warmleyseagull
Well-known member
Whatever, the economic consequences don't change whoever instigates. Mine was a generic comment not a causal one.
The economy
- Thread starter Machiavelli
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Whatever, the economic consequences don't change whoever instigates. Mine was a generic comment not a causal one.
Yeah, now 'up' to 1.73 AUD, from 2.00 AUD pre Brexit
Oh sorry forgot, the country and economy has collapsed since Brexit. Sterling did slump, now much to some posters dismay it is on the rise again, shame on it.
How about Trump not knowing exactly where the American warships were heading when he threatened North Korea.
Bold Seagull
strong and stable with me, or...
I thought we are still pre-Brexit!?
Icy Gull
Back on the rollercoaster
- Jul 5, 2003
- 72,015
Hair splitting, sorry I should have said post Brexit "VOTE"
Mr Bridger
Sound of the suburbs
i do actually, lambretta LI 185 pacemaker
Machiavelli
Well-known member
- Thread starter
- #29
Well, wise old sage, I beg to differ. That you would state what you have suggests that you believe it, or that you don't and you're actually quite comfortable and complacent. Neither of which is doing too well for your position. To flesh out this rather harsh position I've adopted to you, I'll respond to all the points you've raised. You said:
Yeah, we're bang in trouble with double-digit inflation and interest rates of 15% + >3m unemployed and crap GDP - oops, that was the early 1980's ....
Well, it wasn't the early 80s, although if you take the early 90s, late 70s and the 80s together, all of those phenomena you indicate did occur, although by no means simultaneously. Double-digit inflation was there in the late 70s; interest rates momentarily hit 15% but it was only days/weeks that lasted in the early 90s leading up to the withdrawal from the ERM; unemployment grew through the early 80s, and was very high from the mid 80s to the early 90s when it did hit 3m (at least once, if my memory is correct); GDP was not crap in the 80s, in fact it was much better than it has been for the last decade.
As to your three charts:
-- the first one shows historically abnormally low interest rates over the past decade; this is not a sign of the strength of the economy, but rather its weakness. But most decent economists reckon that such low interest rates is the new normal, and will continue into the future -- again, hardly a sign of strength
-- that unemployment chart you provide is just plain wrong. Official unemployment figures are in the region of 1.5-2m and have been for a while. See, for instance:
http://www.bbc.co.uk/news/business-38661443
This also hides the extent to which there is underemployment in the economy
-- and that final chart on GDP is just idiotic; it suggests that the UK economy wasn't far off zero 50 years ago, despite the fact that the UK was the world's largest economy throughout the 19th and into the 20th century
If you want more reliable sources, see:
http://webarchive.nationalarchives....p-in-the-uk/sty-long-term-profile-of-gdp.html
http://piketty.pse.ens.fr/files/capital21c/en/pdf/F10.10.pdf
And, while we're on Piketty, you may as well look at the wealth of data he's provided, because he has provided one of the most comprehensive analyses of the economy for over two centuries, initially basing it on Britain and France but increasingly beyond that to other parts of the world. See:
http://piketty.pse.ens.fr/files/capital21c/en/Piketty2014FiguresTablesLinks.pdf
And to rework your final comment, history suggests that we need to work within a low growth economy ...
LowKarate
New member
Financial press is all about hyperbole.
Today the pound SURGED about 0.3 cents. On another day oil ROCKETS up $1 a barrel or Sainsbury's shares PLUMMET 3p to close 0.7% lower on the day.
I detect the HAND of Enrest.
vegster
Sanity Clause
- May 5, 2008
- 28,446
We have to thank Donald Trump for that.
JimmyJayUK
Active member
- Feb 20, 2014
- 279
He's still crap though.... almost always loses the ball!
vegster
Sanity Clause
- May 5, 2008
- 28,446
Inflation up, economy slowing, wage growth slowing, government debt up....yep, everything rosy.
Raleigh Chopper
New member
On the eve of one of, if not the greatest day in our clubs history people still want to argue about politics and the economy.
I do worry about some of you guys out there sometimes.
Surely it should be fish puns or poo even a look at where I am going for my holidays thread.
I am so excited the last thing on my mind are the cretins from the Houses of Parliament or the economic state of the country.
The world will be a much better place to live in tomorrow night anyway.
I do worry about some of you guys out there sometimes.
Surely it should be fish puns or poo even a look at where I am going for my holidays thread.
I am so excited the last thing on my mind are the cretins from the Houses of Parliament or the economic state of the country.
The world will be a much better place to live in tomorrow night anyway.
larus
Well-known member
Please remind us of the state of he economy after Brown. Running a deficit of circa 10% of GDP.
Tories always get elected to clean up a financial mess created by Labour.
Labour always get elected when people believe the bullsh*t taht we can spend loads on services but only by taxing OTHER people.
The problem IMO I'd down to the belief that we have some form of entitlement to something from the state. We don't. The state gets it's money from other people, so this entitlement culture is that too many beleive they haev the right to sepnd other people's money. Now, I'm not saying that the rich should not pay their fair share, but I've yet to see labour really say how it intends to close the massive loopholes in corporation tax for large multinationals.
The welfare state should be seen as a safety net an not a lifestyle choice. Benefits should only be paid if you need them (for example, rich pensioners should not be entitled to a pension IMO). Child benefit should be limited to 2 children and only for those with a combined income below a certain level.
The tax system should be simplified, NI should be abolished and incorporated into income tax. Then there would be no upper limit on NI, but it would be clearer. Companies who you dubious methods to syphon profited by 'intellectual copyrights' etc should risk the fines being for thw whole amount of profit 'hidden', not just the tax portion. More international cooperation is required, but I fear that the global elite hold too much sway.