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| Corbyn Wins Backing From Over 40 Economists | |
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| Topic Started: Aug 23 2015, 01:40 PM (967 Views) | |
| papasmurf | Aug 23 2015, 01:40 PM Post #1 |
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Oh dear, this should cause a few burst blood vessels on the forum:- http://news.sky.com/story/1540216/corbyn-wins-backing-from-over-40-economists Corbyn Wins Backing From Over 40 Economists An ex-BoE adviser is among the signatories to a letter dismissing claims Jeremy Corbyn is on the extreme left of economic policy. 02:16, UK, Sunday 23 August 2015 Dozens of UK economists - including a former Bank of England adviser - have indicated they are publicly backing the policies of Labour leadership candidate Jeremy Corbyn. In a significant boost to Mr Corbyn's campaign, more than 40 economists have reportedly added their signatures to a letter in the Observer dismissing claims the Islington North MP is "extreme". Instead, they argue that Mr Corbyn's opposition to austerity is "actually mainstream economics". |
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| RJD | Aug 23 2015, 01:47 PM Post #2 |
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Prudence and Thrift
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40 Economists. Who are they? Bet they are mainly left wing nonentities. Find one who can provide a justification for his policy of People QE. What a Joker. |
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| papasmurf | Aug 23 2015, 02:04 PM Post #3 |
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Well you did ask:- David Blanchflower Bruce V Rauner professor of economics, Dartmouth and Stirling, ex-member of the MPC Mariana Mazzucato Professor, Sussex Grazia Ietto-Gillies Emeritus professor, London South Bank University Malcolm Walker Emeritus professor, Leeds Robert Wade Professor, LSE Michael Burke Economist Steve Keen Professor, Kingston University London Victoria Chick Emeritus professor, UCL Anna Coote NEF personal capacity Ozlem Onaran Professor, Greenwich Andrew Cumbers Professor, Glasgow Tina Roberts Economist Dr Suzanne J Konzelmann Birkbeck Tanweer Ali Lecturer, New York John Weeks Professor, SOAS Marco Veronese Passarella Lecturer, University of Leeds Dr Judith Heyer Emeritus Fellow, Somerville College, Oxford Dr Jerome De-Henau Senior lecturer, Open University Stefano Lucarelli Professor, University of Bergamo Paul Hudson Formerly Universität Wissemburg-Halle Mario Seccareccia Professor, Ottawa Dr Pritam Singh Professor, Oxford Brookes Arturo Hermann Senior research fellow at Istat, Rome Dr John Roberts Brunel Cyrus Bina Professor, Minnesota Alan Freeman Retired former economist George Irvin Professor, SOAS Susan Pashkoff Economist Radhika Desai Professor, University of Manitoba Diego Sánchez-Ancochea Associate professor, University of Oxford Guglielmo Forges Davanzati Associate professor, University of Salento Jeanette Findlay Senior lecturer, Glasgow Raphael Kaplinsky Emeritus professor, Open University John Ross Socialist Economic Bulletin Steven Hail Adjunct lecturer, University of Adelaide Louis-Philippe Rochon Associate professor, Laurentian Hilary Wainwright Editor, Red Pepper Arturo Hermann Senior researcher, ISAE, Rome Joshua Ryan-Collins NEF personal capacity James Medway Lecturer, City University Alberto Paloni Professor, Glasgow Dr Mary Roberton Leeds Edited by papasmurf, Aug 23 2015, 02:05 PM.
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| papasmurf | Aug 23 2015, 02:15 PM Post #4 |
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There you go again, showing your ignorance:- ![]() David Graham Blanchflower (informally sometimes called Danny Blanchflower after the footballer) CBE (born March 2, 1952) is a leading labour economist, currently a tenured economics professor at Dartmouth College, Hanover, New Hampshire. He is also a Research Associate at the National Bureau of Economic Research, part-time professor at the University of Stirling, Research Fellow at the Centre for Economic Studies at the University of Munich and (since 1999) the Institute for the Study of Labor (IZA) at the University of Bonn, and a nonresident Senior Fellow at the Peterson Institute for International Economics. He was an external member of the Bank of England's interest rate-setting Monetary Policy Committee (MPC) from June 2006 to June 2009. Edited by papasmurf, Aug 23 2015, 02:16 PM.
