In practice, the paper argues that the greatest unused resource in our economy are people’s savings.

They’re savings, being used as savings. The problem with this is?

As a result most of the £8.4 trillion of financial assets owned by people in the UK are not being directed towards any useful social purpose in the UK at present.

Ah, yes, there’s the problem. Spud wants to spend the £8 trillion.

23 thoughts on “Umm”

  1. I thought banks used our savings.

    Is our money really kept in a shoe box at the local branch ?

  2. In fairness he has been overtly looking to steal the nation’s pensions and ISAs for many years to fund his pet obsessions (and also given he has almost no pension provision and no savings see himself alright at the same time by syphoning off some of that wealth) Living proof that the devil finds work for idle hands!

  3. Ottokring

    He is obsessed with the idea that all money is created electronically and therefore no deposits are actually required by the banks. It’s a complex topic well beyond his level of understanding and when you’re as confident in your own knowledge as he is then the rest is ‘mere details’. Anyone who disagrees with this is, candidly, ‘a troll’ and will be asked to prove their identity before venturing to disagree.

  4. Dearieme

    that’s awfully close to ‘The Great Communicator’ – in principle I object to this monstrous exemplar of evil, who would reduce us all to penury and imprison us in a Communist dystopia being even hinted at in the same hemisphere as the greatest president of the twentieth century.

    However, the label is an accurate one….

  5. Harry Haddock's Ghost

    Why does he keep saying pensions are “subsidised”, by which me means “not taxed”?

    They are just taxed on the way out rather than on the way in.

  6. He is obsessed with the idea that all money is created electronically and therefore no deposits are actually required by the banks.

    If this was the case, there would be no need to raid people’s savings. Money could be created and then spent (or ‘invested’) in whatever projects the Glorious State preferred. He doesn’t seem to have confidence in his own stated beliefs.

  7. Richard Murphy ate my Hamster

    @ Harry Haddock’s Ghost

    By focussing on tax relief on the way in and ignoring tax relief on the way out, the fool can pretend the ‘cost’ is many times higher than it actually is.

    Likewise, if tax relief was reduced then what would happen to public sector pensions (from which he benefits and which are massively subsidised by the taxpayer already)? He certainly won’t be suggesting tat member’s contributions increase (that would upset his Union paymasters), so in other words he expects that the taxpayer should increase the subsidy they receive, thereby leaving public sector workers unaffected by the changes and a double cost to the private sector.

    But what would you expect from this moron?

  8. “any useful social purpose”

    Once again, the magic word “social” leaps to the rescue of a cretin without an argument.

    For what it’s worth, my savings are currently serving the very useful purpose of putting food in my mouth and keeping a roof over my head. But it seems potato-boy would rather spend them on windmills or giant train sets or something. “Useful social purpose”, indeed.

  9. He sees no social purpose in my elderly parents sleeping reasonably sound in their beds at night because they put aside money for the rains of old age instead of posing it all up the wall as some do. He’s a cunt.

  10. 《If this was the case, there would be no need to raid people’s savings. Money could be created and then spent (or ‘invested’) in whatever projects the Glorious State preferred. He doesn’t seem to have confidence in his own stated beliefs.》

    Yes indeed, and isn’t this just what MMMT (Modern Mother#^<|<ing Money Theory) proposes? Inflation is dealt with by printing and distributing equally faster than prices rise, thus preserving real purchasing power stability even as prices rise unboundedly?

    《Once again, the magic word “social” leaps to the rescue of a cretin without an argument.》

    Sure, i always want to ask of social utility theorists, what's the social utility of your face?

  11. My savings are my savings, they are not for the tuber to direct anywhere. Indeed, I’d stash them under the mattress before I allowed him anywhere near them.

  12. Longrider

    That won’t save you – Pretty sure he’s in favour of the abolition of cash and compulsory access to all accounts for the taxman

  13. By his logic the banks can crate any amount of money desired with no consequences. In which case why does the £8.4 trillion of savings not being used for what he considers a “useful social purpose” matter in the least.

    Just magic up a new £8.4 trillion and get over it spud. Do leave my savings alone or else I will withdraw them from the bank and keep them under the (virtual) bed, as will millions of others. He can then ponder over why the banks have gone bust despite all the new money they have created.

  14. Theophrastus (2066)

    Whenever I hear the word ‘social’ used as part of a phrase, I want to reach for a revolver….”Social purpose”, “social services”, “social media”, “social democracy”, “social enterprise”, “social worker”, “social problem”, “social security” etc, all are socialistic.

  15. @Theo (2066)

    “Social” when prepended to a noun is synonymous with “not”. See: your list!

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