So his latest pensions insistence:
What we need to do to get the rest of the pension equation right is to recognise that current pension contributions must be used to create capital value within society to meet the needs of future generations — at the same time as the needs of current pensioners are met from the depletion of the capital stock they left to those currently in work.
Which means those in work saving for their pensions have to buy those assets the oldsters saved for their pensions in. The majority of pensions savings is buying those second hand bits of paper. Because that’s how those drawing pensions are able to eat their capital.
But his demand is that folk should not save in second hand bits of paper. Which means there are no buyers for them. Which means the old starve.
Man’s a buffoon.
This is priceless
What we want is investment in pensions. Investment is very different from saving. Investment creates new assets, tangible or intangible. We can see, touch, and use some tangible assets in the long term. They include private sector assets such as plant and machinery, offices and IT, transport and agricultural equipment, power plants and recycling equipment. Intangibles can include inventions, copyrights and music. They also include education, training, and social infrastructure. This is spending money for a purpose, to achieve a goal, to increase income and to increase well-being and the support structures in society.
A genuine polymath whose knowledge knows no bounds…. It’s like a mentally retarded version of Keynes. The fact such a being can hold a position in ‘higher education’ suggests that we have too many institutions offering it..
This is spending money for a purpose, to achieve a goal, to increase income and to increase well-being and the support structures in society.
This from a man who couldn’t run a hot dog stand without fucking it up.
The more I hear about Ritchie, the more I think that he would not be able to piss in a bucket with the instructions written on the side.
Just proves that he doesn’t understand the difference between numbers on paper & the tokens of value exchangeable for goods & services.
Asset values are just fantasy book-keeping for accountants. The only value an asset has is its utility value in the present. It provides no entitlement to goods & services in the future. The future is unknown.
The way he’s going, assets will have no value in the future because no one will have the money to pay for the utility they might provide.
@Dennis, I doubt Professor Kartoffel could even run a bath.
pension contributions must be used to create capital value within society
Captain Potato he not got no pension pot to piss in.
Comments asking about his own pension provision are always deleted.
@saker falco
Spud would look at such a piss bucket and conclude that the bucket needs more piss. He is the first to see the truth about piss buckets, centuries of instructions are meaningless to him. No one should be able to piss anywhere else apart from in this bucket, your piss will be directed by him. When the bucket overflows you will get piss on your feet, this is called the piss multiplier.
For more info see his book – the joy of piss.
Anyone who disagrees is a fascist murderer
“current pension contributions must be used to create capital value within society to meet the needs of future generations”
Just the usual thievery, then.
The way his logic works is he notes that the world is getting a tad warmer and weather holding patterns are longer: that the data shows this correlates with the massive growth in solar panels soaking up the sun’s heat and reducing the albedo, around 1 panel installed per person now in the UK.
So solar panels cause climate change.
It’s not that particular argument but that’s the sort of argument spud goes for.
There’s a spurious correlations website where I think you can show that teenage pregnancies causes climate change.
First principles… other people’s pension savings are fuck all to do with you. The contra argument is …?
I can honestly say my pension savings were invested …. In my future and now I’m reaping those benefits and spending on stuff.
Which means those in work saving for their pensions have to buy those assets the oldsters saved for their pensions in. The majority of pensions savings is buying those second hand bits of paper. Because that’s how those drawing pensions are able to eat their capital.
Tim mixing up terms by confusing flows and stocks. “Saving” is a flow variable, while “savings” is a stock variable. Here, a quote:
Is Savings a Flow or Stock?
Savings is a stock variable because it is a measurement of something that exists at just one particular point in time.
Alternatively, saving – without the “s” at the end – is a flow variable, since this is an action that occurs through time, and thus has a time component to it.
Stock-flow consistency, a feature of MMT, is important when analyzing what is happening in an economy.
MMT doesn’t have features.
It has bugs.
By design.
phoenix
No one here is confused about flows and stocks… Suggest more intuitive reading skill.
And what Ducky said.
Even assuming consistent use of stock and flow variables was a feature of MMT (and I’m far from convinced by adherents who aren’t cantankerous cretins) it certainly isn’t a feature of Murphy’s vision of MMT. MMT is a key cause of inflation as far as I can see – not as crucial as lockdown but very much up there in terms of causation.
“@Sam Jones
Comments asking about his own pension provision are always deleted.”
As are queries as to why he doesn’t release some equity from his house and invest it in some wonderful green social enterprise that would benefit society.
Paul Krugman wrote an article about inflation in the UK. The article might be gated so a few quotes:
But while the United States has emerged as an inflation outlier in a good way, Britain has emerged as an outlier in a bad way. British inflation is still running hot, with few clear signs of progress.
But at this point the initial shock of the pandemic has largely faded — and economic outcomes have started to diverge. To the eyes of an American economist who has been following the data since Covid struck, British developments postpandemic look strikingly like what we feared would happen here but hasn’t. We worried that the Great Resignation would persist, reducing long-term labor supply; America has instead exceeded prepandemic projections for employment, but Britain has indeed experienced what looks like a permanent reduction in labor force participation.
Still, while Brexit has probably been a factor in British inflation, it clearly isn’t the whole story. Nor is it even the most distinctive aspect of the British divergence. That honor goes to a sharp drop in the percentage of working-age Britons participating in the labor force, which the normally circumspect I.M.F. calls a “spike” in inactivity. Here’s what the numbers look like for Britain:
(chart here in the article)
There was a large rise in the percentage of British adults neither working nor seeking work, especially, although not only, among those over 50.
https://www.nytimes.com/2023/07/18/opinion/uk-inflation-economy.html
Inflation?
Small caged mammal.