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| marybrown | Aug 23 2015, 02:24 PM Post #5 |
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Oh come on..he is a non entity..who the hell would be impressed? And his hair looks very dodgy.. |
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| Phoenix One UK | Aug 23 2015, 02:28 PM Post #6 |
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I recall quoting Blanchflower some years ago. I believe he was teaching at some University in USA at the time. If memory serves, he stated the euro would end in tears. |
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| papasmurf | Aug 23 2015, 02:47 PM Post #7 |
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Now you are showing your ignorance even more. What bit of:- He was an external member of the Bank of England's interest rate-setting Monetary Policy Committee (MPC) from June 2006 to June 2009 did you not understand? |
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| RJD | Aug 23 2015, 02:48 PM Post #8 |
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Prudence and Thrift
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Well citing Blanchflower is like the kiss of death. As I said mainly left wing none entities. Which one is going to provide an economic justification for "The Peoples QE"? |
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| marybrown | Aug 23 2015, 02:49 PM Post #9 |
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So...do you feel impressed.. FFS PS.. |
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| papasmurf | Aug 23 2015, 02:51 PM Post #10 |
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I am not "citing" anyone RJD, you asked for the list and I gave you the list. You did not ask for a link to the letter they all signed so you are ridiculing something you have no knowledge of. |
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| marybrown | Aug 23 2015, 02:55 PM Post #11 |
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Trouble is..No one has any knowledge of it.. |
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| RJD | Aug 23 2015, 03:08 PM Post #12 |
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Prudence and Thrift
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Why would anyone ask for a link for that already viewed. It's available in the public domain and not just for you. Bye the way I did not ask for a list, just requested that one determined their standing which as I said is a group of left wing none-entities. |
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| RJD | Aug 23 2015, 03:13 PM Post #13 |
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Prudence and Thrift
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It's in the public domain and as weak as p155 providing heartfelt support to some of his platforms but nothing of substance. Mind you I doubt that you could get 40 Econiomists, even left wing ones, to agree on anything of substance. Here goes: The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. Jeremy Corbyn wins economists’ backing for anti-austerity policies His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity. He voted against the shameful £12bn in cuts in the welfare bill. Despite the barrage of media coverage to the contrary, it is the current government’s policy and its objectives which are extreme. The attempt to produce a balanced public sector budget primarily through cuts to spending failed in the previous parliament. Increasing child poverty and cutting support for the most vulnerable is unjustifiable. Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases, which are all much needed by our economy, and so over time increases the debt due to lower tax receipts. We the undersigned are not all supporters of Jeremy Corbyn. But we hope to clarify just where the “extremism” lies in the current economic debate. Well I for one think it wrong, immoral, to borrow from the future to consume today. But these Economists avoid the moral question and are from the "live now some other fool will pay later brigade". They also avoid the moral questions associated with the State devising welfare systems that entrap individuals into a life on benefits. They just go for the heart-felt pap. |
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| Cymru | Aug 23 2015, 03:14 PM Post #14 |
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Alt-Right
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All this bandying about of terms and phrases such as "left-wing" and "unsound economics" referring to people and their ideas might make great sound bites but what do they actually mean? How, for instance, are Corbyn's economic ideas any more economically unsound than others? The prevailing economic orthodoxy today is no more sound or right than alternatives, but because it has hegemony in the world today any alternative is immediately dismissed by its adherents using such language like "left-wing", "economically unsound", etc. but without actually explaining why that is the case. You are just expected to believe that that is the case, rather like the free marketeer's belief in an invisible hand guiding the market. The only way Corbyn's ideas cannot work is if powerful interests, with an incentive in keeping the current system as it is because it benefits them, try to prevent them. Part of this process of prevention of change is the use of this dismissive propaganda technique by the adherents of current economic orthodoxy against those proposing a new way. Man created the economy, economy did not create man. Therefore the economy can be whatever man wants it to be. It can serve the few or it can serve the many. Just don't expect the few who benefit from current economic orthodoxy to accept any change without resistance. Edited by Cymru, Aug 23 2015, 03:17 PM.
