The Bank of England is driving the UK economy into recession

[@LesterHess-t1x]

Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favorable conditions. Invariably, the collapse is getting somebody somewhere rich

[@wmwoods-l4f]

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@speak2Gary]

Risk mitigation is indeed something to consider well before setting out on inveestments. Most often than not, CFAs take care of this perfectly. People downplay the role of CFAs until being burnt by their own instincts. I was in a similar situation a few years ago; Took my chances but stocks went crashing. Realizing I wasn't good at timing the market, I started working with an Adviser, which helped me build a $1.6m portfolio.

[@karitanaw]

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@speak2Gary]

My CFA ’Annette Marie Holt’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@karitanaw]

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing

[@ldowling2714]

I'm Irish and I feel our government is also committed to crashing our economy and country, also I see many countries around the world doing the same

[@maureennewman905]

All part of the agenda

[@lonalxaia]

CBDC.

[@manofkent4472]

the Irish gov has been 'at war' with the Irish people for 100 years. They are now so bold that they are totally open about it.

[@shaneshankly4518]

You asleep?? The great reset is what is happening they are all working under the orders of the WEF

[@lucdevries8732]

This has been going on way before your government entered the scene. Listen, you have lost purchasing power by about 50% in your country over the last few years. Continue QE and it'll even get far worse. Is economy that hard of a subject that none of you is able to think two steps ahead of consequences?

[@BedandBreakfastCoach]

This quote from Lord Acton keeps coming up for me “Sooner or later the battle will need to be fought between the people and the banks” thank you for your great explanation

[@stephenelkington4971]

All that's missing is the word 'Jewish'. Lovely. Haven't we been here before ?

[@robertanton1862]

@@stephenelkington4971 is that missing word in front of "banks"?

[@TheLoveHealingCompany]

Yet the tax slaves keep consenting to masons like bankers to p3do stammer

[@Salimzyzz90210]

@@stephenelkington4971people are noticing, they can’t hide behind the anti septicism card anymore.

[@nubetubeme]

@@stephenelkington4971 yeah we went to war with the person who tried to stop them, now look

[@paulstaley2]

What is really important for people to realise and hardly ever mentioned, is that austeriy means reduced investment in the public sector. It is nearly always dressed up as an exercise in reducing waste and preventing cash going to scroungers. In reality schools, hospitals, roads etc do not get maintained and at some point in the future they need to be fixed at much greater costs. It is also quite a dangerous policy in the long term.

[@twitafftwitaff7029]

It is a measure that the banks developed or thought up 🤣

[@vespelian]

It all looks suspiciously like a long term plan to erode democracy and sabotage the national infrastructure, through calculated Tory incompetence, Brexit, the simultaneous purges of the Conservative and Labour parties, the transformation of Labour into a far right Tory beast,and the media's perpetual adoration of the likes of Reform. We have been transformed into a one party state at war with its own people.

[@alexjeffrey3981]

Yeah austerity means spending cuts - the government isn't precise enough to identify enough wasteful spending to purely cut waste, they have to paint in broad strokes. So they inevitably cut services.

[@faramir]

@@twitafftwitaff7029 No it isn't. It was a response to the financial crisis, when the government deficit reached £160 bn, or 9% of GDP. About 30% of all government spending in 2009-10 was met by borrowing rather than tax. That was not sustainable. It would of course have been possible to deal with the deficit by raising taxes by more, and reducing real spending by less, than was done.

[@meganbaker9116]

In the U.S., money spent on public K-12 IS money wasted. It goes to more and more administrative bloat and more money spent on purchases from the private sector: mind-numbing standardized curricula and more “professional development” that teachers hate, for good reason. It doesn’t go to teachers’ salaries, to raising teacher qualifications or standards, to school libraries, or to improve school lunches. Fix the system to allow students more autonomy over their own education and the system will become naturally less expensive and more effective. As it is we’re throwing good money after bad.

