Are there any sensible economists left in Britain?

Meldrew2

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Should the question not read:


Were there ever any sensible economists in Britain?







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finisterre

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it looks like a rational thing to do to me.
 

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I would answer yes to this because of all the countries that are now suffering and fighting to balance their books, the UK is, in this regard, heading in the right direction. The credit ratings agencies love us and its generally accepted by the major financial institutions that we have a good plan for recovery.

I am not suggesting here that I like George Osbourne though. Someone once said to me, 'If you were looking to appoint a CFO for a large PLC, would you employ George Osbourne?' . 'No'
 

clever dicky

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I could AND DO say that about all the chancellors and advisor's back to the days of heath. When i think of Lamont and even the time of Ken Clarke I cant help but cringe.
I think they've all played a part to screw this country as some sort of apology for winning the war.

But we've yet to come across one in the UK that knows what they're doing.
Blimey even Japan new that to create growth and raise revenue you CUT taxes and not put them up. And they proved it worked more importantly.
 

Scott_F

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Blimey even Japan new that to create growth and raise revenue you CUT taxes and not put them up. And they proved it worked more importantly.

But Japan didn't have such a huge budget deficit that needed tax revenues to bring under control. Raising tax revenues by developing economic growth is a long-term strategy whereas our current predicament requires more immediate solutions.
 
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clever dicky

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They're just using NPV 'Net Present Value'. 1st year economics.
In other words they want to stimulate growth (inflation) so the debts will seem smaller. And relying on the fact the value of a pound (the debt) in years to come will be less than it is today.

That is not growth. Its inflation.
 
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davethemus

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the problem is the debt fuelled ecomony.
adding more debt isn't going to solve that.
before 2008 it used to take £7 of debt to fuel £1 of growth, now,
it's debt after debt with 0 growth.
 

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If you put our Government in charge of the Sahara Desert, there'd be a world shortage of sand.








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davethemus

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i seen an interesting comment on SKY news website;

Posted by: hillbilly1000 on October 6, 2011 12:50 PM
£75 billion - if this was split between the 30m Uk taxpayers then that would be £2.5k each.

Why doesn't the Gov't give this to those tax payers with conditions 1) for firstly reducing any individual debt they have (the banks would then still get the cash) or 2) if no debt then they have to spend it, thus helping to stimulate the economy.

No doubt a few floors in this plan! but it seems like a good idea to me as it benefits more people and the cash could be recycled several times over.


best suggestion i've seen regarding QE
 

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We have to shoulder some of the blame for voting in politicians who promised us what we wanted, rather than what we needed.

As long as being an MP is a career they will always vote for what keeps them employed instead of what is best.
 

blondebier

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i seen an interesting comment on SKY news website;

Posted by: hillbilly1000 on October 6, 2011 12:50 PM
£75 billion - if this was split between the 30m Uk taxpayers then that would be £2.5k each.

Why doesn't the Gov't give this to those tax payers with conditions 1) for firstly reducing any individual debt they have (the banks would then still get the cash) or 2) if no debt then they have to spend it, thus helping to stimulate the economy.

No doubt a few floors in this plan! but it seems like a good idea to me as it benefits more people and the cash could be recycled several times over.


best suggestion i've seen regarding QE

They did this is Australia. Sales of plasma TVs went through the roof apparently.

Our mates came over here for a holiday instead. :thumb:
 

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They're just using NPV 'Net Present Value'. 1st year economics.
In other words they want to stimulate growth (inflation) so the debts will seem smaller. And relying on the fact the value of a pound (the debt) in years to come will be less than it is today.

That is not growth. Its inflation.

I am sure this is wrong. QE keeps the pound low- encouraging exports, reducing imports and discouraging deflation.

(I am not an economist but I do expect some people employed at the BoE are so I will assume they know what they are doing)
 

clever dicky

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We have to shoulder some of the blame for voting in politicians who promised us what we wanted, rather than what we needed.

As long as being an MP is a career they will always vote for what keeps them employed instead of what is best.

I agree with you on the politicians. But they're not only to blame are they.

If you think or look back at the MASSIVE house price inflation over the last ten / fifteen years. The writing was on the wall from the 80's. Ok it could and should of been checked somehow but wasn't. Yet still how many of us took on stupid loans, only to buy in to the quick buck gravy train.

Add to the the incessant bloody advertising for idiots to take even more loans from company's like Oceanfinace and MANY others who frankly should be lined up and shot. Then there are the car loans, credit cards, holidays, new kitchens.

It adds up. Sure point the finger and blame the politicians for screwing things up. But we're all to blame for letting them and spending the money in the first place. :rock:
 

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I would answer yes to this because of all the countries that are now suffering and fighting to balance their books, the UK is, in this regard, heading in the right direction.

The credit ratings agencies love us and its generally accepted by the major financial institutions that we have a good plan for recovery.

I am not suggesting here that I like George Osbourne though. Someone once said to me, 'If you were looking to appoint a CFO for a large PLC, would you employ George Osbourne?' . 'No'


That would be the same " major financial institutions " we just bailed out?
 

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That would be the same " major financial institutions that f***ed up royally due to personal greed and gross incompetance " we just bailed out?
There. Fixed that for ya :thumb:
 

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I agree with you on the politicians. But they're not only to blame are they.

If you think or look back at the MASSIVE house price inflation over the last ten / fifteen years. The writing was on the wall from the 80's. Ok it could and should of been checked somehow but wasn't. Yet still how many of us took on stupid loans, only to buy in to the quick buck gravy train.

Add to the the incessant bloody advertising for idiots to take even more loans from company's like Oceanfinace and MANY others who frankly should be lined up and shot. Then there are the car loans, credit cards, holidays, new kitchens.

It adds up. Sure point the finger and blame the politicians for screwing things up. But we're all to blame for letting them and spending the money in the first place. :rock:

I said "some of the blame" so not excluding the massive debts some had. Stupid mortgages are given by cunning lenders who created over-demand for houses resulting in inflationary price increases.

I blamed the politicians because the banks were being greedy and while the writing was on the wall, looming disaster was plain to see by all except 99% of MP's. Bailing the banks out with £billions was the most stupid choice ever made in my opinion. Using the money to cover any losses depositors suffered then claiming that money back from the banks would have been my option.

Rant about my pet hate - BANKS - over for now, have to go and lie down and watch my savings decrease in value.
 
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davethemus

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I said "some of the blame" so not excluding the massive debts some had. Stupid mortgages are given by cunning lenders who created over-demand for houses resulting in inflationary price increases.

I blamed the politicians because the banks were being greedy and while the writing was on the wall, looming disaster was plain to see by all except 99% of MP's. Bailing the banks out with £billions was the most stupid choice ever made in my opinion. Using the money to cover any losses depositors suffered then claiming that money back from the banks would have been my option.

Rant about my pet hate - BANKS - over for now, have to go and lie down and watch my savings decrease in value.


precisely, look at iceland, there economy is growing because they abide by free market capitalisim, you know, if companies are bankrupt they go out of business.
 

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