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Blancheflower At It Again

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I really can't believe what this shyster says sometimes, he sits on the BOE boasting about destroying wages whilst raising the cost of living at every opportunity by devaluing the value of the £ in peoples pocket.

http://www.iii.co.uk/news/?type=afxnews&am...;action=article

LONDON (Thomson Financial) - Wage inflation has been benign over the past two years and continues to not pose a threat to inflation, thanks in part to an increase in immigration which has kept unemployment from falling, a rate-setter at the Bank of England said today.

"The increase in available workers has increased the 'threat' of unemployment for UK workers, which tends to have a downward impact on pay, especially in the non-union sector," David Blanchflower, a member of the Monetary Policy Committee, told a seminar at Dresdner Kleinwort in London today.

While largely academic, Blanchflower's comments highlighted the fact that labour and capital mobility are important for a healthy functioning of the labour market.

Keeping the doors open to migrant workers has helped avoid bottlenecks in the labour market, sustaining growth while also avoiding a spike in wage inflation.

He also noted that countries with a high level of home ownership suffered the highest rates of unemployment, as workers were less willing to relocate for a new job.

Presenting some research of his own, Blanchflower also argued that "in aggregate, society would prefer a reduction in unemployment over a reduction in inflation", although he stressed that this should not change the BoE's legislated policy goals. carlo.piovano@thomson.com cp/bsd

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I really can't believe what this shyster says sometimes, he sits on the BOE boasting about destroying wages whilst raising the cost of living at every opportunity by devaluing the value of the £ in peoples pocket.

http://www.iii.co.uk/news/?type=afxnews&am...;action=article

LONDON (Thomson Financial) - Wage inflation has been benign over the past two years and continues to not pose a threat to inflation, thanks in part to an increase in immigration which has kept unemployment from falling, a rate-setter at the Bank of England said today.

"The increase in available workers has increased the 'threat' of unemployment for UK workers, which tends to have a downward impact on pay, especially in the non-union sector," David Blanchflower, a member of the Monetary Policy Committee, told a seminar at Dresdner Kleinwort in London today.

While largely academic, Blanchflower's comments highlighted the fact that labour and capital mobility are important for a healthy functioning of the labour market.

Keeping the doors open to migrant workers has helped avoid bottlenecks in the labour market, sustaining growth while also avoiding a spike in wage inflation.

He also noted that countries with a high level of home ownership suffered the highest rates of unemployment, as workers were less willing to relocate for a new job.

Presenting some research of his own, Blanchflower also argued that "in aggregate, society would prefer a reduction in unemployment over a reduction in inflation", although he stressed that this should not change the BoE's legislated policy goals. carlo.piovano@thomson.com cp/bsd

My Dad (a lifelong Socialist) has always maintained that in a Capitalist Society, unemployment and the threat of it was required to keep the working man down*.

I don't think he thought it would be a Labour government that made sure that it happened like that.

*This has now been updated to include Sky TV

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I really can't believe what this shyster says sometimes, he sits on the BOE boasting about destroying wages whilst raising the cost of living at every opportunity by devaluing the value of the £ in peoples pocket.

Erm... I thought he made some good points... but I don't think it sounded as if he was boasting. I have absolutely no doubt that there'd be more votes for home ownership without unemployment than for the uncertainty of a mobile workforce who rent short term. I think we have to remember what are his obligations in the context of his post on the MPC. He doesn't set government policy or targets... I'm not sure that foreign exchange rates are even within his remit... (or are they?)

I found the correlation between home ownership and unemployment significant... especially if owners are locked in by negative equity. I think that this will be a very big factor - especially if the cost of fuel goes up in the near term.

Do we know his voting history on rates? How does it correlate with Mervyn King's?

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I really can't believe what this shyster says sometimes, he sits on the BOE boasting about destroying wages whilst raising the cost of living at every opportunity by devaluing the value of the £ in peoples pocket.

http://www.iii.co.uk/news/?type=afxnews&am...;action=article

LONDON (Thomson Financial) - Wage inflation has been benign over the past two years and continues to not pose a threat to inflation, thanks in part to an increase in immigration which has kept unemployment from falling, a rate-setter at the Bank of England said today.

"The increase in available workers has increased the 'threat' of unemployment for UK workers, which tends to have a downward impact on pay, especially in the non-union sector," David Blanchflower, a member of the Monetary Policy Committee, told a seminar at Dresdner Kleinwort in London today.