[@FrancesRyan-b2p]

This is not the time to sit back and watch how wealthy others are or how much money others makes, this is a fresh start for everyone and it’s time we start making advances to our own advantage

[@Tae-hyun-w7b]

Most people get caught with the act of wishing on other peoples lives, how wealthy they are and all without thinking of building their own wealth, investing in yourself should be your major priority and not looking to be someone else

[@LukeGleaves]

Building your financial strength is what people should focus more on, I’ve always been a fan of investing and earning more money than watching someone else’s life

[@HollisVeitenheimer]

Absolutely!! There’s no better wish than building yourself into becoming wealthy for other to wish to become who you are, I quickly understood that and I’ve been working in that pace, I work and at the same time invest in both stocks and foreign exchange markets, different communities and all, this has really helped me earn enough money than I could ever earn working for the next 20 years

[@RudolfKowalczyk]

I’ve always been the kind of person that admires those who are wealthy, please since there’s advice going on what can I do to be wealthy? I work different jobs just to meet up with bills and my day to day living

[@ArnulfoSzafran]

I was once like you all I did was work and save, just to use all those money to settle more bills without having a penny to show for. If you want to gain financial freedom I’ll advise you invest more than you save, presently I’m into stocks and crypto trades

[@jigsaw6954]

The Merchant class rule you, they hate you and they will do everything to slowly put you into chains

[@Fenman-cz8yk]

They don’t want us to know how the ‘magic money tree’ works. That is the game.

[@keithscothern3398]

exactly magic money for the rich nothing for us.

[@carimz]

Well during QE, the Bank of England posted a technical note on their website explaining how "high powered money" worked - I guess few people can be bothered to read these things.

[@paulsmith8693]

They will never explain how ‘it’ works. Check out Henry Fords old quote.

[@theSTUNTHAMSTER]

kzbin.info/www/bejne/j6WpgKuEl9J3aZosi=-7Cl6_kv0cYjdAnI

[@JSmith19858]

I still don't understand after having it explained by this video

[@malkeri2107]

A Man should not work for something another man can print. - Jack Mallers🧡

[@swojnowski453]

A lot of Brits understand that and stopped working altogether ... Best form of protest against usury and tax coercion.

[@parrotshootist3004]

@ trouble is, the understanding comes from being all but forced. It means dancing to another tune. Just as the same powers want the old, current, system torn down. To replace it.

[@ADartmoorFarm]

I like that one, great quote

[@Alhana-r1m]

Exactly 💯

[@Alhana-r1m]

Exactly 100% a man should not work for something another man can print

[@ryantennyson7562]

For too many politicians the health of the banking system is more important than the health and happiness of people. Healthy banks tend not to equate to healthy people.

[@danielpye7738]

Healthy banks are needed so we don’t have to bail them out.

[@pujapete3665]

gov dont care about you

[@luke7708]

​@@danielpye7738 you are very argumentative with everyone in the comment section aren't you. Stop being obnoxious.

[@barrydwyer2039]

@@danielpye7738 If the government can bail out the banks and they did, they can also bail out the nation, but they won't.

[@scottyfive4319]

@@danielpye7738 Actually the could have bailed out the citizens with savings and let the rest pay their debt's. The 2008/9 bailout was the biggest transfer of PRIVATE DEBT to PUBLIC DEBT in history. WE the people are paying for the failure of the banks a private business. We are getting screwed over on a daily basis, UNDERSTAND?????

[@fionnaheller1873]

That is the first time I have ever heard this topic discussed in such a succinct and thoroughly understandable way. Thank you.

[@Jamaal67i]

A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains

[@Peterl4290]

Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival

[@sabastinenoah]

Many people minimise the importance of advisors until their own feelings become intense. A few summers ago, following a protracted divorce, I needed a boost to keep my firm viable. I looked for licensed advisors and found someone with the highest qualifications. Despite inflation, she has helped me increase my reserve from $275k to $850K.

[@Aarrenrhonda3]

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@sabastinenoah]

Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@Aarrenrhonda3]

I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.

[@jamesneale6214]

once people realize that money is the biggest scam to ever exist then maybe things will change. Quantitative easing is money printing with a fancy name. If the public decided to "quantitatively ease" their own personal economy they would go straight to prison.

[@SWRural-fk2ub]

I don't remember credit card defaulters being charged with any crime. The rest of us just pick up the tab.

[@littlewol2620]

@@SWRural-fk2ub they didnt print that credit tho, did they. the banks did. knowing full well we'd pickup that tab

[@JoinTheTemple]

Not sure I agree that money in general is a scam. Its main purpose is as medium of exchange after all, which is vital. But government issued money? Yes, now that’s a scam.

[@ThomasVWorm]

Money is always printed, because it is an IOU. You can do QE as a private person: borrow money and buy a house. This way you inject new money into the economy by buying an asset. And you can do the reverse: sell the house and pay back your debt, which removes the money from the economy. No one will send you to jail because of it.

