Monday, 10 October 2016

Oh Great. Just Bloody Great.

Hammond hires HSBC 'economist'...

"It's again a story of managing to keep the recovery hobbling along but due to much more stimulus both from the ECB and government spending. Less private sector expansion, more public sector expansion, and all the while we're just muddling through. We're not solving some of the key underlying problems, such as income inequality, high unemployment, and a disenfranchised youth — which is what is fuelling support for populist parties around Europe. And as we've seen with the UK last week those risks can materialise — so this remains a very precarious calm."

What about your role in all that?  The total failure to reform banks? The massive credit expansion?  The eye-watering rent seeking?  The taxes on production and subsidies to landowners and banks?  The total screwing of the poor and the prudent for the benefit of the already rich and parasitical speculators?

Another remainer or at the very least anti-leaver 'economist' from the same serial inflationist home-owner-ist club as all the rest of them.

Update  h/t DBCR

Seems that I have been a little (not a lot) unfair to La Ward.  Seems that she had spotted some issues in 2008 - somewhat after we did, may I add.


DBC Reed said...

Karen Ward has a lot of form sounding off about house price inflation See Daily Telegraph" UK housing is bursting and its Karen Ward " 2008

Lola said...

DBCR. Got a link? If so I'll add it to the post.

DBC Reed said...

@L The article by Karen Ward can be accessed by the title I gave but its complete date is 8th April 2008.Quite restrained (by our standards!) but, for a banker writing in the Telegraph, impressive.
She is mentioned in the top piece that Bayard references drawing attention at a later date to asset inflation including housing ; descriptions like "raging" occur.

Ben F said...

Mark - have you see this yet?

I find the lack of noise over this *amazing*.

Mark Wadsworth said...


Ben F, we did that one last week.

Ben F said...

Ah I see Mark, missed that one. Is this not *incredible*? I think this really does mark a shift between covert propping up and out and out "man the barricades" overt propping up, no?

And still nothing really about it in the UK media. And nobody cares!

Mark Wadsworth said...

BF, it's an absolute fucking outrage, it's blue socialism at its worst, but like you say, nobody cares any more