Corbyn did win, what's next?

[WildCat]

The UK government has since March 2009 printed £375,000,000,000 extra money.

Inflation was 2.2% at the start of that period, It has averaged around 2.5% since then.

In the same periods the USA (Inflation 0.2%) has printed $4,500,000,000,000 extra greenbacks*.







* obviously the money is not literally printed these days it is created electronically.

But Corbyn isn't talking about natural growth of the money supply, or even QE to provide liquidity. He wants to print money to spend it, he'd probably print that much every few months if he had his way.

 

[WildCat]

Which ones have failed?

Socialist countries? The entire Warsaw Pact, and now Venezuela is swirling the toilet. Are there any that ever existed that are thriving?

I see no hyperinflation in the UK. Indeed the concern in the UK is that inflation may turn negative.

Have Corbyn's "QE for the people" polices been put into effect?

 

[WildCat]

The way "PQE" is proposed: never.

Ah, this time it's going to be done right! Just like his Socialism will!

 

[WildCat]

evidence seen to date would suggest otherwise.

The word socialism has a subtly different meaning on your side of the pond.

Don't lecture me on the definition of Socialism. I'm using the classical one, where the government owns the means of production and the same kind that was put in practice by Corbyn's hero Hugo Chavez in Venezuela.

PS: Denmark is Capitalist, not Socialist. Someone is confused by the definition, and it isn't me.

 

[aleCcowaN]

You see. What I told you.

 

[The Atheist]

Don't lecture me on the definition of Socialism. I'm using the ...

...one that suits my argument"

Would at least be honest.

As I said in another thread, right-wingers get to define Socialism in exactly the same way christians get to define atheism.

 

[ComfySlippers]

I turn away for a few minutes and you guys give me 126 pages to read.
Awfully inconsiderate of you.

I've seen highlights of The Corbyns debut, I'll find the full version before I stick my oar in.
From the little I've so far seen, I'm thinking I'm impressed.
I reserve the right to amend that thought at a later date.

And stop bickering about political terms!
This isn't the U.S. political thread

 

[Tsukasa Buddha]

Interesting choice:

Vegan Kerry McCarthy has been put in charge of farming and agriculture policy in Jeremy Corbyn's shadow cabinet.

Linky.

Though she seems to limit her "personal" beliefs to single issues like badger culls and circus acts.

 

[aleCcowaN]

And stop bickering about political terms!
This isn't the U.S. political thread

You may put an end to the constant attempts to hijack the thread by designing a single test to measure Britishness. Have such test as a condition to participate and Robert is your avuncular relationship.

 

[ComfySlippers]

You may put an end to the constant attempts to hijack the thread by designing a single test to measure Britishness. Have such test as a condition to participate and Robert is your avuncular relationship.

...took me a few seconds but I got there.
I wonder if I've failed the test .

 

[aleCcowaN]

...took me a few seconds but I got there.
I wonder if I've failed the test .

You passed with flying colours.

 

[ComfySlippers]

You passed with flying colours.

Yay. Do I get a certificate?

/DerailOFF sorry guys.

 

[angrysoba]

What's interesting to me is that the Telegraph and Guardian are still reporting that Jeremy Corbyn's driver assaulted a BBC cameraman.

Buried in the reports is this interesting titbit:

The Labour party said the incident involved an employee of the government car service (GCS) and referred any queries to the Department of Transport (DfT).

A DfT spokesperson said: “We are investigating media reports of an incident yesterday involving a government car service vehicle. We are looking at whether the driver was involved and the extent and nature of that involvement.”

GCS operates a fleet of about 90 cars and provides a “high-quality, secure car service” for ministers and other senior officials, according to information on the DfT website.

Webb declined to comment when approached by the Guardian.

A statement from the BBC said: “The BBC can confirm there was an incident involving a BBC cameraman while filming Jeremy Corbyn leaving his home yesterday. He sustained some injuries for which he’s received treatment. The BBC has spoken to the Labour party, who has confirmed the incident involved a government driver, not a Labour party member of staff.”

So the driver is not affiliated with Jeremy Corbyn despite the story being spun that way.

 

[angrysoba]

Here's an interesting opinion piece in the Telegraph titled Jeremy Corbyn's QE for the people is exactly what the world may soon need.

I completely expected to find some kind of satirical piece, but the author is serious, and he makes a few points about how such measures have worked in the past:

There are many good reasons to gasp at Jeremy's Corbyn's planned assault on capital, but his enthusiasm for "People's QE" is not one of them.
Overt monetary financing of deficits - the technical term - is exactly what the world will need if the global economy tips into another recession with interest rates already at zero and debt ratios stretched to historic extremes.

Governments that do not have such a contingency plan in place to combat a potential deflationary shock from East Asia should be hauled before their respective parliaments to account for their complacency.

