Credit deflation and the reflation cycle to come (part 8)

[Royston]

On 09/02/2024 at 19:32, Bobthebuilder said:

I have already signed up to a group lawyer claim for this, if they are going to be throwing free money about I want some.

Did well out of the VW emissions one, give me free stuff you bastards.

I've never quite understood the emissions scandal compo... as a driver of a VW diesel in what way did you suffer a financial loss due to them fiddling the emissions data for their vehicles? 

Surely if anything you potentially benefited from the phoney emissions data as your vehicle was possibly in a cheaper tax band than it should otherwise have been?

[Bobthebuilder]

8 minutes ago, Royston said:

I've never quite understood the emissions scandal compo... as a driver of a VW diesel in what way did you suffer a financial loss due to them fiddling the emissions data for their vehicles? 

Surely if anything you potentially benefited from the phoney emissions data as your vehicle was possibly in a cheaper tax band than it should otherwise have been?

Dunno, free money innit.

[Calcutta]

1 hour ago, Yadda yadda yadda said:

In China you expect the state to favour the Chinese. In particular the Han Chinese. In India Indians are favoured. Thais in Thailand. Russians in Russia. Turks in Turkey. In Africa a local tribe will be ascendent.

The USA is a little different but they don't discriminate in favour of nationals. The UK is just following on their coattails. Other western European countries too but not to the same extent. Spain and Italy use migrants as farm slaves. This globalist bollocks will have to end eventually as no-one caught in the system has any loyalty to anything. That is an inherent weakness that coherent countries will exploit.

The globalist countries discriminate in favour of the globalists as opposed to any segment of livestock population.

 

 

[Long time lurking]

It`s why they pay her the big bucks 

 

[Long time lurking]

On 10/02/2024 at 10:24, Cattle Prod said:

I knew about it, but remained sceptical, as all “news” about war is lies, certainly at the time. The fog only lifts a bit later, like now. And I admit I didn’t want to believe it, and what it means. Depraved is a good word for it.

The former Israeli PM said it a few months after the negotiating ended ,the Turks that were there confirmed it not long after ,Ukraine's politician that was part of the negotiations there also confirmed it 6 months or so ago

The only thing new is that the Putin interview was seen by hundreds of millions of people within the first day or so ,hence the melt downs now occurring  

[Long time lurking]

21 minutes ago, Royston said:

I've never quite understood the emissions scandal compo... as a driver of a VW diesel in what way did you suffer a financial loss due to them fiddling the emissions data for their vehicles? 

Surely if anything you potentially benefited from the phoney emissions data as your vehicle was possibly in a cheaper tax band than it should otherwise have been?

Technically they never fiddled the tests  they all passed the tests within the rules and test procedure

It`s not their fault you cant turn the steering wheel on a rolling road   

[Royston]

21 minutes ago, Bobthebuilder said:

Dunno, free money innit.

Well yes, all these various scandals and resultant compo payouts are just another form of QE and helicopter money to try and stimulate a moribund economy.

[ThoughtCriminal]

2 hours ago, marceau said:

The guy is correct... up to a point. All of these numbers are agreed fictions that serve the interests of the participants. 1 + 1 does not need to equal 2 if it no longer serves those interests.

He is also right that pretending that there is some mathematical rule that has been broken (debt/GDP, deficit, maxed-out credit card etc) is fallacious. A bad faith argument used as cover for ideological or power schemes. Few making these arguments would apply them to corporate balance sheets, yet they do so for national structures which are even less constrained by the legalisms of numbers.

As you spotted, he is an accountant; in appearance, behaviour and spirit. The problem with arguing against a fat speccy twat on accounting issues is that it plays to their strengths, and that it drains energy/attention from more substantial  issues. It is classic political bait, and people never seem to tire of getting hooked.

What are the more substantial issues? Nobody with a brain put accountants in charge of anything; not social affairs, not businesses, and certainly not nations. True to type, he gets the accounting identities correct, but completely misses the point. This single sentence dooms the entire thing:

This is 100% correct. But it is also very telling that out of the pages and pages of factoids he spews out, the thousands and thousands of words, the only substantial point merits just 17 of them.

The reality is what post after post on here very effectively covers - what we can actually do as a nation is fucked. In terms of the British state, it is fucked permanently. It doesn't matter what legal, economic, procedural or policy changes Uk gov makes; it cannot make multi-cult work, it cannot make multi-racial work, it cannot undo the endless self-inflicted shithole-ification of its cities, no matter how productive they used to be.

