That is because the crash will be created by finance.
Any crash, and its consequences, will be the fault of those who have worked in the higher levels of management in:
Banks
Hedge funds
Private equity operations
Pension funds
Life assurance companies
The treasury functions of the largest companies
The Bank of England
The Treasury
Other regulators who will have failed to act to constrain the excesses of capital
Surprised he hasn’t starter a paper called Der Starmer yet…..
“the crash will be created by finance” … if only for the reason that without the groups he mentioned there would be no “finance” to crash.
Would he prefer were all still scratching a poor existence out of dirt.
“Would he prefer were all still scratching a poor existence out of dirt?”
You know the answer to that.
All except for him and his favoured Zil lane occupiers, yes.
He would prefer to kill them all and take their stuff.
If there is a crash, and he’s been “predicting” it for a long time, it will most likely down to the reckless state spending that he fully supports.
This. As always, the solution is “Fuck you, cut spending”.
He’ a bit like Krugman, who has predicted 27 of the last 2 recessions.
BTW, he WANTS a crash. So communism can fill the void.
And he apparently has no assets, so he wants other people to suffer. Very Christian of him.
I have been told that Quakers are not Christians by a convert to “The Society of Friends” but she wasn’t so fully informed about her new faith that she could explain it to me in a format that I could remember
Interesting. I understand that they believe that God tells them what to say. I can see how that might appeal to him, though he probably thinks he should be telling God.
Highly unlikely that our Billy No Mates portly Prof is going to participate in a Secret Santa, but this would b an ideal gift for him
https://www.amazon.co.uk/Calendar-Novelty-Christmas-Birthday-Presents/dp/B0CG4GDVHS/ref=sr_1_108?crid=1I06ZAUJBUAYV&dib=eyJ2IjoiMSJ9.ilI0TEUndtwRDJhP1lMTkHimZY4q92exzOlgeREgK3ZufO-4KJQw0HPv-bBt_aAJ8XlImzNnBC82VhAWKSi1lbteGQoqUwc1HvZi04-uw5ucvpcW090OCrJfCeF0Dz-3Z7zr9DfhJDmXRtfX-76YeqPxVguwiVzvjvGT7oO9MTePlUeqVX2KRKnirMe0JZMejXvCw0LKNFazvZWPHxyPU6HudAPOt6HgChjl7GWU-0Bqc5iKZWXlL5cObpHaGoQYptER3MnnVmNe147CMArlGc_SsTCBKHcB1b3Vjwu36Uw.vBCuZeHx4KTsKBbHYbaa3_4O6kgbCrujHn93-HxBqM8&dib_tag=se&keywords=secret%2Bsanta%2Bgifts%2Bfor%2Bmen&qid=1765026488&sprefix=%2Caps%2C353&sr=8-108&xpid=T809bUnq3vCVU&th=1
I think this analysis is similar to Murphy – it’s a little older but has the same flavour.
‘In proportion to the extent that commerce assumed definite control of
the State, money became more and more of a God whom all had to serve and
bow down to. Heavenly Gods became more and more old-fashioned and were
laid away in the corners to make room for the worship of mammon. And
thus began a period of utter degeneration which became specially
pernicious because it set in at a time when the nation was more than
ever in need of an exalted idea, for a critical hour was threatening.
Germany should have been prepared to protect with the sword her efforts
to win her own daily bread in a peaceful way.
Unfortunately, the predominance of money received support and sanction
in the very quarter which ought to have been opposed to it. His Majesty,
the Kaiser, made a mistake when he raised representatives of the new
finance capital to the ranks of the nobility. Admittedly, it may be
offered as an excuse that even Bismarck failed to realize the
threatening danger in this respect. In practice, however, all ideal
virtues became secondary considerations to those of money, for it was
clear that having once taken this road, the nobility of the sword would
very soon rank second to that of finance.
Financial operations succeed easier than war operations. Hence it was no
longer any great attraction for a true hero or even a statesman to be
brought into touch with the nearest Jew banker. Real merit was not
interested in receiving cheap decorations and therefore declined them
with thanks. But from the standpoint of good breeding such a development
was deeply regrettable. The nobility began to lose more and more of the
racial qualities that were a condition of its very existence, with the
result that in many cases the term ‘plebeian’ would have been more
appropriate.
A serious state of economic disruption was being brought about by the
slow elimination of the personal control of vested interests and the
gradual transference of the whole economic structure into the hands of
joint stock companies.
In this way labour became degraded into an object of speculation in the
hands of unscrupulous exploiters.‘
Perhaps if it mentioned Quantum and Israeli genocide his AI could update it to refer toTo ‘neoliberals’ rather than Jew bankers. Always happy to help out such an eminent thinker
More important perhaps is those who are ‘completely innocent’
So, let’s get it on record before this happens, who is responsible. If we have a crash, it will not be the fault of:
Public sector employees
Horseshit- the crash is likely to be acutely related to the excessive size of the public sector and the abysmal productivity, especially in those parts created by Gordon Brown to reward Labour voters, and especially in the world of ‘think tanks’ and academia – all of which are a serious drain on scarce resources.
