And I stress, I did mean short term: inflation was always going to be that because throughout history that is the way it has always been. After any serious outbreak of inflation reversion to the norm of low rates is always very rapid.
Tell that to Zimbabwe, Turkey, Brazil, Argentina and Italy pre-euro, Russia post-Soviet etc etc. There really are reasons that places have redenominated their currencies…..
Average inflation in the 1970s was 12% and was still averaging 6% in the 1980s. Does Spud not think that a serious outbreak? He surely doesn’t think it returned to the ‘norm’ of low rates rapidly
I did like this
So what are we now seeing? Just as the end is in sight for many businesses, and inflation and key costs like fuel have the likelihood of coming down, the government has withdrawn support, not least on fuel for the rest of this year. What that means is that all that money spent on furlough, business support, energy price support and so on will now all be for nothing as jobs like those at Prezzo are lost.
Andy Haldane and the like have been wrong with such regularity it is genuinely hilarious – and indeed in any normal context Murphy would be the first to show his contempt for anything the BoE said but because this fits his narrative he’s suddenly backing them. What a fool he is.
I do find it hilarious that he is so het up over Prezzo (‘because the son of a friend once worked there’) – I honestly believe had his ‘courageous state’ been enacted at the time he wrote it there would be no broadband, no digitalMethods of payments and probably no smartphones either. He seems to have an obsession with preserving the status quo.
As to your contention Tim – he is that ignorant and he really isn’t a ‘political economist’ as the term Was understood in my day. It presumed a knowledge of politics and economics that he has never displayed.
Ha ha.
Spud has been called out by Labour MSP Michael Marra…..criticism of Government Expenditure and Revenue Scotland (GERS) figures was, Marra said, started by “sad little men in their bedrooms”.
Andrew C
let’s not forget that the sad little man in question is a single man and so has a choice of four bedrooms for his exclusive use in which to furiously blog about over-consumption and inequality
Bravefart – this is incorrect. 1 bedroom is given over to his toy railway set, another is used as a shrine to Richard Murphy (recall that Alan Partridge episode), another bedroom no doubt houses refugees
1 bedroom is given over to his toy railway set
Isn’t that traditionally in the roofspace/loft
Let’s not forget that the sad little man in question is a single man and so has a choice of four bedrooms for his exclusive use in which to furiously blog about over-consumption and inequality.
Ah, but remember… Over-consumption and inequality involve Other People.
And not Richard Murphy.
I expect he uses whichever bedroom he’s in when he explodes at something he reads in dead tree or online. Whether he was using it for any other activity at the time is probably irrelevant.
After any serious outbreak of inflation reversion to the norm of low rates is always very rapid.
Weimar disagrees.