In their gross stupidity they created an anti-national nation, there's no way back from it. The remedies to these problems lie outside the British state's identifying boundaries. To implement them would be to dissolve the entire construct. It can't be done, it won't be done. The next 25 years is the story of how this plays out. 'Number' will continue to go up (credit cycles allowing), but it will become increasingly meaningless in the real world.

The fat dork is just a waste of time.

That's just a manifest absurdity. The modern world is filled to the brim with numbers that are agreed fictions, but abstractions also have real world consequences. If you think otherwise then try running your bank account to zero and pay your bills. Let us know how that works.out for you 

Run the national debt to infinity. We'll soon see if it's "real".

He isn't right about anything. He's engaging in intellectual masturbation, as are you I'm afraid. This kind of wanky, condescending "Let me show you how clever I am" bollocks contrarianism doesn't fly with me.

[marceau]

1 minute ago, ThoughtCriminal said:

That's just a manifest absurdity. The modern world is filled to the brim with numbers that are agreed fictions, but abstractions also have real world consequences. If you think otherwise then try running your bank account to zero and pay your bills. Let us know how that works.out for you 

Run the national debt to infinity. We'll soon see if it's "real".

He isn't right about anything. He's engaging in intellectual masturbation, as are you I'm afraid. This kind of wanky, condescending "Let me show you how clever I am" bollocks contrarianism doesn't fly with me.

I'm not saying there are no consequences; I'm saying this particular numbers dialogue is a distraction. One set of vested interests uses them as justification for cutting pensions, services, suppressing pay etc; another set uses them to to justify pumping in areas where they can cream off the top. It's the underlying intent that's the problem. The numbers spring from the foundations, not the other way around.

During the ZIRP era we could have 'spent' an order of magnitude more money, 'incurred' an order of magnitude more debt, and it wouldn't have mattered if it had been on the right things (in fact it would have been positive). Instead we pissed it away on ideological lunacy and carefully disguised submission to the American imperial machine. This particular false dialogue on numbers served to enable that. It's part of the con (and it has been for decades).

[ThoughtCriminal]

Germany's decision to go all-in with America against Russia is going to be looked back upon as one of the greatest acts of national suicide in history. The impact on the EU, long reliant in German largesse, still haven't been fully grasped.

 

[Bobthebuilder]

21 minutes ago, Royston said:

Well yes, all these various scandals and resultant compo payouts are just another form of QE and helicopter money to try and stimulate a moribund economy.

I spent mine on Richard Batterham hand made stoneware pottery, all 2nd hand, so no VAT to feed the wankers.

[Joncrete Cungle]

5 minutes ago, Bobthebuilder said:

I spent mine on Richard Batterham hand made stoneware pottery, all 2nd hand, so no VAT to feed the wankers.

@JoeDavola

 

 

Sorry Bob

[Bobthebuilder]

2 minutes ago, Joncrete Cungle said:

Sorry Bob

 

He never signed anything as he thought that was attention grabbing crap, made all his clay by hand rather than buying it in.

Proper stuff.

[marceau]

2 hours ago, Yadda yadda yadda said:

In China you expect the state to favour the Chinese. In particular the Han Chinese. In India Indians are favoured. Thais in Thailand. Russians in Russia. Turks in Turkey. In Africa a local tribe will be ascendent.

The USA is a little different but they don't discriminate in favour of nationals. The UK is just following on their coattails. Other western European countries too but not to the same extent. Spain and Italy use migrants as farm slaves. This globalist bollocks will have to end eventually as no-one caught in the system has any loyalty to anything. That is an inherent weakness that coherent countries will exploit.

Post-WW2 globalism from the British perspective was pure cope. The Americans played on it, sweetened the deal with sinecures, status and a few TV wars; and the UK 'elite' abolished themselves without even a shot being fired. 

After decades floating away in the service of ephemeral globalism, times are now getting tough. Brit 'elites' are going to try and reach back to the more tangible foundations of the nation state, only to find it's no longer there.

[Yadda yadda yadda]

1 hour ago, Long time lurking said:

It`s why they pay her the big bucks 

 

The BoE: You call those massive losses? These are massive losses.

The Federal Reserve enters the chat.

[geordie_lurch]

4 hours ago, reformed nice guy said:

Money is a claim on value held up by confidence. Each print is subdivision of both parts

What a succinct summary

[Lightscribe]

1 hour ago, ThoughtCriminal said:

Germany's decision to go all-in with America against Russia is going to be looked back upon as one of the greatest acts of national suicide in history. The impact on the EU, long reliant in German largesse, still haven't been fully grasped.

