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First he claimed it wouldn’t happen

Now, as it is happening, he’s claiming that it is not, in fact, happening:

Quantitative tightening is claimed to be the reversal of quantitative easing, but again, that is total nonsense. Quantitative easing, in reality, cancels government bonds in issue. Claiming that they still exist, but in government ownership, is a farce.

And they are not sold again under quantitative tightening, in any meaningful way.

Except, of course. the bonds under QE are not cancelled because they might, in time, be resold as QT. And given that all along the idea was that they would be resold therefore they were not cancelled, were they?

6 thoughts on “First he claimed it wouldn’t happen”

  1. Dry weather is not the opposite of wet weather, down is not the opposite of up, lions lying down with lambs, the world makes no sense!!!!


    Likewise with inflation. He spent the whole of 2021 saying talk of inflation was alarmist as it wasn’t going to happen.

    Now of course, he’s claiming he ‘predicted’ the fall in inflation ‘because it always does’ and ‘never persists’ having apparently forgotten that between 1968 and 1993 inflation was only below 4% for one year and was often double or more that (peaking at 24%).

    On here it’s been said that he’s right about as often as a stuck clock but I think it’s not quite that. At different times he predicts that something will or won’t or might happen, gives every minute of every hour as to when it will happen then claims he correctly predicted whatever the actual outcome is.

  3. Andrew C

    He’s predicted the last 137 recessions from recollection so we are due a slump!

    But you’re spot on – he doesn’t have a clue about anything – my description of him as ‘like a caveman confronted by a laptop’ in most fields holds good.

    What’s remarkable though is how widespread his level of ignorance is.

  4. Off topic: monthly donation from credit card just failed in Donorbox:
    “This Connect account cannot currently make live charges. The `requirements.disabled_reason` property on the account will provide information about why this account is currently disabled. If you are a customer trying to make a purchase, please contact the owner of this site. Your transaction has not been processed”
    Tim, you need to do something somewhere

  5. Speaking of idiots making predictions by tossing:

    An asparagus throwing fortune teller who foresaw the Queen’s death has revealed that 2024 will see a royal divorce and a woman become US president.

    Jemima Packington, 67, is the world’s only asparamancer and claims she can peer into the future by tossing spears in the air and interpreting how they land.

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