[@parabob2359]

You've missed the point​@@SWRural-fk2ub

[@christophersmith3254]

It feels very deliberate

[@Dogtagnan]

It's either incompetence or all part of a plan. Either way we British are being taken for a ride

[@maureennewman905]

This is working out just the way they planned

[@MixtrisUFOimages]

thats always been the case matey . RR and labour should not be left to run the economy.

[@Squishys25]

@@Dogtagnan WEF?? It has got to be by design, surely??

[@ScarzChosenspokesmen]

Incompetence is never a reason. it's a convenient excuse

[@AndrewGibson22]

They want us to beg for their solution: CBDC's

[@mfernandes6907]

Most people don't know that the bank of England and most central banks are private!!

[@Nick-io9uk]

You'll be overjoyed to hear that Mark Carney, the Goldman Sachs man-on-the-inside who first made housing unaffordable for Canadians post GFC & then shared his 'expertise' with us in reinflating the 2000s housing bubble is being suggested as a potential Prime Minister in Canada. At this point i'm pretty sure Canada exists purely so the British can say 'At least things are no better in Canada!'

[@GoneSailing78]

Thinking the BOE is private is an easy mistake to make 😂

[@MP-mr8rj]

Let me guess, owned by the Rothchilds?😂

[@Jac486]

Its not private. The BOE is run by the government. Historically it was under the control of Parliament however Labour decided to make it independent under the Blair Government. Now its run by Blairites from all over the world.

[@rodpetrie1088]

The BoE is not private it is part of the machinery of state and underpinned by the Treasury, not to be confused by the Fed. When a Government borrows vast sums from in effect it's self, otherwise known as printing, we are on a sure road to collapse.

[@sarahpegg8187]

& who is going with Rachel Reeves on her trip to China? The governor of the Bank of England, Andrew Bailey. You really couldn't make it up!!!

[@alexjeffrey3981]

Maybe China can give the two of them some lessons on how to actually achieve a growing economy that benefits the workers and not just the billionaires. Though I doubt they'd listen 😂

[@andrewcrawford1003]

Let's hope Rachel's got a nice colouring-in book to keep her tiny brain occupied on such a long flight. She's probably back in economy while Bailey's up front with his banker buddies!

[@alinaqirizvi1441]

They're going on holiday to see what a real working economy looks like

[@youtubing9762]

​You may want to do your research the Chinese financial situation is in a much worse crisis currently, world economy damage too you could say​@@alexjeffrey3981

[@cuchulainx3125]

You mean the Chancellor and the Governor of the Bank of England talk to each other? Is that legal?

[@mannaan]

This has to be the most lucid and crisp explanation of the current economic situation. Great work @Richardjmurphy

[@The_Amazing_Funktopuss]

Banks have been doing this forever. This is one of the reasons Banking used to be illegal. They lend cheap money for a while (circa 15 years) then pump the cost of those lines up via interest rates, cost of living increases via economic manipulation so that they can repossess the property they loaned the money for private individuals to buy and spend more money on improving for them. Then they improve the living standards so that the next generation can run out and repeat the cycle. It is a great way of owning vast housing stock and keeping it maintained for free. The problem was that the 2008 crash disrupted that cycle when governments stopped them from repossessing those homes. They are now able to repossess homes again and would you belive it we are in an economic crisis again. A cynical person might think it is all being orchestrated to profit the banks and the wealthy investors. But we all know they would not stoop that low, Would they?

[@niokandege]

Good summary. A side note: banks don't actually lend money. They securitise your signed (promissory) note which creates the debt instrument which is then used by the bank to pretend that THEY'RE lending you 'money' 😮 You then 'pay' or 'REpay' that promissory note, with 'interest'! You actually discharge the debt instrument you created 😮😮 leaving the bank in control of your 'cash'..they sell it in the 'money' markets, at a discount, whilst waiting for you to discharge your own debt instrument which created the fiat cash which then enables you to buy that house etc. One hell of a trick.. The fact that we've become so accustomed to calling DEBT - MONEY, is because we've failed to stand up for ourselves individually and collectively for a very long time. There isn't a bank on earth that lends money. That's WAY too risky! There are banks everywhere who's job it is to act as agents and managers of debt instruments issuance and use clever sounding ideas and misnomers to direct and misdirect everyone. We live in a (fake & highly manipulated) tightly controlled debt based issuance system posing as "money". There is no money in circulation anywhere on earth right now. If there was, the current system would be totally defunct and useless. It is totally useless, but we don't see it and therefore don't act accordingly. I can't wait for us to catch the elite 'bankers'..

