zugzwang

Economics isn't science! There are no good models and very few useful ones. Black-Scholes is useful in finance. It might prove useful in economics given the extent to which information markets are now dominant. Equilibrium theory isn't useful at all. Economists need to read Eugene Wigner's The Unreasonable Effectiveness of Mathematics in the Natural Sciences.

I am working on a macro model, as it happens! Qualitative not quantitative. Derived from process control theory not equilibrium theory. I'll let you know if I ever get anywhere with it. No economic model can generate repeatedly accurate forecasts to several decimal places because the money supply is never conserved therefore there are no local 'price-time' symmetries analogous the local spacetime symmetries found in Nature.

Nah. The all go to the same schools. Are taught the same scientifically illiterate guff about 'equilibrium' and 'efficiency'. Espouse the same cornucopian belief in the unlimited exploitation of a finite resource. Mainstream economics: getting everything wrong since 1875.

If the Bank of England had done a better job of suppressing inflation Fishi's help might not have been needed at all.

Let's hope it's Johnson's Waterloo.

The West is complicit in Putin's crimes, motivated as ever by short-term, profit-driven expedience. The City of London has no moral compass.

Thatcher's poisonous legacy.

It was the biggest single handout ever. A rolling bailout and profiteering opportunity that lasted a decade and has cost the UK at least a trillion pounds. Worse, the criminals responsible for the GFC not only got away with their crimes they still have their white shoes up on the proprietary trading desks.

Never forget who got the biggest handout.

As you know, the Big Stick these criminal bastards have over us is immigration. Another one million net this year ffs.

I think you're massively underestimating the size and scope of the recession. Energy affordability is going to take years to fix. On top of that we're looking at apocalyptic global food shortages. Not my words, those of the Governor of the Bank of England, a man not given to hyperbole. And this at a time when every one of the G20 economies still hopelessly underwater from the GFC and Covid. To me, the 1930s are a better parallel than the 1970s.

🤔

Amen to that.

European rail is superior in every respect. Most of it is publicly owned. The bus networks too. Electricity and water privatisation has never worked. Enron is the paradigmatic failure. Huge, leveraged bets on futures markets and still they couldn't make an honest dollar. If the schools and hospitals are falling down that's because they've endured real terms funding cuts for a decade and the country is swamped with immigrants.

The railways should be renationalised as JC advocated in 2019. A natural monopoly. As should the utilities. Losses in transmission make up too large a cost to the end user ever to be profitable. And what's this about a broadband blackout? Something else the great man got right. Households brace for internet blackout from wave of bankruptcies Soaring inflation pushing smaller broadband suppliers to the brink could leave homes without connectivity https://www.telegraph.co.uk/business/2022/05/23/households-brace-internet-blackout-wave-bankruptcies/