Skip to content

So, as I long ago predicted, inflation is now tumbling towards two per cent with the very real risk that it will overshoot the Bank of England target since the impact of many of its interest rate rises have yet to be felt, and the true scale of the downturn that they gave generated has not hit us as yet.

What else is there to say? Not a lot except to suggest that one day we will look back and wonder why it was thatwe let unelected people impose mayhem on the country in pursuit of an economic goal over which the one instrument available to them – the interest rate – had precisely no influence whatsoever whilst having enormous capacity to cause harm in every other way.

UK economics professor claims that interest rates do not reduce inflation at same time as noting that inflation has fallen consonant with the rise in interest rates.

Your taxes pay this man to teach children.

9 thoughts on “Ahem”

  1. “Does he actually set exams – would be interesting to see one and the marking scheme!”

    He taught for a term at City Uni about 8yrs ago then was cut and hasn’t given a lecture since. He attaches to these Uni’s for his ability to grift charity money.. in return they grant him a “visiting professor or professor of practice” title.. he can grift i’ll grant him that.

  2. As a “Blackadder” aficionado, I reckon we’re in “Captain Redbeard Rum” territory here:

    BLACKADDER: I thought economists commonly accepted that higher interest rates reduce inflation?
    MURPHY: Opinion is divided on the matter.
    BLACKADDER: Is it?
    MURPHY: Yes. All the other economists say they do and I say they don’t.

  3. Iliam Dhone

    There’s also the Hyacinth Bucket version

    Mr Bucket: I thought economists commonly accepted that higher interest rates reduce inflation?
    MURPHY BUCKET: No, respected opinion is unanimous that they don’t.
    Mr Bucket: Are you sure about that?
    MURPHY BUCKET: Yes. I am unanimous in my view that they don’t.

  4. When we were freshers we trooped along to our first physics lecture to find that the old boy delivering it was useless. We booed. We stamped on the sprung floor until it felt as if the whole building was bouncing.

    Imagine our dismay when the same old coot showed up for the second lecture. We threw things. He withdrew in, I suspect, some fear. Lecture number thee was given by a young chap who proved capable of explaining himself.

    Amusingly my brother had a virtually identical experience. Them wuz the days. If the brutes can’t teach drive ’em out.

  5. Dennis, A Wee Bonny Lad If You Squint Hard Enough

    There’s also the Hyacinth Bucket version

    Actually, Richard Murphy is probably a close approximation of an adult (and heterosexual) Sheridan Bucket.

Leave a Reply

Your email address will not be published. Required fields are marked *