HSBC's chief economist, Stephen King, argues such drastic measures may be our last resort in a "Titanic" world with few lifeboats left, if anything goes wrong. He is not alone in the City of London.

Variants of People's QE were tried in the inter-war years. Japan's Christian prime minister Takahashi Korekiyo instructed the Bank of Japan in 1932 to fund a blitz of fiscal spending until deflation was defeated, pulling his country out of the Great Depression remarkably quickly.

The European Central Bank is dipping its toe in these waters right now. It is quietly buying the bonds of the European Investment Bank, an EU public body that chiefly finances infrastructure. While the ECB may not care to admit it - for fear of fresh lawsuits at the German constitutional court - it is in effect "printing" money to pay for fiscal stimulus.

The scale is small, but the principle is much the same as Mr Corbyn's plans to harness QE from the Bank of England to fund a British "National Investment Bank".

Now, he goes on to say that he doesn't trust Corbyn's team to be able to pull it off - particularly his chancellor John McDonnell - but I think it is an interesting riposte to those who have simply dismissed Corbyn's idea as nuts.

 

[lupus_in_fabula]

But Corbyn isn't talking about natural growth of the money supply, or even QE to provide liquidity. He wants to print money to spend it, he'd probably print that much every few months if he had his way.

Now you're just being silly.

Ah, this time it's going to be done right! Just like his Socialism will!

It's done right – i.e., without hyperinflation – most of the time, throughout history.

 

[The Don]

Don't lecture me on the definition of Socialism. I'm using the classical one, where the government owns the means of production and the same kind that was put in practice by Corbyn's hero Hugo Chavez in Venezuela.

Then you have nothing to fear, by that definition Jeremy Corbyn is not a Socialist. He has proposed a limited nationalisation of rail and utilities but that would then put the UK back in line with parts of the rest of Western Europe.

As has already been brought up, he's not even campaigning for the return of "Clause 4" the revision (well, to be realistic the removal) of which was a major battle in the mid 90's.

Of course none of this matters, in your mind he's a dangerous Socialist and no evidence will budge you from that view.

PS: Denmark is Capitalist, not Socialist. Someone is confused by the definition, and it isn't me.

If you're going to claim that Jeremy Corbyn is Socialist then I'm afraid you're going to have to claim that broad swathes of Western Europe are also Socialist. As far as I can see Jeremy Corbyn isn't calling for the abandonment of capitalism, but is proposing some tweaks to the system.

Of course if you have better evidence then please feel free to post it.

 

[The Don]

Interesting choice:



Linky.

Though she seems to limit her "personal" beliefs to single issues like badger culls and circus acts.

It's certainly no worse than putting a road magnate in charge of the railways.

If she's vegan then maybe she'll promote higher welfare standards for animals - I'd be in favour of that.

The article also notes:

Ms McCarthy is not the first non-meat eater to hold the brief for Labour, following in the footsteps of vegetarian Hilary Benn who had the role in government from 2007 until Labour's defeat in 2010.

...and yet somehow the world didn't come to an end

 

[Darat]

Socialist countries? The entire Warsaw Pact, and now Venezuela is swirling the toilet. Are there any that ever existed that are thriving?




Have Corbyn's "QE for the people" polices been put into effect?

So still unable to give any actual policies.

 

[Ambrosia]

Don't lecture me on the definition of Socialism.

PS: Denmark is Capitalist, not Socialist. Someone is confused by the definition, and it isn't me.

Denmark is widely regarded as one of the most progressive Socialist Democracies in Europe. Until June 2015 it had a Socialist PM.

Socialism is an important strand of politics. There needs to be a welfare state, and a lot of big infrastructure is better run by government. Things like rail/roads/healthcare/emergency services. Some facets of these services are better served by private companies, and you need to keep a state owned system on it's toes to keep corruption and waste to a minimum, but often times infrastructure that benefits the whole of society is better run by central governments.

Taking any political ideology to an extreme is bad and doomed to fail.

You can't point at an extreme case of anything and say "see xyz is bad! look at <extreme case>", well I suppose you could, but then you'd just be trolling.

 

[MikeG]

Here's an interesting opinion piece in the Telegraph titled ..............

Overt monetary financing of deficits - the technical term - is exactly what the world will need if the global economy tips into another recession with interest rates already at zero and debt ratios stretched to historic extremes.

Governments that do not have such a contingency plan in place to combat a potential deflationary shock from East Asia should be hauled before their respective parliaments to account for their complacency.

HSBC's chief economist, Stephen King, argues such drastic measures may be our last resort in a "Titanic" world with few lifeboats left, if anything goes wrong. He is not alone in the City of London.

So, apart from it being the very last card to play in the event of an absolute financial emergency, is there anything that supports Corbyn's notion of doing just to increase capital spending, irrespective of the state of the economy?