Well, yes, except

Snippa wants to tell us all that interest rates are unlikely to rise therefore borrowing isn’t a problem:

The debt fetishists, like former Chancellor Sajid Javid, who are demanding that the government keeps borrowing under what they term to be control do so because they claim that there is a very real chance that current interest rates will rise.


The Bank of England has just published a very interesting paper on this issue, looking at real interest rates

Ah, but to a debtor it’s nominal interest rates that matter…..

4 thoughts on “Well, yes, except”

  1. There is a very real chance that interest rates will rise or that they will “fall” or that they will flat-line.
    Is Murphy an idiot? Does he have no understanding of the meaning of “chance”? Is he a snake oil salesman?

  2. He’s a snake oil salesman John77. If I remember correctly someone called him such over on TRUK a few years back. Anyhow, I seem to recall that he was once dead against MMT back in the day only to mysteriously jump on the bandwagon.

  3. I advanced this theory 2 or 3 years back. Murphy’s a gig. An act. A part he plays because he gets paid by the various people he dupes to play it. It’s an explanation for the contradictions & bollox he comes out with. None of it’s a thought through position. It’s created backwards from what people want to hear. He’s now been playing it so long, Richard Murphy the famed political economist has taken a life of his own. What the actual Richard Murphy plays the part is, could be an entirely different person. The clue’s back when he was writing for the Guardian as Richard Murphy the avoid-your-taxes accountant. He caught on that you can get paid for writing any bollox people want to read. Richard Murphy Tax Campaigner is actually a creation of his audience.

  4. Bloke in North Dorset

    I agree with bis. Over the years its become obvious that Spud starts from the position of can X get me get Vermin? If yes, what does X want to hear, if no, move on to next dupe. The rest of it is just padding his wallet.

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