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| papasmurf | Aug 23 2015, 03:44 PM Post #15 |
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Quite:- The letter:- The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity. He voted against the shameful £12bn in cuts in the welfare bill. Despite the barrage of media coverage to the contrary, it is the current government’s policy and its objectives which are extreme. The attempt to produce a balanced public sector budget primarily through cuts to spending failed in the previous parliament. Increasing child poverty and cutting support for the most vulnerable is unjustifiable. Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases, which are all much needed by our economy, and so over time increases the debt due to lower tax receipts. We the undersigned are not all supporters of Jeremy Corbyn. But we hope to clarify just where the “extremism” lies in the current economic debate. |
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| RoofGardener | Aug 23 2015, 04:52 PM Post #16 |
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Lord of Plantpots
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Ummm..... or because they are inherently rubbish ? I'm not saying they ARE, but it seems wrong to say that they can ONLY fail because of opposition. They could ALSO fail because they are simply wrong ? |
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| Pro Veritas | Aug 23 2015, 05:05 PM Post #17 |
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How would we test that? I would suppose having neo-con pro-free-market economic policies that lead to the necessity for mass state intervention to prevent a global collapse of entire economy might be considered proof enough that those policies were wrong, wouldn't you? Oh, was that not what you meant? All The Best |
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| C-too | Aug 23 2015, 05:25 PM Post #18 |
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Honourable Member
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Ditching the Deregulation/Financial Services/Free Market Economy has already been done, it doesn't take a left-winger to do it, just the realisation that it turned out to be pie in the sky built by right-wing Conservatives. Whether of not Corbyn's economic ideas could work is, for me, not the main concern. His heart-on-sleeve political approach just does not gel with the electorate. What does gel is an inclusive approach that takes into consideration all or as many areas of concerns coming from all areas of society. IMO, anyone who is associated with the 'Stop the War Coalition' but is not willing to put forward an intelligent alternative action to the Iraq problem, has a serious blind spot that makes them look very stupid. |
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| Tytoalba | Aug 23 2015, 05:31 PM Post #19 |
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And what do the hundreds of others say?. Their own party big guns don't seem to agree, and predict disaster if Corbyn is elected. |
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| Alberich | Aug 23 2015, 05:36 PM Post #20 |
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Alberich
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I suspect that one of the reasons (not the only one, I grant you) Corbyn is doing so well in the leadership race is because he is perhaps an inch taller than the pygmies opposing him. Or, to put it another way, he is the one eyed man in the kingdom of the blind. You have to admit that the candidates for Labour leadership are a pretty poor bunch. |
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| Rich | Aug 23 2015, 05:41 PM Post #21 |
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So, Papa, what these so called "economists" are saying is that trying to get the country's fiscal policy back to balance after it was ruined by profligacy is the wrong measure to take......tell me Papa, are your outgoings more than your incomings? |
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| papasmurf | Aug 23 2015, 05:49 PM Post #22 |
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Not by a very big margin, but I have been mortgage free since 1990, I have a private pension annuity, a government old age pension paying out more than I expected, plus money in a building society that is none of your business, my wife has several private pension annuities, an NHS pension plus savings. Which is why we are going to look at the finances just before Christmas, to see if my wife can tell her employer which orifice they can stick their job up so she can retire five years before George Osborne wants her to. |
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| Pro Veritas | Aug 23 2015, 06:06 PM Post #23 |
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So why is he favourite to win the leadership contest then? All The Best |
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| Lewis | Aug 23 2015, 06:07 PM Post #24 |
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What profligacy? Yes by the government you voted for who have made the situation worse, by sheer incompetence. |
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| Tigger | Aug 23 2015, 06:15 PM Post #25 |
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It's no joke. Most appear to be perfectly "normal" economists with some having advised the present government at various times. The Neo Liberal con job may well be in trouble if the truth comes out........ |
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| Tigger | Aug 23 2015, 06:19 PM Post #26 |
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Rather hypocritical of you as you are fully aware that the present shower of shit sitting in Westminster has virtually doubled the national debt which as you also know will be passed onto our offspring, the "benefits" as you call them are not going to the poor but to the wankers who got us into this mess in the first place. File under self deception A+............ |
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| Jonksy | Aug 23 2015, 06:39 PM Post #27 |
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Not only has osborne doubled the national debt he has taken out 100 year bonds. In otherwords our grand kids grand kids will be paying for his incompetence and mismanagement of our economy. How anyone can be so easily fooled by a non entity like osbore or cameron for that matter beggars belief.. |
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| RJD | Aug 23 2015, 06:40 PM Post #28 |
