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Called eating the seedcorn, Matey

I posted this video on YouTube this morning. In it I argue that Labour says there is no money to invest in schools, hospitals, transport, and energy infrastructure. But hundreds of billions of savings lie idle in bank accounts. Suppose they were saved with the government to fund investment in these projects. Those savings could provide all the money needed to transform our economy. So why is no political party offering to do this?

The things those savings would be spent upon would not provide a financial return, having been spent. Thus we would be consuming capital in order to finance current spending – eating the seedcorn.

It’s entirely possible to change this. To make health care, the energy infrastructure, things that throw off cash to investors. That means privatising them, pricing them properly and producing profits which is that payment to investors for the use of their money. Do so and folk would invest.

I have a feeling Spud would not like that.

27 thoughts on “Called eating the seedcorn, Matey”

  1. The NHS desperately needs competition. If an organisation is publicly funded regardless of performance, the management end up doing whatever takes their fancy. Hence the weird stance on the made up category of “transgender”.
    Mrs Grist was a teacher for 40 years and came across one girl who wanted to be a boy. Thank God her parents were “far-right fascists” and pandered to her desires only to the extent of buying her a catapult which resulted in a few broken windows…

  2. Tsk, Julia, they’re not controlled by Spud so of course they “lie idle”. If they were controlled by Spud they’d be used to provide tax free charitable grants, which as any fule know are by definition useful, wonderful projects…

  3. It’s my money and I will decide what to do with it. Where does he get off thinking any pile of money belonging to someone else is his to dispose of without accountability? People have their own plans for their own money. I’ll piss it up the all if I want, not give it to the guv for them to waste.

  4. “Suppose they were saved with the government to fund investment in these projects.”

    ‘Saved’ suggests the depositor can remove their funds, which presumably is going to be rather difficult if its been spent on schools’n’hospitals…….

  5. So he’s proposing outright robbery on a scale never seen before..
    Not even the old Communists were crazy enough to try that…

  6. So what happens next year and subsequent years, when all the money has been pissed up the wall by socialists invested? Where do we find the next few hundred billion to invest? Spud’ll be after your pension next.

  7. But what if those folks whose money liebour was ‘investing’ wanted their money back? He had rather a lot to say about Northern Rock recently didn’t he?

  8. I think there’s already a mechanism for the government to attract those “idle” savings. People would purchase something from the government and get an income stream, then eventually get the money back – or purchase another such thing.

    Oh yes – it’s called a “bond”. It’s been around for centuries now.

    I suppose his innovation would be that you never get your money back, and possibly you don’t get the income stream either. Such a deal!

  9. But hundreds of billions of savings lie idle in bank accounts.
    As he repeatedly shows, he’s totally incapable of understanding money. Not surprising because he’s nothing more than a rather poor book-keeper with a limited mind
    Money is a token of value widely, readily & confidently accepted in commerce. It has no other purpose. So where’s the tokens of value which comprise bank customers’ deposits? The total value of the money in circulation must be a reflection of the total of the goods & services in the economy. The commerce. And goods & services can only exist in the now. As can the tokens of value. Money is part of a process, not a thing. So the money can’t just be piled up in the banks’ vaults. It’d have no value there. It doesn’t have any value independent of commerce. Someone must be holding & using it. And indeed there are. They are the people the banks have lent the money to. The tokens of value are out in the economy being exchanged for goods & services in commerce. The process of creating value. So it’s definitely not idle.

  10. In a way Spud’s wet dream has already come to pass.
    The Swiss had negative interest rates – i.e. you had to pay the gummint to store your money.
    There was a chance of getting it back though.

  11. He wants people to invest with the Government. Easy: just offer a competitive interest rate. The side effect would be the Government paying out lots of money in interest payments to fund its debt, yet only the other day the rant was about the Government paying interest on its debt.

  12. Bloke in North Dorset

    I really can’t face the prospect of watching him, its hard enough reading him, but is he referring to so called dormant accounts or does he really mean all savings?