[@alabar9795]

correct! unfortunately i fear this crash will be different and it will make all other crashes combined look like nothing, there going to wipe out all debt and give us some lovely digital credits, at which point the word freedom can be removed from the dictionary because it will no longer exist

[@5400bowen]

You are paying attention. Very good summing up the swindle, and that it is centuries old.

[@5400bowen]

Ps. I call it the periodic "harvesting" of the lower classes assets.

[@zzzzoijzzzzz]

You're saying there used to be money but now there's just debt? In what years did we have money?

[@NkeonyeSochima]

Thanks for the perfect update. Your videos have been great!! I am one of your viewers and have been watching your videos lately. I would like to invest but I still can't seem to find the right investment to commit to. How do I properly invest in the market and what strategies do I employ to make significant gains and stable cashflow?

[@MartinKent-c6m]

Productivity is never accidental; it is always the result of careful planning, dedication, and consistency. I am grateful to God for my advisor, MRS Clara Burn

[@SylvieKgirard-ij2sx]

Building a good investment portfolio is more complex so I would recommend you seek Clara Burn support.

[@Matswagner]

I am impressed by the way expert Clara Burn conducts business and makes statements. And I really like her quick answer

[@Wallason-zh1if]

Clara Burn is amazing and the best crypto guard. 💯❤

[@BobbyGriffin-ur3ik]

I started this journey with 8000 us-dollars. I invested immediately and on the right terms. Now I have time for my family and business

[@rodpetrie1088]

Running modest deficits when one is the global superpower with a vast empire and the Reserve Currency is one one thing. Running a £3 trn debt mountain = to 100% od GDP when you have none of the above, indeed a stagnant economy, is quite another. Are you suggesting we continue on this road to complete destruction ?

[@Jebediahmosiah]

Yes he is. His pension is probably index linked.

[@franciscomartinez5958]

Apparently yes, what he is suggesting is ridiculous. He's an accountant not an economist as we can see.

[@stevenfarrall3942]

Murphy is dangerously clueless.

[@blackbulldog4897]

@@rodpetrie1088 it seems you don't understand what the "debt mountain" you refer to actually is. It's the aggregate difference between the £s govt has injected into the economy via buying things/spending and the £s govt has drained from the economy via taxation etc. In other words, it's the net financial assets in the private sector. It's more important to ask who has it and why rather than lose sleep over its size.

[@inp1509]

Yes this guy thinks printing money grows the economy lol

[@trevorskinner1854]

The real problem was the prolonged and excessive quantitative easing over the last 15 years with the blessing of successive governments which kept interest rates artificially low and boosted asset prices.

[@Nick-io9uk]

What the host doesnt mention is every western CB is engaged in QT at the moment, not just the BoE, but it is the UK that is being worst hit. The BoE is unwinding somewhat faster than the ECB/Fed, but not materially so. There is a lesson in there. Its not like we're sailing against the flow with headwinds in our face...we are in fact only doing what rival economies are doing. Everything in economics is relative. People have to park their wealth somewhere, and they will tend to do so in the shiniest turd out there, even if that turd is a shadow of its former self.

[@trevorskinner1854]

@Nick-io9uk very true. The thing that always gets me about comments regarding QT as a bad thing is that it's actually just a natural consequence of QE and very few commenators complained about the effect of massive QE over a long period because if you had money it felt good. The reality is that it was destructive.

[@aries6776]

@@Nick-io9uk This is a bit naive. The mini-budget that crashed the UK economy was actually because of the BoE selling £40 billion in bonds (QT) the day BEFORE the mini-budget. It was deliberate economic sabotage. Then they rebought nearly all the bonds pretending to be the hero's of the hour! You couldn't make it up.

[@tlangdon12]

And the logical outcome of quantative tightening is falling asset prices which makes wealthy people feel poorer, and therefore complain about tax rises more than they would do otherwise.

[@trevorskinner1854]

@@tlangdon12 absolutely

[@PoshanMind8132]

I don't know who needs to hear this, you've got to stop saving money. Invest some part of it, if you really want financial freedom.

[@ColinPyke5123]

Invest in bitcoin, gold, silver, buy stock, forex market, commodities. Just invest and save yourself.

[@YoungWillow36]

Good talk, I tell my friends everyday. It's good to save money but gotta have that investing spirit if you really want financial freedom

[@BoyesMorlas3058]

What if you don't know how to trade any of these? I mean, I see your point. Some people have the money and are willing to invest. But the problem is where to.

[@JohnScaife4965]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $75k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@SimmerFerdon221]

I'm thinking of getting into investing but feel a bit lost and confused. Any friendly advice or contacts you recommend for guidance?

