, tells us what the wealthy think.

    Which, of course, only tells us what Murphy thinks. In all its agonizing splendor.

  6. When Murphy’s mum read him A Christmas Carol, did he not understand that Scrooge was a bad guy?

  7. I was surprised – briefly – to read this from the insufferable fat fvck:

    “A flat tax on the over 40s to pay for care would be deeply regressive and completely unfair”

    Needless to say, normal service swiftly resumed, farther down his blog:

    “And, fifth, there is a much better basis for raising additional funds……That alternative would be to increase the taxes due on investment income to address the flaws that already exist in the national insurance system”

  8. The rate the government is going, Spud is more likely to be ennobled for providing tax advice to the Tories than to Labour or the porridge wogs.

  9. Gold’s on a rip. Yay! JP Morgan was 100% right when he said ‘Gold is money, everything else is credit’. I own gold to give me some protection against the fuckwittery that spews forth from politicians and central bankers. Spud is saying I should have no protection. He can eff off.

  10. People who have saved diligently in their retirement plans and invested in the market are often quite financially comfortable today, even if this year may have put a dent in their assets. Most will have diversified so the market’s swings may affect them less, but many still have substantial equity holdings and perhaps 20 years or more of life left in them. Assuming the world does not fall apart some of these people will become very wealthy through simple compounding by the time they are in their 80s. Their kids may inherit quite a bit. You can reasonably expect that retirement plan millionaires will become a new villified class.

  11. @TD

    Apparently it’s terribly unjust that people who have been saving for 40 years have more wealth than youngsters just setting out in life.

  12. Andrew C

    “Apparently it’s terribly unjust that people who have been saving for 40 years have more wealth than youngsters just setting out in life.”

    Or, in an Ely end-terrace:

    “It’s terribly unjust that people who have been saving for 40 years have more wealth than those who, despite the opportunities a professional career presented to them, have made no obvious provision for their dotage.”

    [I’m assuming this applies (to a degree) to the Potato, given his visceral hatred of pension saving, landlords, ISAs, and every other known form of investment]

  13. TD you can reasonably expect that equities are about to be gutted and that retirees will find they have a lot less than they thought they did.

  14. I have a little bit of gold. I came here to comment on how ridiculous it is to be told why I have it by the professor. However Patrick above knows exactly why I have it and puts it better than I ever could.

    “I own gold to give me some protection against the fuckwittery that spews forth from politicians and central bankers.”

  15. When the Spudmeister demands all our money, he should at least have an eye patch and a flintlock pistol.

  16. Herr Oberst Kartoffel’s train of thought is always “I’ve got fuck all therefore everyone else should have fuck all”. It is nothing to do with social justice, whatever that is, his drivel is nothing more than envy that everyone else has been successful and, like a reverse version of Midas, everything Murphy touches turns to shit.

  17. Has anyone else seen this tweet?

    Nothing has ever suggested a nation can be successfully oppressed against its will when that will has become apparent: Scotland will not break that rule https://t.co/VbGW8SLTEq

    It doesn’t take very long too start racking up the counter examples, does it?

  18. Tibet…

    Various aboriginals…

    The Saxons…

    Celts…

    The former Soviet Republics…

    All of which said, Herr Oberst Kartoffel’s formulation is predictably turgid, sententious and question-begging.

  19. Mr Lud – you deserve a prize for using “begging the question” correctly. The complete works of Monsewer Ely?

  20. How anyone can call the ‘Green New Deal’ a ‘productive use of money’ is of course an oxymoron, and indeed you could probably strip £100 billion of current public expenditure and the impact on most would be imperceptible. An odious little man who exudes envy and resentment from every pore. Let’s hope COVID puts him on to the streets for good.

  21. I assume Richie doesn’t own a freezer. After all, nobody needs food that they aren’t currently eating so the bureaucrats might as well come in and make themselves lunch.

  22. @Andrew C and Bravefart

    Yes, Ritchie hates private pensions, equities, ISA’s, buy-to let property and now gold, so it looks like all his money is in gilts or deposit accounts paying close to zero interest. This might explain his increasingly desperate appeals for funding from donations and fake charities.

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