While largely academic, Blanchflower's comments highlighted the fact that labour and capital mobility are important for a healthy functioning of the labour market.

Keeping the doors open to migrant workers has helped avoid bottlenecks in the labour market, sustaining growth while also avoiding a spike in wage inflation.

He also noted that countries with a high level of home ownership suffered the highest rates of unemployment, as workers were less willing to relocate for a new job.

Presenting some research of his own, Blanchflower also argued that "in aggregate, society would prefer a reduction in unemployment over a reduction in inflation", although he stressed that this should not change the BoE's legislated policy goals. carlo.piovano@thomson.com cp/bsd

Yes - immigration from low wage economies has helped suppress wage claims - unions are largely neutered - so helping inflation to stay low - immigration has been a marvellous ally of government in this respect. In an attempt to compensate for the erosion of purchasing power - the population as a whole has taken on massive personal debt. Debt also is very useful to a government - as those in hock have to be more compliant - personal wealth equates somewhat to freedom and independence - no use at all where labour is needed at a stable price to reliably continue the production of goods & services.

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... personal wealth equates somewhat to freedom and independence - no use at all where labour is needed at a stable price to reliably continue the production of goods & services.

Absolutely. I've wondered if "New Labour" isn't an amusing in-joke from 1997. If this was planned, they couldn't be so brazen and get away with it for so long, could they?

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Guest Bart of Darkness
Presenting some research of his own

Doing some research of my own I discovered that "Happiness Guru" Blanchflower's wife left him for another women and thanks to antiquated divorce laws, he was taken to the cleaners.

The details of the divorce

From his Wikipedia entry:

"In 2003 he filed for an 'at fault' divorce from his wife Sian Blanchflower on the grounds that she was having an adulterous affair with another woman. Mrs. Blanchflower admitted that to the affair, but argued that the affair did not constitute adultery under New Hampshire law. After a lower court initially sided with Mr. Blanchflower, the New Hampshire Supreme Court ruled in favor of Mrs. Blanchflower, concluding that adultery must involve sexual intercourse and that same-sex relations cannot constitute sexual intercourse in the 3-2 ruling, based on the 1961 edition of Webster's Third New International Dictionary. Some gay-rights groups, who had filed briefs in favor of Mr. Blanchflower, condemned the ruling."

Not at all relevant I admit but always worth remembering when this clown starts doing his tricks at our expense.

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Who can this little scrote of a man claim that inflation is low. Who even elected this tapeworm to vote on changes that will impact people's lives so greatly.

If you want to buy bread your 1999 pound's worth about 50p.

If you want to buy milk your 1999 pound's now worth about 60p.

If you want to buy eggs your 1999 pound's now worth about 60p.

If you want to buy a house your 1999 pound's worth between 15p and 40p depending on area.

This scumbag has along with the rest of the Greenspan-putters have help the super rich hoover up the wealth of the world while ensure the purchasing power of Joe Average is decimated.

If people realised how things worked, this guy would need more security than the US Preseident.

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Absolutely. I've wondered if "New Labour" isn't an amusing in-joke from 1997. If this was planned, they couldn't be so brazen and get away with it for so long, could they?

I don't think they planned it - too long run - too unpredictable - no - I think it turned out to be a very happy accident - a by-product. Seems to me New labour - in order to capture and retain traditional tory voters - allowed market forces to prevail - in all forms - good and bad.

Perhaps by staying on the sidelines throughout HPI - NL could be accused of being complicit in the now exposed excesses of the financial services sector that devasted the lives of many with miserable debt & poverty. New labour will probably always get the traditional labour vote anyway. It must have been an irresistable vista for our then chancellor to watch house prices rocket and see stamp duty and IHT roll in. Mind you it may have been much worse if the opposition had got in.

I suspect - the majority of voters don't have a political view born of any analysis - I think they just want to trust someone - and the conference sound bites and PR are just the thing to soothe their aching souls. I wonder what motivates someone to be a polititian - public service - or self service.... The frequent references to religion/values etc... are to reassure us - make us content... I truly hope GB will deliver on what he says - now he has the power to do so. As for Jack Straw - he's found a double whammy in the fight against crime - get Joe public to take care of it and if he doesn't get stabbed in the process we may not prosecute him.... just imagine - no need for extra police as crime should fall - Joe public dosen't charge - all he wants is a yob free life and that should be reward enough... sorry A. steve - must stop - turning into a rant.

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