Once upon a time the country was obsessed with the balance of payments and now we’re not.

No, peeps used to be obsessed with the balance of trade. The BoP always balances because it’s you know, something that balances?

As to why we’re not obsessed with the BoT these days it’s because we have a floating currency.

4 thoughts on “Sigh”

  1. Dennis, Noted Non-Economist

    Richard Murphy, our self-proclaimed ground-breaking economist doesn’t understand economics, ground-breaking or otherwise. I know I’m shocked.

  2. I have a dim and distant memory of Harold Wilson banging on about the Balance of Credit. Was that a thing, once upon a time?

  3. Ah yes, Richard Murphy. Amongst many other accomplishments he’s a “Chartered Accountant” didn’t you know?

    So he’s perfectly comfortable with balancing things and debits and credits, if he sits with his left side to the window.

  4. I remember, back when iworralad, when the evening news reports would start with the unemployment figures. Every. Single. Night. Now I have no idea what the unemployment rate is, and would have to look it up if I wanted it, and can’t remember the last time I’ve seen it refered to, buried somewhere in the economics-and-lost-kittens bits.

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