Anyone who works in a small business
So there are no small businesses involved in Finance (even assuming his Nazi framing of the issue has any validity) . Also, weren’t small businesses a big problem because they don’t pay enough tax – or was that yesterday
Anyone who works in anything but finance
Is there a more wretched moron in existence than this guy, or anyone where his actual ability is so unrelated to his estimation of it.
Pensioners
The deficit is largely an issue due to the cost of public sector pensions and future liabilities
Those on benefits
The benefits bill is huge and rising and we don’t have the money to pay for it. The welfare state was never intended to be a lifestyle choice
Immigrants
Again most are costly and unlikely to ever pay their way
He’s as usual got it totally wrong
Horseshit- the crash is likely to be acutely related to the excessive size of the public sector and the abysmal productivity, especially in those parts created by Gordon Brown to reward Labour voters, and especially in the world of ‘think tanks’ and academia – all of which are a serious drain on scarce resources.
According to ONS, public sector employment as a % of the workforce has gone down since 2009, which is amazing although perhaps a million plus immigrants a year is growing the private sector workforce faster than even the NHS can metastasise. It’s space year 2025, the AI automated robot EV future, which is why we have loads of little guys from Zimbabwe working as bicycle couriers in our gleaming, futuristic, and crime-free cities now. I dunno.
I do know that public spending as a percentage of GDP was approx 38% in 1994, and now it’s nearing 45%, with no apparent brakes on this crazy train until the IMF steps in. So the public sector grabs an ever greater share of everyone else’s privately generated income, yet our public sector is also bankrupt. Hmm.
That demonstrates very clearly the plunging productivity of the public sector. Costs have gone up to 45% of everything, output has gone down as evidenced by everybody screaming “public sector about to collapse!”.
Yes, but it is. Budget crises everywhere you look. The public sector is struggling badly.
That is because the crash will be created by finance.
Ultimately, all crashes are “created by finance”, because that’s where the panic selling sets in after the trigger – which might be recession, legislation, too much credit, over-leveraging, inappropriate regulation, speculative bubbles, etc.
Broke up with Rachel Reeves
Cause she couldn’t help me with my mind:
These are the people who tried to crash the economy in 2000.
They succeeded in doing so in 2008.
Now they are trying to do so again, and it looks likely that they will succeed again.
When will we realise that they are the problem
Tim, is this a new theory of the business cycle, or is it Lenin on sale again?
I blame the 2008 crash on US. Stupid finance created a real estate bubble that crashed.
Pending UK* crash will be all yours; US is doing fine now.
*Trump thinks EU is in big trouble, too. Dunno.
The USA has lovely cheap energy, Europe and the UK have chosen instead to make themselves pay the highest energy prices in the world.
The US is home to the world’s most valuable companies, Europe and the UK have chosen to be global leaders in regulation.
This AI revolution people are betting trillions on requires gigawatt scale data centres. (Btw how many people who built the railways lost their shirt? The railways were still quite useful though.) Hinckley Point C will eventually generate 3GW and we’ve been trying to get it built since 1981. That’s notta lotta AI data centres, even if the price was competitive (it’s not).
The Future requires consuming additional terawatt hours of affordable electricity over the next ten years. You’re not going to power that with windfarms, luxury priced LNG, or bespoke nuclear plant that takes decades to get through planning permissions and environmental hoodooery. So instead, the EU talks about innovation when they really mean dreaming up new reasons to fine Elon Musk. The UK tries to make the global internet abide by Ofcom’s sense of propriety.
Yes, I agree with the Donald. Only Margaret Thatcher with laser eyed lions holding chainsaws in their mouths can save us now.
100 upticks for Steve!
Partly down to stupid legislation that forbade discrimination between different classes of borrowers who were more or less likely to default on loans, but probably more due to careless finance executives or clerks who failed to distinguish between “recourse” and “non-recourse” lending.
Arguably the funniest line was this one:
and that the solution is the honest economy that the rest of us want to live in and work in?
A failed accountant with questionable bona fides who has spent decades grifting and trying to get the taxpayer to pony up for his required lifestyle who peddles lies and expects it to be adopted as the basis of running the economy? How in any dimension is that ‘the honest economy’?
Honestly the man is beyond sub moronic.
Stumbled across today: historical lies by the Treasury, the BoE, and the FT.
https://www.npr.org/sections/thetwo-way/2017/08/08/542238978/-financial-times-issues-103-year-old-correction
I’ve looked down his list of suspects & thought they’re going to be the victims of his supposed crash as well.. And, do y’ know, I can’t feel a drop of sympathy for any of them. Bring on the crash!