And let’s look at banks as an example. Banks do not lend out depositors’ money. This, as a matter of fact is true, and it has been acknowledged by the Bank of England in the UK since 2014, and by the central banks of many other countries as well, including that of Canada and Germany, and many more. Every one of those central banks agrees that the idea that banks take in depositors’ money and then lend it out again is complete nonsense.
And let me assure you that because banking is just a double-entry bookkeeping system, and nothing more these days, actually it is technically impossible for your money to be lent to somebody else without your specific agreement because the bank still owes it back to you.
Sigh.
That’s what we need if we are to have a thriving, vibrant economy in this country again, and at the moment, the savings structure that we have, which is dominated by the City of London, is completely destructive and is destroying value and is sucking the lifeblood out of the UK economy. And that is a disaster for us, for the country, and for our future, and it has to change.
As always he also entirely misses how pensions work. The people paying into pensions now are buying those older investments off those who invested in them 50 years ago and are now eating the capital of their savings.
Pensions are a pig moving through the python of the economy. If he’s going to fail that piece of logic then everything else he says about pensions is nonsense.
The second criterion is that people have become, by habit, used to the fact that they will be compensated for saving. In other words, they will either be paid interest if they put the money into a bank account, or they will earn some other form of return, like dividends, if they put it into shares.
This is, again, I stress habitual. It’s not necessary. You could actually have a world where somebody would simply keep your money safe and sound, lock it away, or whatever it might be that you wish to think about. But the point is, they will hold your money for you in a place where it won’t be lost by mistake, and now, by convention, you are paid a return for doing so.
Banks pay interest on deposits just because social convention. This will be news to bankers of course….
Bankers are greedy and evil. And bankers give away money for fun.
Must be weird to.be a.leftie.
If banks don’t need depositors money, why do they bother taking it then? And not only taking it, giving the depositors interest which reduces the bankers profits?Surely all banks should refuse deposits and just offer loans, they’d keep all the interest for themselves as profit. Which leads to a thought that Spud should have had – how do financial institutions who only offer loans operate? Do they also need to get cash (in the form of loans or capital injections) into their operations for them to work? And if so, why?
Is he really this stupid? Or is it just playing to the stupid gallery as a grift for a few £££?
Jim: I can’t see what the payoff for him is. He’s only going to convince a few acolytes and even unserious academia (all of it now?) has given him the Order of the Boot. He may be genuinely delusional at this point.
@Jim From what I remember from Spuds’ previous exhortations over the years, the banks can magic the funds into being just by changing the numbers in the Computer.
And it’s technically possible… as an accountant’s trick. You just need to “tax back” the deficit you create.
At >100%….
Quite often used to cover up….indiscretions… in expenditures to prevent scandals and other sorts of Unpleasantness..
It does , of course a proper book that keeps the real numbers, and is never seen in public …
Something makes me think our Elyan Sage has…. experience…. in this performative accountant’s trick.
“Tractor Gent
Jim: I can’t see what the payoff for him is.”
He’s doing it for the money – and his ego.
“Advertising is evil and makes people miserable by making them want things they don’t need.” Murphy
“I’ve monetised my YouTube channel and get paid by advertisers.” Also Murphy
“I can’t see what the payoff for him is”
He’s been making a fairly decent living for the last decade or more taking ‘grants’ from gullible foundations and charities to spew out this sort of bilge, he even conned a ‘university’ to pay him for a while. My feeling is that he’s lost all those sources of funds now (partly because he’s got no social skills at all, and partly because even the Establishment lefty types have realised he’s a moron), and now he’s reduced to playing to the youtube gallery, where by and large there’s plenty of lefty idiots who will watch ‘content’ that reinforces their existing ideas. Its the end game of the grift really, picking up dimes in front of steamrollers. No serious organisations are going to touch him now, its end of the pier freakshow stuff. Say outrageous things to generate clicks.
Jim has it, with a post that’s exceptional even by this blog’s high standards – so Good I will break it down in the fashion I often do with The Elyan sage’s work:
He’s been making a fairly decent living for the last decade or more taking ‘grants’ from gullible foundations and charities to spew out this sort of bilge,
Spot on – the money for this kind of caper has been reducing for a while and its a very crowded field. He’s too male, pale and stale and frankly too old to be much use to the Third Sector and as a result this source of funding has dried up for him. His notorious skill in starting a fight in a phone box also doesn’t help him here.
he even conned a ‘university’ to pay him for a while.
And he left that place under a cloud – accusing them of being ‘neoliberal’ which if you had even a scintilla of contact with a UK academic institution would know is ridiculous. Any academic at all in the UK is starting at North Korea and moving well to the left of it in many ways – indeed so far left that most inhabit an alternate reality.
My feeling is that he’s lost all those sources of funds now (partly because he’s got no social skills at all, and partly because even the Establishment lefty types have realised he’s a moron), and now he’s reduced to playing to the youtube gallery,
Absolutely – in fairness there’s a market for this kind of stick but he isn’t the most competent speaker and he is forced into the Novara media style backwaters – not where he is likely to have any influence over anything
Its the end game of the grift really, picking up dimes in front of steamrollers. No serious organisations are going to touch him now, its end of the pier freakshow stuff. Say outrageous things to generate clicks.
The Grift is unending and I do think only death or serious mental and physical incapacity will stop him now. His pension provision is abysmal and he has no other real source of income, and with the3 SNP and Greens collapsing no real prospect of the Lords. To quote from the 80s Animated classic ‘Transformers the Movie’
‘ This is the end of the road’
I’m thinking of starting a bank. No need for depositors (pesky people that just creates paperwork) or shareholders’ funds (which will limit my profits).
I’ll be richer than Scrooge McDuck in no time.
