Monday, September 26, 2016

Chomsky heart attack


Repeated so often that it seems true, is the mantra that lower sterling helps exports, even though the manufacturers in the UK are free to set their own prices... I looked at gbp yen today and its 130, i have never seen it so low, and I just wonder what is the point of transferring all the purchasing power for uk assets to foreign currency holders abroad? how can it possibly help? the UK from previous (and ongoing) asset sales now has a persistent current account deficit but the boe keeps on going..and they will -keep on- going until they are forced to respond to a wage spiral but because their cr*ppy policies don't work we won't get one. i have given up on sterling its the most useless currency in the world.

Posted by stillthinking @ 01:54 AM (4895 views)
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2 thoughts on “Chomsky heart attack

  • Bootle is one of the plutocrats’ ‘useful idiots’, who misses the elephant in the room – financialisation, deregulation, neoliberal policies (look what they did to Yeltsin’s Russia, and Latvia and Greece today), QE, low interest rates to support asset prices to keep banks solvent etc. and help the rich get richer. And he doesn’t ask why, if economic forces are working away quietly in the background, low IRs haven’t supported investment in the real economy and well-paying jobs.

    He doesn’t ask why has the ‘relentless advance of productivity’ has become less relentless. And he says the financial crisis of 2007 resulted from “deep-seated problems”. Er.. that would be deregulation enabling bankers to make bad loans and securitising them to the point where markets realised that securities were dangerously overpriced and that any IR rise would destroy banks’ asset bases, so that central banks stepped in hugely to support those banks.

    The rise in domestic servants (for the super-rich) is due to “a combination of a shift in the distribution of income and the recent lack of rapid advance in the real incomes of manual and other relatively low-skilled workers”. He doesn’t address the question of to what this state of affairs is due.

    And of course the TPP and TTIP in his world would be just another futile political exercise. More Torygraph trash.

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  • Mr Bootle really is a caricature of a Torygraph columnist…

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