 

I posted that article earlier, key point there was this bit in regards to permits for energy.

Even Bloomberg is flummoxed as to why Germany is sinking themselves in bureaucracy in regards to approving energy projects whilst their manufacturing industry descends into a death spiral. They’re simply not doing anything to help themselves.

WEF 2030 in motion.

[Joncrete Cungle]

6 minutes ago, Lightscribe said:

I posted that article earlier, key point there was this bit in regards to permits for energy.

Even Bloomberg is flummoxed as to why Germany is sinking themselves in bureaucracy in regards to approving energy projects whilst their manufacturing industry descends into a death spiral. They’re simply not doing anything to help themselves.

WEF 2030 in motion.

Decent sized manufacturer we deal with at work wanted to put up some wind turbines and ground mounted solar to try and lessen the pain of their electric price tripling.

They can't get planning permission so are making hundreds redundant and stopping running 24/7.

[JMD]

5 hours ago, Harley said:

To compare Sterling to the Argentinian Peso is quite frankly......hold my beer!

Yes, but then quiet extradinarily the professor's twitter rant doesn't mention the word 'currency' once. He bangs on about how this nation could do things radically differently, with more 'credit' (apparently we mustn't call it debt!?) spending - Yet without any care as to how international (currency, bond) markets might react.   ...But I'm no expert in this, so no doubt the professor would tell me I'm just being absurd. 

[Lightly Toasted]

15 minutes ago, JMD said:

Yes, but then quiet extradinarily the professor's twitter rant doesn't mention the word 'currency' once. He bangs on about how this nation could do things radically differently, with more 'credit' (apparently we mustn't call it debt!?) spending - Yet without any care as to how international (currency, bond) markets might react.   ...But I'm no expert in this, so no doubt the professor would tell me I'm just being absurd. 

He's a sophist, e.g.

We would never describe deposits with a bank as a threat to its viability and something that they must urgently pay back or limit in amount. So, in that case, why on earth are we saying that about this national savings bank?

He must be aware of bank runs, where the fact that there were deposits (and depositors demanding them back) ended the bank. He must be aware that banks can't sustainably use deposits to cover the wage bill or to fund freebies for favoured groups.

Now, I won't deny that he's stupid but I still think he's got a different (wrecking) agenda.

[JMD]

6 hours ago, Axeman123 said:

Stereotypical smug midwit.

Markets buy our bonds because they have confidence in the govt not borrowing ridiculous ammounts, so we should feel confident borrowing ridiculous ammounts in future!

Yes, and it's doubly ironic that in his economic diatribe, the Prof. prefers to use the term credit as a opposed to debt - and yet the latin root of the word credit is trust/confidence!

Edited February 11 by JMD

[marceau]

26 minutes ago, Lightly Toasted said:

He's a sophist, e.g.

We would never describe deposits with a bank as a threat to its viability and something that they must urgently pay back or limit in amount. So, in that case, why on earth are we saying that about this national savings bank?

He must be aware of bank runs, where the fact that there were deposits (and depositors demanding them back) ended the bank. He must be aware that banks can't sustainably use deposits to cover the wage bill or to fund freebies for favoured groups.

Now, I won't deny that he's stupid but I still think he's got a different (wrecking) agenda.

He's an attention seeker. He has no political influence, and no political power. However, through engagement with his guff he becomes part of the false dialectic that enables our 'centrist' political idiocy.

As with hardcore libertarians, commies, gold-bugs, eco-loons and many others, it allows Westminster to point to a fringe position and claim the 'sensible' centre-ground. They can bundle up the valid elements of truth within those positions (ie confidence systems cannot be measured in the same way other systems can) with the extreme aspects of those positions (ie we can direct our entire national output into self-indulgence, decadence and waste). Valid critique can then be dismissed as fringe lunacy with minimal rhetorical effort.

He (most likely unwittingly) throws smoke over the target. In return, engagement on his guff promotes his brand and helps him accrue status/sinecures/fees. 

He's a waste of time.

[ashestoashes]

maybe Germany will hive off the afd supporting former eastern bit to Russia so that they can get cheap gas and all the energy intensive industry can relocate there

[Plan-b]

The Military Industrial Complex laid out by RFK jr. Taking the emotion out of investing may allow you to invest in the main player mentioned here - maybe.

A fascinating subject whether true or not.

 

[Noallegiance]

36 minutes ago, Plan-b said:

The Military Industrial Complex laid out by RFK jr. Taking the emotion out of investing may allow you to invest in the main player mentioned here - maybe.

A fascinating subject whether true or not.

 

He sounds very nervous