Wednesday, January 7, 2009

He’s Finally Lost It

Punish savers and make them spend money

Near-zero interest rates and even a tax on bank deposits are necessary to force those with cash to use it productively

Posted by mrmickey @ 10:25 PM (2115 views)
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30 thoughts on “He’s Finally Lost It

  • japanese uncle says:

    The most effective countermeasure is to seize the assets of mega-riches, say assets in excess of 30 million, which can be repaid over the next 100 years with 0.5% p.a. IR, and invest those monies in public works projects like TVA by FDR and Autobahn construction by Adolf H, to stimulate economy through the creation of hundreds of thousands of jobs.

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  • Fulham Frankie says:

    I am totally lost for words!

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  • A bit worrying the bit about taxing savings to create negative interest rates.

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  • With negative interest rates, presumable you would end up with no savings at all?

    A run on the entire banking system? – great idea Anatole!

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  • This is taking the p*ss, surely. Utterly repulsive. Seems like the Times has finally come out as its sycophantic, elitist, prole-hating self.
    Notice how he labels his policies as ‘non-socialist’ to give them credibility and lines up the opposition as ‘Marxist’. Pathetic.

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  • little professor says:

    Ah, our old friend Kaletsky. I note that they’ve removed his older articles from the Times website – you know, the ones where he was saying we were all panicking about nothing, it was just a minor blip isolated to American sub-prime, and that London would keep going onwards and upwards. Strange that.

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  • Reading Anatole Kaletsky for the past year has been incredible, i am 100% he is mad or plain stupid.

    Recently he has admitted he has been wrong pretty much all the time, hopefully he just gives up.

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  • More lunacy from the Times’ resident idiot.
    Hob

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  • If the banks start charging me to lend my money to them, I will withdraw it all and put it under the mattress.

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  • gardeniadotnet says:

    One of my favourite Kaletsky predictions…

    “it is increasingly likely that the US economy will not experience even a minor recession”

    Anatole Kaletsky: Economic View
    The Times, May 5, 2008

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  • It’s always amazed me why the Times employs this trumped up hack.

    Wikipedia sums him up nicely with the final paragraph ‘Mr Kaletsky is frequently lampooned in the Private Eye, who highlight various and often wildy speculative economic and political predictions made in his journalism, which turn out to be wide of the mark.’

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  • little professor says:

    gd – I refer you to my post on the forums.

    Some other Kaletsky gems include
    Feb 2008 “the credit crunch is likely to end within the next month.”
    Mar 2008 “decent growth is virtually guaranteed from the summer onwards.”
    May 2008 “the US economy will not experience even a minor recession as a result of the credit crunch last year”
    Jun 2008 “If there were going to be a US recession in response to the credit crisis, it would have started by now. So let me stick my neck out and say without qualification – the US economy is out of the woods.”
    Sep 2008 “The worst of the housing slump appears to be over, consumer confidence is rising and a gradual economic recovery should soon be under way.”

    He’s a complete and utter twunt.

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  • Yes, well done, Little P!

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  • tyrellcorporation says:

    this article makes me feel physically sick. I have savings to weather a downturn and provide for my family in the event of a dramatic loss of income. How dare thisprick suggest I should be buying new plasma tvs and hosing my money around for the common good and to help the reckless losers in government. If I could get hold of thistwat I’d ring his bloody scrawny neck.

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  • “encouraging savers either to invest in property, shares and other productive assets”

    PROPERTY IS NOT A PRODUCTIVE ASSET.

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  • Tyrellcorporation says:

    Apologies for being a bit crude but this article and his attitude has incensed me tonight.

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  • “The country can borrow its way out of debt.” – that comment says it all.

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  • 1. japanese uncle

    This has been taken care of already. Assets have been bought and money off shored.

    It would take a genius to find where these are.

    I must say looking at the news on here today has got my blood boiling. I need to sit down, calm myself, have a cup of tea and forget about what I have read today for a while.

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  • little professor says:

    malct – you won’t like the deflation article I’ve just posted then :p

    Better have your cup of tea first.

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  • it_is_going_with_a_bang says:

    Destroying people’s savings is hardly going to win anyone over.

    House prices are falling so fast that even if you get no interest on your savings you are still better off.
    I wouldnt buy anything on principle. Infact I would bet that instead of making savers spend it will make them save even harder thus making the whole situation that much worse.

    What’s next a fixed penalty for anti-spending behaviour???

    “But what I think is of little importance, especially as I have been wrong about so many aspects of this crisis”

    Spot on about at least one thing then.

    Strange how borrowing money caused this problem and the fix is ….. borrowing money or p*ssing your savings away.
    This is whilst at the same time telling people to save for their retirement.

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  • 78. Malct said…and Merry Xmas to you crunchy

    Wednesday, December 24, 2008 03:32PM

    Good night.

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  • stillthinking says:

    If you are a panicky saver looking to maintain wealth, why don’t you spend your savings on an alternative store of wealth ?

    Just an idea ! Remember it needs to be free from risk of confiscation and inflation. oops…..

    Anyway, even our own gimbot government has realised that the collapse of the housing bubble has led to an excess of savings, which is collapsing our economy.

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  • “The power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them….To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just so long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies — all this is indispensably necessary. ” George Orwell 1984 on “doublethink”.
    eg Spend your way out of debt
    Marxist Tories
    etc

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  • Amos – well said. I did read a little while back that some group had sent copies of 1984 to all MP’s with the inscription “This book was a warning, not a blueprint”. Seems they missed off the inscription on Brown and Darlings copies.

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  • Drewster @ 16

    I nearly fell off my chair when I read that first. Just shows what an idiot Kaletsky is. And in his own words:

    “But what I think is of little importance, especially as I have been wrong about so many aspects of this crisis”.

    Says it all, really.

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  • Inbreda

    BTW I do quite like the idea of a mass punishment from savers to Banks/Government.

    It is our money they’re using, we should have some say.

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  • Ignore above to inbreda – wrong thread silly me.

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  • Truly cretinous – but at least he has the decency to acknowledge that he has been consistently wrong so far. Maybe there’s hope for the boy yet.

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  • Friend_of_the _stars says:

    how’s about removing your savings from the big banks (a.k.a. self-serving, profit-focused, community-destroying capitalist monoliths) and placing it with a bank or savings organisation that invests it in more ethical projects. Your returns may not be great, but at least it will be used to fund something more worthwhile (i.e not lent on NINJA mortgages and the like). It’s your money, do something decent with it. Let’s stop worrying about the % and start thinking about the future. Wood for the trees and all that……

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  • @30 Friend_of_the_stars

    Totally agree with you, I recently moved all my savings to my local building society.

    I think most local building societies were pretty well run even at the height of the boom, I think most of them only lent a maximum of 85% LTV mortgages, unlike the rest of the banking industry with its 100-125% mortages.

    I hate the global economy in general anyway, but another benefit of your local building society is that whenever you go to the counter to pay some in or take some out you don’t get cashiers trying to sign you up for the banks latest worthless financial products like PPI or identity theft cover.

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