The argument is that, in effect, monetary policy is premised on the idea that all companies are small enough to be subject to market pressures, and that interest rate policies can impose changes on markets that will, because of those market pressures, be transmitted into both corporate and personal behaviour.

However, the assumptions does not hold true, they suggest, when there are companies of exceptional size.

The argument is that some companies are too large to be influenced by monetary policy.

Hmm, well, maybe, but let’s run with it.

So, the man who says that monetary policy is over, that fiscal policy is the only tool we can or should use. Now he says that we’ve got to use fiscal policy to tax companies back to the size where monetary policy works on them. That monetary policy that we shouldn’t and cannot effectively use anyway.

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5 thoughts on “Glorious”

  1. “The argument is that some companies are too large to be influenced by monetary policy.”

    I’ll bite… Whose monetary policy?
    Whatever policy, monetary or otherwise worked. The companies in question got so large on them because their policies, set against ( economic) environment, allowed them to get so large they rival smallish developed nation states.

    You, I , Or anyone else with an Opinion may not agree on whether those policies accord with any random ideology, but boy…. Successful? No denial possible.

  2. On this one it’s a very weird post (although it seems more coherent – perhaps he wrote it at the start of the day) – but even by his standards, he seems to offer no practical solution beyond some utopian dream of a World government that can ‘bring these corporations to heel’ I presume he is so arrogant to assume he would be the one in charge!

    You may want to check out the post on one of the Uk’s highest profile racists, Dawn Butler, who has been suspended from Parliament for calling Johnson an inveterate liar (which sadly post COVID has been proven to be the case) However, obviously the saying ‘men in glass houses’ couldn’t be more apposite…

  3. This is just neo-liberal fascist pendantry.

    I start with the answer I want and work backwards, hammering facts into shape or simply ignoring them. This is how the same facts can produce two entirely different conclusions both of which support tax justice which, candidly, I invented.

  4. “My friend, Howard Reed, had this to say on Facebook:

    The entire Westminster parliamentary system needs to be dismantled and rebuilt from first principles. I can’t think of a single aspect of the UK governmental system that I’d keep as it is. In other words we need a fundamental revolution. Raze the goddamn thing to the ground and start again. A year zero approach.

    Any sane person with half a brain would agree.

    And let’s bring on Howard’s year zero approach.”

    Was this not already tried by another bearded Irish chap a while ago, in a November I seem to recall?

    What an utter fvcking democrat the man from Ely is.

  5. Bravefart

    Reed – The ‘fourth horseman of the Apocalypse’ alongside Wilcox, Dickie and Horrocks – and arguably the most dangerous of them all. A staunch acolyte of Jeremy Corbyn…

    Don’t forget Murphy is a democrat only in the sense the ‘Democratic People’s Republic of Korea’ is democratic – you’d be hard pressed to find a more overtly fascistic commentator outside of 4chan or other suchlike Forums

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