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Fuckwit Time!

Interest rates aid in determining the exchange rate:

Interest rates here have no impact at all on increasing gas and imported food prices.

Import prices depend upon the exchange rate.

God preserve us from fuckwits, eh?

25 thoughts on “Fuckwit Time!”

  1. Don't you get by now that rates are a head fake?

    Why not just swap away interest and exchange rate risk? With an unlimited Fed backstop, isn’t how liw they let the pound go purely a capricious policy decision?

  2. Interestingly one of the four ‘horsemen of the apocalypse’ on TRUK, Howard Reed, comes out of the woodwork saying the BBC ‘needs to ration the appearances of the finance sector’ – a true authoritarian. He and Murphy would turn the U.K. into. New North Korea and be quite pleased with that prospect.

  3. @TMB

    Muttering Marxist QM still can’t get himself off MMT & QE. Maybe someone can offer the poor bugger a stiff brandy?

  4. i see Dereks picked up on this from yesterday but looks like a van for talking sense..

    Derek says:
    October 27 2022 at 10:04 am
    You say “you don’t care if we have a bit more inflation”..What you are really saying is I will throw out the populist manta of “putting food on the table”, “allowing people to pay their mortgage” without any awareness of the consequences of your actions..cutting interest rates and printing money in the face of inflation will mean it becomes embedded..just like it is in turkey. Sterling will be crushed and everything we have no choice but to import will destroy households..what will your solution then be? To print more money??

    Richard Murphy says:
    October 27 2022 at 10:23 am
    Politely, you are talking nonsense

    I am talking about real risk

    You are protecting your wealth

    I am protecting real people

    You really are not welcome here


  5. Stiv bators

    Derek of course is spot on. Turkey the latest real world example. I often cited Zimbabwe as the endgame of Murphy’s policies and he seems intent on proving it. His recourse to ‘you’re not welcome’ shows how weak his position is. One comment

    ‘you are protecting your wealth’

    Is telling. For him, anyone owning any assets is ‘well-off’. It’s a truly weird worldview, and however many people follow the cretin on Twitter, it’s still weird.

  6. “however many people follow the cretin on Twitter”

    He does like to puff up his twitter following numbers but as ever is deluded in doing so. It doesn’t mean that many people read his garbage any more than that he actually reads the output of the 1000+ twitter accounts he follows.

    “Likes” is better indication and he’s getting a few hundred or maybe a thousand of those.

  7. Dennis, Noting The Gentleman Who Is Hyperventilating Over In The Corner

    Why not just swap away… blah, blah, blah… capricious policy decision?

    Is that you, Arnald?

  8. Andrew C

    I wonder how many of those followers are Pornbots or such like – I know for a fact because he has blocked 20,000 people on Twitter many have ‘shadow IDs’ to follow him – especially as much of his output does seem to consist of ‘stream of consciousness’ rants on Twitter.

  9. Dennis

    I’m pretty sure the institution Arnald was held in in Guernsey upped the medication and barred access to any computers, although it’s possible….

  10. Is that you, Arnald?

    Can’t be, Arnald is too busy licking windows. It’s our old chum Violet Elizabeth Newmania.

  11. “Van_Patten
    October 27, 2022 at 11:46 am

    . . .

    Is telling. For him, anyone owning any assets is ‘well-off’. It’s a truly weird worldview, and however many people follow the cretin on Twitter, it’s still ”

    From his perspective that may well be true. What, at his age, does he own?

    Half a duplex and some furniture? Does he even have a job anymore? It’s likely he’s subsisting on a state pension and some small savings and is mad about it.

  12. Bloke in North Dorset

    He’s not even getting a State pension. I don’t get mine until my 67th birthday next month and he’s 15 months younger than me.

  13. @Agammamon

    Spud is making a decent living troughing off trusts and charities dumb enough to fall for his line. He’s also happy to take donations using lies too. During the pandemic he did lose some grants and opened up a donations option on his page. When he got his grants back he claimed he’d use donations to fund video production on his awful YouTube channel. He’s made maybe two in the last 9 months.

    I don’t think he’s quite old enough for state pension.

    He can’t have much in the way of savings after his run in with Lord Adhcroft.

    I wish him a long, miserable and bitter old age.

  14. What, at his age, does he own?

    An overweening sense of his own importance and an OO-Gauge model railway that always runs on time.

  15. Aw, can I love you all too?

    So no one wants to deal with the hard, cold reality of swapping away interest and exchange rate risk, backstopped by an unlimited dollar swap line with the Fed? Did Zimbabwe have a derivatives market that transacts trillions of dollars per day, dwarfing the sum of all real transactions in the world?

  16. How the hell does he expect people to have an income in retirement without assets to generate that income? Of course I want to ****ing well protect my assets, I want to be able to afford to eat.

  17. RSM

    I think most people agree your advocacy of putting the pound to 1 pence against the dollar would be a bad idea. Which is effectively what you are saying can be done with no cost…

  18. Why is indexation not a good idea though?


    Why shouldn’t the BoE use the currency swap line to defend the pound at whatever level they choose?

    And, do you see how even if it fell to 1p, but you had more than 100 times as many pence, your real purchasing power would not decrease? Couldn’t you use computer technology to convert nominal prices to units of purchasing power, and simply forget about nominal inflation, since it changes nothing for you as long as your income rises in lockstep?

  19. @Agammamon, Murphy makes about £70k a year from grants from fake charities, his “professorship”, and donations on his blog.

    He is 64 so won’t get the state pension for another few years. I suspect his private pension is very poor, hence the continued hustling.

  20. It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued

    Different era, same old lies. Wah! Wah! Wah! I want a magic money tree!

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