And wouldn’t this money be much better used funding the Green New Deal, as my colleague Colin Hines and I have proposed by requiring that all ISA funds be saved in high interest-paying Green New Deal bonds?
Bond investment at a time of 8% inflation, what a bargain that is.
We currently suggest that a rate of maybe one per cent per
annum should be paid
Do note that’s his own link to that second quote. 1% is high interest, is it?
Buffoon
I am thinking his financial situation must be really, really bad to be grifting at his age.
It would be an irony if the inflation he is directly responsible for were to lose him his house!
These are particularly entertaining:
‘Second, based on advances in our understanding of banking over the last decade – starting with the Bank of England’s admission in 2014 that banks do not lend out the money deposited with them but do instead always create new money every time they lend – we now know that cash savings serve no useful macroeconomic purpose in the economy. They are simply temporarily redundant money, stored out of use.
I am intrigued by the idea that cash savings are ‘temporarily redundant’ money. Seems to be advocating that everyone live on the margins – an almost neo -feudalist vision of the economy (maybe with him as the feudal Lord – the mind boggles)
many of the companies quoted on stock exchanges rarely if ever issue new shares now to fund investment. They are instead in a great many cases paying out dividends and buying back their own shares in greater amount than they have earned as profits. In that case the tax reliefs provided for investment in these shares, whether via ISAs or pensions funds, also appears to be wasted government subsidy because there is no payback to society as a result in the form of new investment or job creation as a result of saving via the ownership of shares in these companies.
I am guessing his pension provision must be unaccountably diabolical if he feels that adding value to shareholders is a wasted investment.
Utter drivel – Tim – not sure if you wanted to debunk the ‘Why the Uk is coming last, economically’ post in your usual inimitable fashion as well….
Joyous! Govt creates ISA scheme to encourage saving. Hauptmann K proposes modification to kill scheme stone dead (while presumably believing that ISA money is somehow locked in).
If you can create as much money as you want then why only pay 1% interest? Isn’t it all free? He should be paying 1,000% to encourage investors. Surely his own theories mean nothing can go wrong?
“If you can create as much money as you want then why only pay 1% interest? Isn’t it all free? He should be paying 1,000% to encourage investors. Surely his own theories mean nothing can go wrong?”
Its Thursday. Today is All Savings Must Be Expropriated For The Common Good Day. Tomorrow may well be The BoE Can Print as Much Money As It Likes With No Consequences Day. Don’t expect any logical consistency between days, the meds wear off you know…….
Over the past few decades a considerable amount of money has been accumulated in retirement accounts. There are big bullseyes painted on them by those who think they ought to be the ones who get to spend it.
They said “per annum.” They must know what they’re talking about.
Wait, if we play by their rules, a 1% bond when inflation is at 8% is a 7% “cut”.
“many of the companies quoted on stock exchanges rarely if ever issue new shares now to fund investment.”
Has he never heard of the corporate bond market?
(Purely rhetorical question.)
“many of the companies quoted on stock exchanges rarely if ever issue new shares now to fund investment.”
Yet another factually incorrect assertion masquerading as a fact. The LSE records 2016 issues of shares just for the month of May this year
Did anyone listen to him on The Moral Maze last night? Apparently, he was making shit up about the monarchy or something
Diogenes
He said this about it:
My argument was that we do not just need to be rid of the monarchy, but need total democratic reform
Basically wanting a PR system and permanent Left wing government – which in fairness we have at the moment! All of this without the brake of either the HoL or Monarchy to stop him. As with any argument countering him – they were ‘pretty lame’ (apparently)
@Van_Patten, he was asked in the comments about his own pension planning and declined to answer, but he said that ISA’s were not part of his retirement planning, and that he has had only 3 years of employment (presumably at City University). So nothing much in ISA’s and a small final salary pension from City. I suspect his wife has a very good (taxpayer funded) pension as a retired GP, perhaps he is planning to rely on that.
I would love to see Andrew Neil (or someone similar) grill him on the following lines:
– why are you still working at the age of 64?
– why are you appealing for donations on your blog?
– since you have obviously not made adequate provision for your own retirement, what credibility do you have to advise others on pensions and investments?
My argument was that we do not just need to be rid of the monarchy, but need total democratic reform
We’ve done that. The monarchy is completely subservient to democratic control, we’ve killed kings, exiled kings, taken their assets off them, to make it very firm that they do what *we* tell them to do, otherwise they’re out. Is history also something that he is oblivious to?