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Maringer
June 8, 2017, 4:50pm
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Quoted from Posh Harry


Wow. I have tried not to read a lot of the stuff on here but some of what I had read has made sense on both sides of the arguement but you're suggesting that labour can pay for their manifesto by in effect printing more money? This then creates inflation and in a lot of cases hyperinflation (see Zimbabwe) and who would suffer most, especially in the short term, if the prices shot up? Oh yeah, that's right, the poor. The people who jezza is so concerned about.

The amount of money needed for what Corbyn is promising will at worst spiral the country into hyperinflation (assuming they print more money to pay for it) or at best a long term spiral back into deeper deeper debt eventually resulting in decades of worse austerity than we are currently facing after the last labour government.

Wow, wow, wow.



Not accurate, I'm afraid.

Comparisons to Zimbabwe (a corrupt kleptocracy) are just ridiculous. They had hyperinflation because of the terrible state of their economy after their productive capacity collapsed when they confiscated all the farms and then handed them back to people who weren't capable of operating them. They had also borrowed loads of overseas currency weren't able to meet their debt obligations. Not to mention the economic sanctions which were imposed on them. That's why they had hyper-inflation and ended up printing ridiculous amounts of 'cash'. It wasn't the money printing which created the hyper-inflation. However, that's a completely different situation in any case.

We have our own central bank and issue our own currency which isn't pegged to any others - we can never run out of Pounds Sterling - there literally is a 'Magic Money Tree'. As an example of this, when the Bank of England created £453 billion in QE to bail out the banks and help support the economy, did it cause hyperinflation? Nope. That represents around a quarter of our national debt but it made no difference to inflation which has been down below the 2% target until recently. In fact, due to the way QE works, it turns out we're not even paying interest on this debt - the government owes the Bank of England interest but the government also owns the Bank of England! Any interest paid goes back to paying down the national debt. Confused yet?  

Anway QE aside, investors are queuing up to buy our debt because the world economy is in a place where there just aren't any good returns elsewhere - current long-term gilts (30 years) are selling at such low rates of interest that it is effectively free to borrow money and this is how the Labour plans for £50 billion a year of investment are possible.

Here's a much better run down about QE and so forth than I could give:

https://www.opendemocracy.net/neweconomics/magic-money-tree-dont-let-politicians-tell-otherwise/

Oddly enough, when Corbyn first became leader there was a discussion of People's QE - this would be where money would be created but, instead of pumping it into the financial institutions, it would be used to fund infrastructure, house building, energy schemes and so forth. They've since rowed back from this and are talking about conventional borrowing by selling gilts, but don't be surprised if whichever government is in power needs to resort to QE once again in the aftermath of Brexit when things get difficult.
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Maringer
June 8, 2017, 4:51pm
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Quoted from Gaffer58
I am not to bothered if Corbin wins, basically all politicians are ####, but if labour wins it's Len Mcklusky and the Momentum group that will actually be making all the decisions, we would regress back to Russia in the 70's.


So our parliamentary democracy would suddenly become a Communist command economy if Labour win power because of Unions and moderate social democrats? Wow, I've heard it all now.  
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rancido
June 8, 2017, 5:10pm

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Quoted from Gaffer58
I am not to bothered if Corbin wins, basically all politicians are ####, but if labour wins it's Len Mcklusky and the Momentum group that will actually be making all the decisions, we would regress back to Russia in the 70's.



...and of course we would have Abbott, Corbyn and Shakrabati telling us how to live our lives! God help us !


The Future is Black & White.
"The commonest thing on this planet is not water , as some people believe, but stupidity ". Frank Zappa
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codcheeky
June 8, 2017, 6:11pm
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Quoted from rancido



...and of course we would have Abbott, Corbyn and Shakrabati telling us how to live our lives! God help us !

How gullible you are, the Tories and their tame press will make fools of you again
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rancido
June 8, 2017, 6:26pm

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Quoted from codcheeky

How gullible you are, the Tories and their tame press will make fools of you again



Conversely, how gullible you are to believe the rhetoric being spouted by the modern  Labour PR machine.


The Future is Black & White.
"The commonest thing on this planet is not water , as some people believe, but stupidity ". Frank Zappa
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codcheeky
June 8, 2017, 6:52pm
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Quoted from rancido



Conversely, how gullible you are to believe the rhetoric being spouted by the modern  Labour PR machine.


Experience has taught me the Tories will always look after their own,  there is no future in Greed and hate, when you have no policy except calling the opposition with the backing of the media democracy is in a sorry state
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GYinScuntland
June 8, 2017, 7:54pm

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Roll on the footy season so it's only the matches that get an over analysis
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promotion plaice
June 8, 2017, 8:06pm

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Quoted from GYinScuntland
Roll on the footy season so it's only the matches that get an over analysis


The election result analysis is yet to come............



When Leeds trainer Les Cocker was once told Norman Hunter had broken a leg, he asked: “Whose is it?”
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grimsby pete
June 8, 2017, 8:24pm

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Maringer I enjoy reading your in depth posts but there are  2 things that  I has been wondering about you,

1 Where do you work mate ?

2, Does your boss know you spend so much time on the Fishy ?  


                             Over 36 years living in Suffolk but always a mariner.
                             68 Years following the Town

                              Life member of Trust

                               First game   April 1955
                               
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Maringer
June 8, 2017, 8:27pm
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Effectively self-employed Pete. Most of my posts have been done in the morning or evening though. Unusual for me to get the time to actually respond this week as I don't get much time usually. Got loads to do at home but I'm under the weather so I've been taking it easy with good excuse!
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