In periods of deflation …(…)… there is no chance of significant real wage increases to ensure that the deterioration of the overall reward to labour in the economy is addressed.
As Keynes noted, nominal wages very rarely fall. Therefore in a period of deflation real wages rise.
Facepalm.
The argument that inflation is bad for those on wages is just wrong……… increases real earnings,
Whut?
John McDonnell correctly said this weekend that running a surplus on the government’s budget makes no sense.
He is right. In a clear indication that he understands sectoral balances he said:
There is an economic illiteracy about this. If you have a surplus in that sense you are actually taking capacity out of the economy.
Let me elaborate a little. What a government surplus means is that the government is not borrowing anymore: it is repaying debt.
There are two consequences of this. The first is that because government debt is a private asset its repayment necessarily reduces private wealth. You cannot interpret this any other way: it is a fact.
Good God this is stupid even by Ritchie standards. Cash is a financial asset, in private hands it is private wealth. Swapping one type of private wealth, government bonds, for another type of private wealth, cash, does not reduce private wealth.
Seriously, do we call someone with £1 million in their wallet poor? Well then.
As to running a surplus making no sense doesn’t anyone ever read any Keynes any more? For he did indeed say that when the economy is in recession then let’s have a bit of fiscal stimulus. As he also said that when the economy is booming we should have a bit of fiscal austerity. That is, a surplus on the government accounts.
And what makes Murphaloon a complete fucking dunce here is that he himself says exactly the same thing. So we move over to MMT, his PQE is used to pay for everything. It then becomes tax which curbs the potentially resultant inflation. Which is fiscal austerity possibly to the point that the budget is running a surplus in order to constrain inflation.
Cretin.
We know that he doesn’t get on all that well with others. And two of Corbyn’s new economic team are at City University. And Ritchie isn’t on the team.
I can see that common room getting very interesting very quickly….
Wouldn’t it be wonderful if winner of QF 3 and winner of QF 4 were France and England to play on 25th Oct?
As a hint, think St. Crispin’s Day….the return engagement.
Using his business acumen, he has pored over figures that he believes literary scholars have struggled to understand: “You get some very brilliant academic writing about Shakespeare. The minute they try to talk about money or numbers, it becomes almost incomprehensible.”
Because the arts graduates are arts graduates because they’re not very comfortable with numbers….
From the Sunday Times:
However, a line by line assessment of Murphy’s figures by HMRC reveals that he miscalculated by about £75 billion. HMRC says the estimates include double counting of £15bn of VAT, estimates made using the wrong tax rate and the inclusion of £13bn of debts already written off.
I feel this way but I do. I’d like to see Fiji beat Wales on Thursday…..
Just can’t work it out…..
We’re setting up here as a little software development company. Pretty simple stuff (looks like a lot of Ruby on Rails stuff). And we need a little bit of advice from you peeps.
Essentially, which two software packages should we be using? Need to be free and simple.
1) Scheduling and project management. What’s the list of tasks, who owns which, how far along is it etc etc etc.
2) Billing software. I have in mind something like legal software. You know, solicitors punch in which client they’ve been working for each 6 minutes? For us, hourly would be fine. But so we can track which hours who has been working on what.
And as a maybe, collaboration software. This might be already included in project management stuff. But a bit like Yammer maybe, group messages and all that.
This is the moment Romania’s ‘king of gypsy music’ attacked his pregnant girlfriend on live TV after discovering that she had slept with his step son.
Living down to the prejudices rather…..
The Guardian view on the VW scandal: punish the guilty
As opposed to punishing the innocent perhaps?
When the Green Party was having its leadership election I recommended a vote for Natalie Bennett:
The Green party leader, Natalie Bennett, has said that she thinks Jeremy Corbyn has a realistic chance of becoming the next prime minister.
I did so on the grounds that she is efficient, not that she is sensible.
A woman in Australia who unfriended a colleague on Facebook after a dispute at work was found by a tribunal to have committed workplace bullying.
