But, and it is vital to stress this: this is but a stage, and it will self-correct. The hype in markets caused will diminish: order will be restored and that will be true whether or not war continues, or not. Supply chains will work around this. They are just not there yet.
Markets are self-correcting are they? So there’s no need for the Fat Controller then, is there?
I read the post and to be blunt if it were an undergraduate submission I’d fail it.
They (the BOE) think they will achieve that (zero inflation) by pushing unemployment significantly higher. There are victims, in other words:
I’d like to think anyone with half a brain realises that paying to prop up ‘zombie companies’ would under low inflation circumstances (as in Japan since circa 1990) – but Murphy would like to do it in a period of high inflation. Welcome to Venezuela.
The worrying thing is the situation is being mismanaged to such a degree there may come a time when people think there are out of options and take some of these ideas on board. Am I alone in seeing the spectr of the last days of the Tsar?
Apropos his lunacy, Classic FM had him on as a talking head ‘expert’ in a ‘news’ bulletin t’other day. Mrs VA told me to behave myself when she heard me shouting at the wireless.
Thing is, mine host, why don’t these meeja types ask for a competing comment from, oooo, the likes of you say?
@van_patten.
“Am I alone in seeing the spectr of the last days of the Tsar?”
No.
Apropos his lunacy, Classic FM had him on as a talking head ‘expert’ in a ‘news’ bulletin t’other day.
Dennis’ rule of thumb:
If anyone has time to waste waiting to do radio (or TV) shows for a couple of minutes of air time, well, their career is shit, their time is worthless and they are to be ignored.
Murphy has time to go on radio and TV because he doesn’t have anything better to do. Like earn a living, pursue a career or engage with family and friends.
I feel the same way about Twitter. The truly productive people I know, those with careers and businesses and families don’t have time to dick around on Twitter.
People with real lives don’t do this.
He’ll be horrified, of course, but he’s falling foul of Worstall’s Fallacy: he’s claiming that we don’t need to do anything about inflation, because it always reverses. Ignoring, of course, all the very painful things we have always done to get inflation under control (usually after Labour have fucked the economy).
It’s hilarious, he’s the Florence Foster Jenkins of economics with an adoring and rapturous, but tone-deaf, audience at his blog
aaa
Actually in a way, not doing anything is precisely the way to defeat inflation. Or rather the Government doing a lot less.