But . . . my bank does have a specific agreement to lend out my money – that’s why I get interest (however small;) on my checking and saving accounts and no fees for maintaining it for me and the ATM network across the world where I can get my money back 24 hours a day.
>You could actually have a world where somebody would simply keep your money safe and sound, lock it away, or whatever it might be that you wish
Yeah, but we live in a world where the government prints money – which Murphy likes – deliberately creating a small amount of inflation thus if I don’t keep my money in an interest bearing account it will all effectively disappear from the safe where its locked up in.
It is this level of utter fuckwittery that makes me think we waste too much time on this clown. Sure he and his ideas are evil, but his threat to the world is zero because a) he’s a genuine moron and b) he’s such a twat that he can’t maintain a civil relationship with anyone unfortunate enough to meet him.
He might get enough of a following of halfwits and losers on youtube to make a few quid and he could probably promote himself through interviews with other thick youtube monkeys, at least until he’s pissed them all off, but he will never have any influence on policy or government or anything else.
Leave it, mate, he’s not worth it.
On this evidence of mental incapacity it surely can’t be long before Murphy is confined to days spent in an armchair drooling spit, leaking urine and telling his carers that he could-a-been-a-contender in the Lords.
It’s just a shame for the rest of us that before now he had not spent his time in a more productive pursuit, such as painting shit watercolours of Ely Cathedral and the surrounding countryside.
@Jim
I’d say he’s been selling his “product” mildly successfully because it’s broadly been in accord with what “supposedly”serious economists have been preaching. As I’ve said before, you’ve actually been living in Murphyworld for some considerable time. Of course the vultures are coming home to roost at long last. It was never a solution for anything. It just pushed problems away into the future & eventually you catch up with the future & it becomes the present. So the “product ” he’s selling is getting harder & harder to sell. The only people likely to buy it don’t have any money. Having a large supportive commentariat on a free to read blog doesn’t put bread on the table. Nor does doing occasional appearances in BBC media to insignificant audiences.
What amuses me is so much of his social & economic ideas are straight steals from the ’30s Nazi Party. I wonder when he’s going to propose invading Poland?
The only people likely to buy it
don’t have any moneywant everyone else’s money in increasing amounts.If only Shakespeare had known about this guy when he was writing that play located in Venice, he wouldn’t have needed to go for some cheap anti-Semitic laughs.
@VP
‘This is the end of the road’
It won’t be, cos Spud really believes himself to be always correct, all the time. If he didn’t educate the world, who else could do it?
He’ll never stop – he’s more Terminator than Transformers.
<em"You could actually have a world where somebody would simply keep your money safe and sound, lock it away"
You mean, a return to the gold standard Spud?
@Marius
makes me think we waste too much time on this clown
Think of it as Tim’s hobby. If he didn’t have Murphy to crucify each day he might have to take up beating squirrels to death for a hobby.
Jimmers
Interestingly he thinks AI is oversold and needs to be heavily controlled by the state regardless.
I do think he will keep going as long as his health holds – He’s ditched the vegan crap and is now eating butter and bacon as part of some kind of health kick he wants to impose on the whole of the country. Of course the famous quote from Michael Biehn in ‘The Terminator’ applies even more with Murphy.
‘He absolutely will not stop, ever UNTIL YOU ARE DEAD’
The ‘End of the Road’ quote was more a commentary around his hopes of political office and resultant influence.
‘It is this level of utter fuckwittery that makes me think we waste too much time on this clown. ”
Thing is, when baiting leftys on the internet, in places like Quora and Facebook, the likely of some halfwit quoting spud as a legitimate authority approaches 100%.
He knows his audience, and provides cover for many ignorant and vocal activists.
The time spent on this site demolishing him is well worth while.
Southerner
I think VP would consider him more Malvolio than Shylock.
I wonder if he takes his cross patch socks off when he reaches eleventhly.
“Thing is, when baiting leftys on the internet, in places like Quora and Facebook, the likely of some halfwit quoting spud as a legitimate authority approaches 100%.
The time spent on this site demolishing him is well worth while.”
Quite. Some of his videos have even made it onto the farming forum that I frequent – there’s plenty of people out there who either want to believe there’s easy solutions to difficult problems, and/or don’t have the knowledge to realise he’s talking total nonsense.
Still not managed to get that giant brain around the word “fungible” then.
If I declare something a fact often enough then it will become one… Epic bantz.
Many such examples Mike:
Spud could be on the Climate Change Committee who don’t get this schit:
e.g. A hot CO2 molecule shot up a tower in Yorkshire from burning chips of wood is for climate change purposes fungible with a molecule projected upwards from burning Indonesian coal in the Pradesh. Although if the efficiency of the boilers differ you might get more lecky from one than from t’other.
Or e.g. A hot CO2 molecule shot up a tower in Staythorpe from burning methane from shale is for climate change purposes fungible with one from Qatar, which might be more expensive due to compression and de-gassing losses.
It’s time to start a website for, “All the things Spud’s been right about”.
No submissions yet, but perhaps someone, anyone please, out there, may have a nugget or two?
Oh well…
Gamecock’s diagnosis?
Murphy is an abject communist. He is driven by his hatred of freedom. His actions are to reduce freedom. His reward is less freedom for people.
Normal People can’t comprehend this abnormal psychology. You are not going to understand him.
“Banks do not lend out depositors’ money”
If this was true, banks would hold cash at least equal to the amount of deposits.
They don’t.
Murphy’s in no way a communist, Gamecock. He doesn’t believe in government by the people for the people. He’s an extreme example of the modern political class. A technocrat. He believes in government by him. Like the modern political class he’s on a political axis of fascism.
Wut?
I think BiS is right. For Murphy, it’s all about Murphy (even Auschwitz). The socialism or whatever is just the vehicle for him trying to get what he wants.
Comments are closed.