The Fair Work Commission, a workplace tribunal, said the decision by Lisa Bird, a real estate agent sales administrator, to unfriend her colleague Rachel Roberts showed a “lack of emotional maturity” and was “indicative of unreasonable behaviour.”
OK, stick a fork in it, this civilisation is done.
Quantitative easing is the process where a central bank (in the United Kingdom, the Bank of England) buys bonds that have been issued by the government that owns it. The aim is threefold. First, it wants to provide liquidity in the form of new money to the economy when private banks are not lending enough to meet the need for money creation. Second, the aim is to create inflation when (as now) the economy stubbornly refuses to do so of its own free will and the curse of deflation hangs over us. Third, it hopes that because of changes in the way QE, at least in theory, changes financial asset portfolios that some new money will trickle into the real economy to stimulate growth.
So, that third reason: lower long term interest rates by getting people to move out along the risk curve.
So, what does he then complain about?
And the new money has only given rise to asset price inflation
Which is the fucking proof that it’s worked, isn’t it?
Trying to amplify the music on your phone with plastic cups often isn’t the best way to get a party started.
But instead of investing in an expensive sound system, a new app could help create a giant speaker for free.
The app works by synchronising streaming music across smartphones and tablets to create ‘3D sound’.Named AmpMe, it also allows iOS and Android devices to play the same music together across both platforms.
It’s not the tech itself, but the idea. Very jealous of whoever thought that one up.
Just the thing for setting up a flash mob, don’t you think?
Hmm, actually, shouldn’t be too difficult to clone that and such flash mobs would be the marketing method, don’t you think?
Hmm:
I fear for my daughters and I feel an onerous responsibility for my son.
Sixty-three women killed by violence in this country this year.
It’s still only September.
Men who hate women so much they kill them with axes, burn them, stab them, beat them to death. They kill their children too or otherwise ruin their lives.
I want to know the story of each, and I try to find out. I don’t mean the “story” in a prurient “that’s a terrible/shocking/disturbing” story sense. I mean the set of circumstances that gives rise to Australian men doing such things. And in the end, despite the myriad personalities and the domestic circumstances involved, the family court orders and anything else, it crystallises down to one thing: entrenched gender imbalance.
Men assault, rape and kill women and their children because they think they have a right to. And that is a terrifying, overwhelming problem that should exercise all of us, but none more so than Australian blokes.
Yes, I think fuck off you cunt is the appropriate reaction here.
For of course killing people is wrong, no doubt about that.
And two thirds of Australian murder victims are male.
“I said earlier to somebody, as soon as you don’t enjoy days like this and as soon as you don’t find any pride in playing the All Blacks, then you can stop playing this game,” Burger, the captain, said. “Half of these boys are eight to fivers. Playing against the All Blacks and facing the haka was a special moment.
Sure, Namibia was never likely to beat the All Blacks. But to get out there and have played them is still something to be proud of.
Sales of electronic books have fallen by the most on record in a stark reversal following several years of spectacular growth.
The Association of American Publishers released data showing e-book sales dropped 10pc in the first five months of this year, compared with the same period in 2014.
The latest figures showed US e-book sales – excluding educational titles – of $610m (£400m).
The group said it was the largest drop since the beginning of the e-book market. The e-book market has been growing strongly, with the exception of a small drop in 2013.
No, what the figures show is a fall in the sale of e-books by members of the American Association of Publishers.
Which, given that AAP members raised prices o e-books but not on physical ones, isn’t all that much of a surprise, they are substitutes after all.
This number does not include e-books sold by non-AAP members: all those self-publishers over on Amazon (myself included) which rose substantially.
Not sure of what the final effect is of the both fall and rise in different parts of the market. But it ain’t that headline which every newspaper in the globe seems to be reporting.
Germany’s biggest bank got a better deal from investors because they confused it with the country’s central bank, one of its board members has admitted.
Stefan Krause, one of Deutsche’s management board, made the confession at a panel discussion on the subject of “Too Big To Fail”, according to Bloomberg, which first reported his remarks.
The former chief financial officer said that Deutsche had benefitted from mistaken identity, giving investors the impression that it had a guarantee from the government.
And that’s people in the financial markets too.