    Not that that makes it any better, its still someone’s money and its being put to better use in a bank than with government.

  13. Threatening to take people’s savings for whatever reason (never mind Spud’s ideas) is the surest way of starting a bank run and going back to us storing the money under the floorboards or the mattress again.

    Spud is an idiot.

  14. Bloke in North Dorset

    In it I argue that Labour says there is no money to invest in schools,

    We’re now seeing the results of the Blair/Brown investment in edyukashun, edyukashun, edyukashun and it has been a failure.

    What we need is less money spent on education and that will be achieved by shutting down at 80% of universities and letting kids leave school at 14 and I don’t care if its just to sit picking their noses and playing computer games.

  15. Is there an army of unemployed teachers, doctors, nurses and engineers just sitting idle waiting for someone to offer to pay them money to go do some work? Thought not.

  16. “But hundreds of billions of savings lie idle in bank accounts.”

    I’d long since given up looking too much at Spud threads – mental faculties and all that – but this plumbs new depths. “hundreds of billions” means he’s talking about general deposit accounts. “lie idle” – no they fucking well do not; you’re supposed to be a chartered accountant.

    At which point, he’s either a lying parasitic Marxist kleptocrat or a complete kcufing retard. This isn’t healthy – I think I’ll go back to ignoring loony spud threads.

  17. Bloke in Germany

    Grikath, this is why socialism always ends with the productive in an unmarked mass grave with bullets in their necks and everyone else starving to death. The former eventually want their investment back, the one that was “saved with the government”, but it isn’t there to give back.

  18. Peter MacFarlane

    “..going back to us storing the money under the floorboards or the mattress again…”

    Which is precisely why he’s in favour of Central Bank Digital Currencies, of course.

  19. he’s either a lying parasitic Marxist kleptocrat or a complete kcufing retard.

    Or both, as they are not mutually exclusive and have significant overlap.

  20. I doubt he sees the implications. If commerce moves to digital currency, commerce can be done in any digital currency the parties agree to. There’s no reason it has to be the UK one. It would be entirely possible to move commerce outside UK jurisdiction altogether. That the UK government couldn’t collect levy taxes on it would be inconvenient. To the UK government.

  21. “..going back to us storing the money under the floorboards or the mattress again…” Which is precisely why he’s in favour of Central Bank Digital Currencies, of course.

    …and I’m talking about gold and silver.

    Real money, not “Credit Money” or shitty derivatives thereof.

  22. @BiS You know that the first thing he’d do would be to make transactions he considers to be “in the UK” ( and quite a wide definition of “in” it would be.. ) mandatory in e-Pounds.
    Same trick the east-block used with their scrip.

    Same that he would immediately demand the Firewall of Firewalls to be erected to ensure people and companies in the UK ( again according to his definition of “in”..) could not possibly arrange transactions in other than e-Pounds.
    Or have access to anything other than what he approves of..
    He’d try to out-chinese the Chinese..

    And, of course, when everything comes crashing down after 6 months to a year through hyperinflation and absolutely no-one willing to trade officially with the UK anymore, and the starving masses are baying for his blood, he’ll still be of the opinion that his ideas were right, it was just wrongly implemented by his underlings..

    He’s just that kind of person..
    And the worst part is, that he must have an influential following somewhere amongst the Politicians and Civil Servantry, because he remains employed as a “Professor” and gets cast in public broadcasts for his Opinion.
    Spud is a blustering idiot, but he is propped up by actual traitors to the UK and what it once stood for who make active use of that idiot. And people fall for it…

  23. BiND, I think that was me. It was in reference to Spud breaking out the Venn diagrams again and her love of them. Given the word salads they both spew, you would think Spud was her brother from another mother.

  24. Martin Near The M25

    This is the Scrooge Mc Duck fallacy again for the second time in a week. I’m surprised he hasn’t launched SpudCoin. What’s stopping him? He could put his brilliant ideas to the test. Oh I see.

    The reason he gets invited on the TV is that they know that red face Barbie will chant “Moar Tax!” whenever the string is pulled.

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