You are, quite simply, wrong
Update. No, this isn’t from the individual whose name is being used. So, whoever did use this name, stop it. That’s not nice. I’ve checked and they do not wish their name to be used in this manner.
Said to:
Jiri is an Associate Professor of Finance at Saïd Business School, University of Oxford.
Hmm……
Richard Murphy says:
March 15 2021 at 9:51 am
You are playing semantics on the first issue. The national debt has never been paid off. The next interest cost is 0%And you show your ignorance on money by thinking there is fractional reserve banking. The BoE does not agree. You have a lot to learn
Don’t call again
Reply
Jiri Knesl looks like he could be Spud’s son:
https://www.sbs.ox.ac.uk/about-us/people/jiri-knesl
But, if he is, he must have inherited his brains from elsewhere: I’d rank his knowledge above The Rude One’s, unsurprisingly.
On Spud’s definition, a company would never sell its stock because it reports a figure for stock every year
Wow!
Speaking as an academic, that is professional discourtesy of the most egregious kind.
Two MSc”a, a PhD and an associate professorship. Clearly the man knows nothing compared to the Spud.
that is professional discourtesy of the most egregious kind
I think you have to be a professional to be guilty of professional discourtesy.
@MC I think you have to be a professional to be guilty of professional discourtesy.
I was taking the P3 at his self-evaluation.
Speaking as an academic, that is professional discourtesy of the most egregious kind.
That’s his standard method of interaction. I wonder if there is anyone who has ever met him who likes him.
Surely the triple professor wins by dint of being a triple professor?
Apart from the fact he is clearly fist typing again (next = ‘net’?) and the noted consistent WGCE level of politesse in the discourse, he seems to (economically un-educated me) to be simply wrong (SNAFU).
Just because a debt isn’t paid off, doesn’t mean the interest rate is 0%? I’ve been paying a mortgage off for the back end of 35 years (extensions, re-mortgages etc) and it is now at a level where I could comfortably pay it off from cash savings (I haven’t because COVID and when things get back to some approximation of normal, we are going to want an extension of or a new loan for, well, an extension.) But this doesn’t mean that the interest rate is 0%? Just multiply the term ten-fold and I think (apart from the being able to pay it off in cash – well, they could just print but inflation) this is a weak but mostly tenable analogy?
And where does BoE say that we don’t have frb? I quote from a BoE blog:
Elsewhere, they talk extensively about commercial banks being ‘leveraged’ – which I am (un-educated, remember) presuming means the same(ish) as in M&A that liabilities >> cash or near-cash deposits (which, as our host reminds us occasionally, is pretty much the definition of “a bank”?)
I’m confused – but then that’s pretty much the point of the Spud’s publications? To confuse people sufficiently that they don’t realise that he is talking utter bollocks?