tag:blogger.com,1999:blog-1141932539860553199.post7152618362075146570..comments2024-03-05T10:52:24.691+00:00Comments on Mark Wadsworth: Nobody move or sterling and interest rates get it!Mark Wadsworthhttp://www.blogger.com/profile/07733511175178098449noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-1141932539860553199.post-59083930644315520102016-05-13T17:34:48.560+01:002016-05-13T17:34:48.560+01:00M, good one. I hadn't thought that the non-pa...M, good one. I hadn't thought that the non-partisanness of the think tank might be related to another subject entirely. I suppose we all have subjects about which we don't give a shit and so we can all describe ourselves as non-partisan, strictly speaking.Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-18058031868061162482016-05-13T08:09:04.353+01:002016-05-13T08:09:04.353+01:00B, perhaps he mean "non-partisan" in &qu...B, perhaps he mean "non-partisan" in "closely affiliated with neither Labour nor Tory"? Which is meaningless in this context as they are all on the same Project Fear side.<br /><br />JH, sadly, half the population don't have the time or energy to look into these outrageous claims and are going to vote to Bremain.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-90138193944487886742016-05-12T21:04:01.701+01:002016-05-12T21:04:01.701+01:00The critical question is who's buying it?The critical question is who's buying it?James Highamhttps://www.blogger.com/profile/14525082702330365464noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-89562806274563186152016-05-12T20:55:52.077+01:002016-05-12T20:55:52.077+01:00"the non-partisan National Institute for Econ..."the non-partisan National Institute for Economic and Social Research"<br /><br />Ah, but how partisan is the person saying that it is non-partisan?Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-4414531640143242692016-05-12T18:52:00.038+01:002016-05-12T18:52:00.038+01:00Those exporting to the UK have the choice of savin...Those exporting to the UK have the choice of saving the necessary Sterling (which stops the 'fall' in Sterling - not that there would be one), or cutting their prices in Sterling terms to maintain market share. Something they would have to do *or lose sales* because there is nowhere else in the world that can absorb the level of output the UK economy can.<br /><br />Furthermore anybody suggesting an economic loss from Brexit is assuming that the government is powerless to counter any impact. When actually we would have the power to counter completely and the hog-tied governments remaining in the EU can't do anything.<br /><br />Basically what Osborne is saying is he will crash the economy if we vote for Brexit:<br /><br />http://www.theguardian.com/politics/blog/live/2016/apr/18/eu-referendum-osborne-treasury-brexit-will-cost-families-4300-a-year-politics-live<br /><br />"George Osborne has said the British government would lose £36bn in net tax receipts, equivalent to 8p on the basic rate of income tax or 7p on VAT, if the UK leaves the EU and negotiates a bilateral trade agreement with the bloc."<br /><br />The whole thing is a total fabrication to introduce further austerity.<br /><br />government investment => taxation + increase in private savings<br /><br />Each time, every time for any positive set of tax rates.<br /><br />How much the economy grows or shrinks is mostly down to the level of government spending undertaken by the government to support the businesses of the UK. Similarly the BoE and Osborne have full control over 'borrowing costs' and interest rates as the BoE can just buy any bond that falls below par and cancel it QE style.<br /><br />The *only way you can 'lose' that much taxation is if you spend £36bn less on public services*.<br /><br />And that is actually Osborne's intention.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-58874965717369355692016-05-12T18:07:57.497+01:002016-05-12T18:07:57.497+01:00L, RM, thanks for your examples of "not much ...L, RM, thanks for your examples of "not much happened".<br /><br />MW, I must admit, I moved back to the UK in 1993 with a suitcase full of Deutschmark, so that fall was a godsend to me, but domestically, nothing happened.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-26348011229216789752016-05-12T17:10:28.820+01:002016-05-12T17:10:28.820+01:00Ralph, re 2008
I got up one cold morning, checked...Ralph, re 2008<br /><br />I got up one cold morning, checked exchange rate and couldn't figure out why my maths had gone. Checking FX every day for our business for a few years.<br /><br />When I found that Brown had quitely devalued I ran over to my wife and hugged her and said, 'we are saved' and put our house on the market and sold over New year. We escaped a Scandanavian version of 'creative destruction' and came back to the UK. So it really saved us. Buying back into pounds against a strong currency that had not responded.<br />'<br />PS. you link to the critics of 'Debt the First 5000 Years' are pretty feeble. One main point: if you are going to demolish an anthropological and historical thesis; best attack it on those grounds first, don't yer think? Second, dont pick on the authors one, single, only reference of your pet German economist and make out the thesis rest on that, and third,dont say 'State theorists of money, dont 'get you knickers in a twist' and think that evades arguing the point, given that is where the author is so clearly coming from! Still if you think it is worth linking to a Cato funded site...I trust your judgement!!! :)MikeWhttps://www.blogger.com/profile/15455583313857077618noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-24996534184395356442016-05-12T17:01:04.040+01:002016-05-12T17:01:04.040+01:00RM. That fall didn't even affect the price of...RM. That fall didn't even affect the price of foreign cars - Audi's BM's etc. - either. Why? Competition. In any event the UK is a big international supplier of components, GKN drive line stuff for example, so bits that foreign car makers bought from us went down in price, i.e. cheaper for FCM to buy. It all evens out in the end.Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-83421155858983723892016-05-12T15:42:55.782+01:002016-05-12T15:42:55.782+01:00The pound fell by 25% in 2008. I didn't realiz...The pound fell by 25% in 2008. I didn't realize it had happened till 2009. Nothing changed for me. Doubtless those buying foreign cars and going on foreign holidays noticed, but I can think of more important categories of people to worry about: NHS patients, pensioners, etc.Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-60222731917877156202016-05-12T14:18:18.209+01:002016-05-12T14:18:18.209+01:00What's more, IMHO, Mark Karno is talking out o...What's more, IMHO, Mark Karno is talking out of his arse. If anything, once the 'markets' realise that the UK is no longer on the hook for trillions of euros of contingent liabilities, the GBP will be in demand and its buying power vis a vis other currencies will rise.<br /><br />He is also thoroughly confused about inflation and what it actually is.<br /><br />One must also remember that the BoE's track record on setting the 'right' interest rate is woeful.<br />Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.com