Jeremy Corbyn wins economists’ backing for anti-austerity policies

cepheus

I wouldn't worry to much, this information won't 'trickle down' to swing voters, such as Sun readers. The last PM to gain power without Murdoch's support was Harold Wilson.

In the letter to which David Blanchflower, a former member of the Bank of England’s monetary policy committee is a signatory, the economists write: “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.”

http://www.theguardian.com/politics/2015/aug/22/jeremy-corbyn-economists-backing-anti-austerity-policies-corbynomics?CMP=twt_gu …

Rinoa

Would that be the same David Blanchflower who predicted Osborne's policies would create 5 million unemployed?

Fella

Rinoa wrote: »

Would that be the same David Blanchflower who predicted Osborne's policies would create 5 million unemployed?

Yes. Blanchflower the arch-dove moron who thinks the answer to everything is to cut IRs &/or print money.

Generali

Mr Blanchflower is a Spurs fan which is very much in his favour.

Economics is a discipline where you can get someone that is reasonably 'known' to agree with pretty much any position. Heck John Maynard Keynes, one of the most famous economists ever to have lived, even managed to disagree with himself in his greatest work!

The fact is that the UK's economy is doing better than any other developed economy with the probable exception of the USA. Unemployment is low, employment is high, state debt is coming under control and pretty much everyone lives a pretty prosperous life in safe circumstances by international standards.

I keep banging on this drum but the average earnings, before welfare or tax credits, of the poorest 10% in the UK is more than the average earnings of Chinese people as a whole.

What makes people prosperous is a consistent commitment to capitalism and the rule of law. Communist countries are poor and repressive. Some may have the odd redeeming feature, like the health system in Cuba by many accounts (although I suspect that anyone in Cuba complaining about the health system wouldn't last long), but overall Cubans are poor with cars that are less than 20 years old remaining a luxury.

BobQ

Fella wrote: »

Yes. Blanchflower the arch-dove moron who thinks the answer to everything is to cut IRs &/or print money.

So those who cut interest rates and use QE are morons. Would that include George Osborne?

Thrugelmir

The intervention comes as the Corbyn campaign reveals that a Labour government led by the MP for Islington North would reserve the right to renationalise Royal Bank of Scotland and other public assets, “with either no compensation or with any undervaluation deducted from any compensation for renationalisation” if they are sold at a knockdown price over the next five years.

Wonder what the SNP will feel about this proposal. :eek:

Generali

Thrugelmir wrote: »

The intervention comes as the Corbyn campaign reveals that a Labour government led by the MP for Islington North would reserve the right to renationalise Royal Bank of Scotland and other public assets, “with either no compensation or with any undervaluation deducted from any compensation for renationalisation” if they are sold at a knockdown price over the next five years.

Wonder what the SNP will feel about this proposal. :eek:

I can't imagine that foreign investors in RBS would accept that law without a fight, seeing as they don't come under UK law. I can't see that their Governments would be tremendously impressed either.

chewmylegoff

BobQ wrote: »

So those who cut interest rates and use QE are morons. Would that include George Osborne?

No, because George Osborne has never made a decision to cut interest rates or to implement QE. As you will recall, the last Labour government devolved such decisions to the Bank of England. Furthermore the BOE base rate was 0.5% by 2009 - before Osborne was chancellor - and has stayed their ever since.

CLAPTON

Thrugelmir wrote: »

Wonder what the SNP will feel about this proposal. :eek:

both nicola and alex have declared that RBS and HBOS were, in fact both English banks and always had been.

The fact that they only discovered this after 2007 is incidental and anyway, all SNP acolytes have had their (false) memories erased.

Thrugelmir

CLAPTON wrote: »

both nicola and alex have declared that RBS and HBOS were, in fact both English banks and always had been.

Really? Salmond worked for RBS. Previously he's claimed that he could have saved the bank if he was still working for them. The guy has some ego. Particularly as his view of the oil industry has been somewhat tarnished in the past 9 months.

Generali

CLAPTON wrote: »

both nicola and alex have declared that RBS and HBOS were, in fact both English banks and always had been.

The fact that they only discovered this after 2007 is incidental and anyway, all SNP acolytes have had their (false) memories erased.

Yet they presumably include taxes paid by RBS and HBOS in the GERS data for taxation.