Richard Murphy says:
November 15 2022 at 6:48 am
I am not persuaded of the need for ILBs, and never wasThey have always seemed like a product for the benefit of the market, not the state
Possibly for the benefit of savers. Without which you’ll not get people using the government as their savings supplier of choice?
Whats an ILB?
Inflation linked bond
People are the savings suppliers with the government as the recipient.
Tim
His whole idea is you’ll be forced to save in these social bonds so they’ll be the only product available. Although he seldom explicitly says that the message is clear. Theft is always his end agenda. The state provides everything and therefore is entitled to everything.
I’m getting really good returns on my Premium Bonds at the moment !
V-P: I think you credit the fool with an ability he does not possess: has he ever had a WHOLE idea yet?
But perhaps it’s unfair to criticize the tuber for that which he lacks, after all, most of us do not kick a dog for fun.
They have always seemed like a product for the benefit of the market, not the state
The most concise illustration of Richard Murphy’s mindset (and priorities) you will ever find.
Save with the government. That’s sensible.
It allows them to do things like this
https://www.zerohedge.com/markets/one-englands-largest-solar-farms-goes-bust-after-borrowing-ps655-million
Why the *expletive deleted* is a local council loaning money to a solar farm?
‘Why the *expletive deleted* is a local council loaning money to a solar farm?’
Because no one else is stupid enough to do so???
@ Chernyy Drakon
Because a local Baldrick has been appointed assistant Borough Treasurer and “has a cunning plan” to raise more money to spend on council officers’ salaries!
The guaranteed off-take by National Grid of all the power they supply combined with the subsidy provided at the behest of Ed Millionaireband and his successors by the consumers/providers of reliable sources of electricity should make solar farms a “no-brainer”. Sadly someone forgot that they have a capital cost.
“Why the *expletive deleted* is a local council loaning money to a solar farm?”
They weren’t. They lent loads of money to a conman who went out and bought loads of existing solar farms with it. And paid himself very handsomely to do so, and also to ‘manage’ said investments. And probably overpaid for the assets. Who know how many backhanders were paid out as well. ‘I’ll buy your solar farm for 20% over market value i̶f̶ ̶y̶o̶u̶ ̶b̶u̶n̶g̶ ̶m̶e̶ ̶5̶%̶ ̶o̶f̶ ̶t̶h̶e̶ ̶d̶e̶a̶l̶, sorry pay me commission of 5%’. Its nothing to do with the economics of solar farms, they could have been investing in houses, or gold bars, or anything as blue chip as you can imagine, and it still would have gone belly up, because the person they gave the money to was a shyster.
This isn’t a solar farms story, its a council gives hundreds of millions to a conman story.
“They have always seemed like a product for the benefit of the market, not the state”
Of course they are.. They give at least a nominal protection against devaluation through inflation.
In other words, they protect against the very idea that El Potato insists doesn’t exist and is impossible: Inflation through unbridled money printing.
So they are an Abomination unto
NugganHis Glorious Sagageousness.Especially since their existence at all is proof that his Ex Cathedra Opinions just might, just theoretically speaking, of course, be wrong.
Some of you might have read Spud getting on his high horse about the ICAEW.
I predict he will announce his decision to resign from the ICAEW. He will claim it’s a moral stance.
It will have nothing to do with ICAEW announcing that in future the Continuing Professional Development training requirement will include a verified number of hours with a reputable training provider.
It used to be the case that CPD was little more than a box ticking exercise where an accountant could, for example, simply claim to have read his own guff for the required number of hours a year.
Andrew C
What is his Spudness on about with the ICAEW?
Didn’t the bond markets in the 1970s and 80s essentially demand the Govt started to issue index linkers?
Somebody could write a thesis on Murphy’s view of inflation
When inflation was low he said higher inflation would be a good idea
Now inflation is higher he says that it’s not real inflation, it’s only temporary, or it’s the wrong sort of inflation.
It looks like he’s invested his entire pension and savings in 1% non inflation linked government bonds and is in complete denial about it.
@dcardno
Something about the ICAEW being ‘immoral’ in keeping the fines it charges its members when they break its rules.
Andrew C
It’s hard to top the Spud for being a complete twat, isn’t it?