Right-wing propaganda on IG TV

[dmedin]

👎

 

Any chance of getting a bit more of a balanced view?  This guy sounds like a Thatcherite fanatic. 

[Caseynotes]

6 hours ago, dmedin said:

Any chance of getting a bit more of a balanced view?  This guy sounds like a Thatcherite fanatic. 

Actually I thought Corrigan was pretty good and pretty much spot on in his general take on a multitude of economic topics, there was no political agenda and of course it was his view so to get balance -er, find someone else with a different econ view?

[Guest MrYield]

7 hours ago, dmedin said:

Right-wing propaganda on IG TV

Any chance of getting a bit more of a balanced view?  This guy sounds like a Thatcherite fanatic. 

talk me thru tht one? 

[Mercury]

Yeah I also don't see it @dmedin, unless you were reacting to his apparent minimisation of a no deal Brexit ("entrepreneurs will just get on with it")?  As an entrepreneur myself I agree with his sentiment, business people want a resolution now please, one way or another.  Democrats want an exit because that is what was voted for, regardless of how we voted ourselves, and that still matters in a true democracy.  BTW the Lib Dems should change their name as well as their leader because there is nothing democratic about their policy on seeking to ignore the referendum result; Liberal Eurocrats maybe? 😉.  I am convinced though that we will look back and be thankful to those who voted to get us out of the EU, that thing is gonna implode and have to be rebuilt and the Euro is the think that will do it, bringing it back to trading...

Anyway, in terms of the economic points, he does come across as exasperated with central banks and I think many people are.  Both CBs and politicians are looking for a way out, a way to keep the gravy train on the tracks.  The reality is that the only way out is to let it crash and reset.  As turkeys don't vote for Christmas, CBs and politicians will do "whatever it takes" to fight this, at least until they can get off the stage so it doesn't happen on their watch (Yellan did, Draghi did, looks like Carney is looking for an exit door...) but they are rapidly running out of road.  The solutions proposed in other interviews are the stuff of fiction and this guy hasn't proposed any solutions really, just commented on why the ones being proposed are bad, because there aren't any credible solutions.  Many the true source of his exasperation is that reality?  When you find yourself at the end of a cul de sac what do you do?  Obvious in't!  Even if something nasty is waiting for you at the other end it is better to run at it than cringe at the dead end, which is what we have been doing.  Let's just get on with it...

 

 

[trade247]

I agree @mercury - I think I can relate to his frustration with the central banks, but more from their buckling to political pressure to get the economy fast balled to recovery via QE which has caused some serious issues.

I was watching something the other day which said something along the lines of "the only thing QE has done is move systemic risk from the free market to the central banks".

A terrifying thought.

[dmedin]

So what is the alternative - lots of businesses going bust and millions of people out of work?

That is surely where the 'free market' solution would have taken us.  Do you think it would have led to a productive outcome?

[Mercury]

I heard something similar @cryptotrader, couched in terms of not calculating risk properly and pricing it appropriately; disaster waiting to happen.

@dmedin, scary as it is my personal conclusion is that the scenario you paint is an inevitable conclusions of the massive debt fueled expansion since Bretton Woods was revoked by Nixon in the early 70s.  It will not be because of Trump or Brexit of Hong Kong or the Yellow Vests or any one thing (these are just symptoms) but a natural conclusion of the longest expansion cycle in modern history.  The system doesn't work.  It needs a reset.  Alas we will have to suffer before we get it I think...

As someone who came up during the last major recession (not 2007 that was just a blip by comparison, no I mean the late 80s through to mid 90s) I have some knowledge of what hard times are.  I was also a kid during the 70s oil shocks and that was no picnic either.  Since then though we have been in good times.  When the music stops it will be truly awful, that is why I am no longer invested in the stock markets.  Cash and bullion only.  For those us older than 30 it makes no sense to hold on at such a top.  Unless you believe this time it is different...

[TheGuru12]

Why? Don't like it don't watch it. Sorry to sound harsh but there are alot of opinions out there. Find another site. I personally like Zero Hedge, Most other's don't for example. 

[dmedin]

Jeremy Naylor said the word 'Keynesian', so let us have a Keynesian on as a counterpoint to some blustering bloke blathering on about zombie firms and how bad government is. 

[dmedin]

This guy is far more levelheaded.

'The wealth hasn't trickled down yet' - NSS.  (No sh.. sherlock)

 

 

[Mercury]

Really?  Does anyone on the forum think the markets have priced in Armageddon?  Surely asset prices would be on the floor if that were true..?  We need shock and awe in CB policy, is that levelheaded?  Maybe more, less levelheaded commentators is what we actually need...

[Mercury]

I'd call him bland rather than level headed myself but you have to remember that these guys don't get paid to rock the boat, in fact the opposite... 

[dmedin]

Oh god they've got him back on for another rant ...

 

[Caseynotes]

7 hours ago, dmedin said:

Oh god they've got him back on for another rant ...

This video of the Deutsche Bank chief economist on a no deal brexit was doing the rounds yesterday buy can't find the actual vid address now.

[dmedin]

Workers and the environment might have a lot to fear from an 'unleashed' British economy too