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Astonishing, eh?

Those supply chains were mainly from China on things like microchips

He who would plan the economy with his brain the size of a planet doesn’t know that we don’t get our microchips from China…..

11 thoughts on “Astonishing, eh?”

  1. Well, some of them are from China: the lower tech simpler stuff. But yes, most are not. As always, those who would describe themselves as the “great and good” are usually best described as “small minded and stupid” 🙂

  2. As Gurzel Wummidge surmises, it’s possible Tim that as part of receiving a continued stipend from the PR China (via whatever indirect means) he is not allowed to acknowledge Taiwan as a separate country?

  3. I’m not saying that prices will go back to where they were. That’s as unlikely as this inflation continuing indefinitely. We must face the fact that the green transition will tend to increase energy prices. And while we insist on eating meat food prices are also going to rise.

    Compulsory vegan is now on the agenda apparently and will cause inflation….

    The whole post is so long and meandering it’s hard to even summon the energy to rebut it. Suffice it to say, the summary is this

    – Wage raises aren’t inflationary
    – it’s all caused by speculation
    – the private sector consists only of people in investment banks and other ‘non productive’ roles
    – the government should give public sector workers, many of whom have not worked for more than two years on full pay yet more largesse.

    It’s the policy prescription of someone who is mentally retarded.

  4. Bloke in the Fourth Reich

    They absolutely do come from China! Just not the China everyone wrongly thinks of when they hear the word “China”.

  5. A lot may not be from China, but quite a lot is more readily available through China….

    And for the non-fancy repairable/power stuff, a lot definitely comes from China.
    Sort of why you got the Russian Bricks from before the Wall fell: It does the job, is a hella lot sturdier than the Official Parts, and doesn’t cost you an arm and a leg and half a year to get.

    Many are the Peaveys and Marshalls that scream “Tovarich!!” when you dial them up to 11… 😉

  6. China might not make all the microchips, but they do make the products that contain the microchips. Like iPhones.

  7. Brave: Good god, he seems to think “free movement” means being able to go on holiday anywhere you want.

  8. More excerpts Inflation was initially caused by the poorly planned reopening from Covid which led to a sudden increase in demand for energy and severely disrupted supply chains.

    Nothing about the cost of lockdowns of course, of which he was (and indeed continues to be) a huge supporter. Indeed he continues to look at them as a a possible solution for climate change. Be under no illusion how dangerous his prescriptions would be. We know his ideal state is North Korea (although as Dennis suggests he may consider that to be too neoliberal)

    But when it comes to wage rises, the public sector has seen about 1.5% pay increases in the last year. The private sector is 8%, but maybe half of that is in bonuses and most of it is for those already on very high pay.

    I don’t know anyone in the private sector who has got an 8% rise without moving job (which he said in his last post is actually very challenging. Again ignores the fact that the Public sector in many cases (even including the NHS barring those in A&E) had a year of doing absolutely nothing on full pay. Look at the DVLA, the courts, local government, the passport service – not saying it is necessarily all hunky dory in the private sector by any means but his blind Defense of anything public sector is as ignorant as it is predictable

    In that case where is the money that everyone is paying for higher priced goods and services going, because it’s not going to employees? The answer is it is going to companies, banks and speculators in oil, gas and food. In each case it’s giving them additional profits.

    The oil companies are now ‘ speculators’ – and I am also not sure where he gets the ideas the banks are coining it either. Of course this is standard left wing dogma but it’s no less ignorant for being unoriginal. The bulk of the money is going to the government to squander (as he points out in another post) – so if anything vast swathes of the public sector need to be laid off.

    All in all, it’s hard to credit anyone as being that profoundly ignorant. Of course we know the 6 causes of inflation

    – COVID lockdowns
    – The Ukraine War
    – Quantitive easing and reduced supply causing asset price bubbles
    – Unlimited immigration
    – The loss of energy caused by Net Zero
    – The EU’s intransigence over Brexit

    All six of which Murphy supports. So it’s understandable given he looks like being directly responsible for the death of hundreds of thousands through MMT and other myriad idiocies that he is looking to shift the blame

  9. “it’s all caused by speculation”
    I got sent a link to an Unherd article, ‘How the elites exploit inflation’ could have been a parody for lousy economics if it wasn’t so obviously the goods. This sort of thinking is mainstream.

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