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Prudence and Thrift
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Could someone explain why "The Peoples QE" is a good sound idea? Fund the Public Sector by printing money indeed! Could someone explain why it is a good moral idea to borrow to fuel current consumption? I believe that those that wish to ditch sound money capitalism for these left wing untested and illiterate economic ideas would usher in an era of abject poverty and end up providing a lot less to those in need than they currently enjoy. The anti-capitalists are as usual just grasping at straws in the wind. Why? Because they live with the certain knowledge that nobody would ever vote for such loony economic policies. Why are these loony policies labelled left wing? Well that is bloody obvious. The left always seems to be addicted to Magic Wand Economics, why they even believed they had killed off the economic cycle. Money creates nothing, it only finances the creation. Money is just another commodity, nothing more, create too much of it and it's value declines. Also please don't liken the Peoples QE to that carried out by the BofE in recent years, they are not the same. |
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| Tigger | Aug 23 2015, 06:57 PM Post #29 |
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Well I've seen the idea of a so called debt jubilee mooted, with this debtors are given money, like banks were given free money incidentally, and these debtors must then use this windfall to pay off their outstanding debts, of course the immediate effect of this is to get the finance sectors claws out of the real economy in general and thus reduce their malign leverage, which as we all know caused the problems in the first place, yes that's right it wasn't the poor or unemployed that trashed the economy but people in suits who forgot how to count. |
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| RJD | Aug 23 2015, 07:04 PM Post #30 |
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Prudence and Thrift
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Was that an attempt to answer my questions? If so then you missed by a country mile. |
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| Lewis | Aug 23 2015, 07:07 PM Post #31 |
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But the poor and unemployed are the ones who are being punished by this wretched and incompetent government! |
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| Tigger | Aug 23 2015, 07:15 PM Post #32 |
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I rarely bother to answer your questions as you already have set piece "answers" that simply trumpet your rigid ideology. I just attempt to shine a light into places where there is none. I doubt I'm the only one in this country who is no longer fooled by boom and bust economics and the never ending search to find new ways to repeat the same economic problems time and time again. We need something different because it is failing millions of decent people. Isn't one of you favourite cliche's something along the lines of not following the herd.......? |
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| Lewis | Aug 23 2015, 07:26 PM Post #33 |
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Yes agreed. If I have read a few of his postings, I've read them all. Another cliche is the one about tribalism, yet he is the most tribalist of them all. I for one, have had enough of this failed incompetent government, that seeks to repeat the same old mistakes of the 1980s. Never mind we will get the same old, oft repeated lecture about lefties. If that's the case, what about the monumental cock-ups the right wingers who caused the recession, some eight years ago? And Scameron's bully boys are continuing its effects today, by punishing their whipping boys. Namely the poor and unemployed. |
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| Tigger | Aug 23 2015, 07:36 PM Post #34 |
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Try mentioning to the forums propaganda duped right wingers that out of the last six economic turn downs since the end of WW2 FIVE of them have been under Conservative governments! |
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| Rich | Aug 23 2015, 07:38 PM Post #35 |
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So, it's a case of fxxk you jack we are ok. |
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| papasmurf | Aug 23 2015, 07:43 PM Post #36 |
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What has made you come to that wrong conclusion? |
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| Tigger | Aug 23 2015, 07:46 PM Post #37 |
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I thought you'd be congratulating him on his fine Conservative values! After all he has put himself first and seems unconcerned that others are less fortunate! |
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| Lewis | Aug 23 2015, 09:19 PM Post #38 |
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How very true. But there are none so blind as those who don't want to see. |
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| C-too | Aug 23 2015, 11:27 PM Post #39 |
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Why is he favourite ? You would have to ask the knob heads who are making him favourite. Perhaps starting with the members of the Stop the War Coalition ? Even so I'm referring to the voters in a general election. |
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| RJD | Aug 24 2015, 08:00 AM Post #40 |
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Prudence and Thrift
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Sounds like unsubstantiated hype, looks like such therefore as it is from you then there is a high probability that it is delusional crap. Well done Trig. you just reaffirm your shallow thinking. By the way you know I am no fan of QE or the appreciation in house prices. I am a "sound money" person and know that a sensibly regulated capitalist economy is the very best way of providing for the vast majority. Also there is no example in history of a successful Socialist economy and I doubt that Corbyn and his acolytes have any sensible ideas of how to make such an economy work for the benefit of the majority. If they have someone here should post them up for scrutiny. What you say about the risks associated with "The Peoples QE"? |
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