[@barryclempson412]

lets call it what it is,,,,,, Money Laundering !

[@disklamer]

Finance IS politics. Actively undermining labour is the playbook, it's blackmail for tax breaks.

[@Turbogaggers123]

The budget had no incentive for growth. The problem with socialism and taxing everything to death is that you eventually run out of other people's money

[@markwelch3564]

​@@Turbogaggers123 we spend our money, and we then have assets. I see no problem with this plan

[@Draksyl]

​@@Turbogaggers123- And the problem with capitalism as run by the Tories was the highest personal tax burden in history.....

[@Soul_of_a_Robot]

The tories blew through our money in fantastic fashion... stop trying to sound clever by quoting the architect of this entire mess​ @@Turbogaggers123

[@davidmcculloch8490]

​@@Turbogaggers123Perhaps you should listen closer to these videos. The real problem stopping growth is inequality: the lie of neoliberalism. Persuading the poor to vote for the rich to have more. We now have an extractive economy where the wealthy extract rents and banks inflate interest rates to preserve the value of the assets that are being rented back to us.

[@julianflavell518]

we all know the rate of inflation is way higher than 2.6%..........and we the tax payer will cover the banksters losses on those bonds

[@AndrewBuckleBookReviews]

totally, no way is it 2.6%

[@rabmcnair4488]

The inflation rate may or may not be 2.6% but what it does not tell us is what happened in the past, which I think is what you are eluding to. For example let us say our weekly shop was £100 and the price of inflation was 50% for that month. That would take our weekly shop up to £150. Now let us say that they reduced inflation to 2% the following month, our weekly shop would now be £153. So even though they have reduced inflation, the price of our weekly shop has still sky rocketed. My point is, that when they say they have reduced inflation, it does not mean that cost has went down. It just means the rate at which cost is rising has slowed.

[@silvafox7719]

If it was measured on CPIH it will at least 2% higher.

[@bitsandbobs4082]

I nearly used bad language, still on the border, but about keeping it in check, 2.6%😅 economists near to get out more

[@BitcoinandGold]

6 8 10 it could be more.

[@melvinp1324]

The great reset is almost here prepare to lose the lot

[@stevo728822]

The BoE cannot stop QT when the Fed, ECB and BoJ are also in QT mode. To do so would crash the £. Inflation would be on the rise in the UK and we've had enough of that. Britain might geographically be an island but in financial terms it isn't. And for RR to make demands of the BoE would be politically sensitive. It was Gordon Brooon who made it's decisions independent of the government of the day.

[@danielpye7738]

We have started ending QT in NZ. We beat everyone on the race to raise interest rates. And indeed our dollar has dropped in value recently.

[@glykolyse8076]

Valid point. I would like to hear Richard’s response to this.

[@billB101]

@@glykolyse8076 You won't get one.

[@jsb1181]

@@glykolyse8076 Go to his blog and ask him. He usually responds within an hour!

[@alastairhoffmann9079]

But the £ is crashing on fears of a very poor economic outlook - which will feed through into higher import prices - in particular for food and energy, which adds another twist to the downward spiral - which will add pressure to the BoE to deal with inflation over the 2.5% target in the face of inflation combined with declining real GDP.

[@teachersteve1561]

is there a petition to get this debated in parliament?

[@piccadillyvision3761]

The BoE is concerned about the value of the pound and inflation taking off again. If a Chancellor overrule the BoE then we will get a complete loss of confidence, a fall in Sterling and probably hyoerinflation

[@tonycollyweston6182]

​@@piccadillyvision3761you have been reading too many neocon books, the recent inflation has been Putin war led, the British economy is on its knees, the greedy bankers should lay off.

[@iian050]

Any "debate" in parliament is a joke. I'm reminded of Angela Rayner when challenged on what the govt will do to address inflation. Her response to Torys? "Well what about 11.1% inflation?" Sorry, what sort of fucking answer is that??

[@jamesmcfarlane5818]

@@iian050it’s a reminder that the tories resided over that level of inflation when they ‘managed’ the economy

[@gordonmorgan6298]

😂😂😂😂 good luck with that.

[@cheryllcooper]

Latest video from Gary Stevenson (Is the UK government bankrupt?) puts this in a different way. The upward wealth which you put to the side is actually more significant. He is brilliant

[@ScarzChosenspokesmen]

Exactly. People surely cannot be this dim jesus christ

[@DirkMcBucket]

I dont like his hats.

[@thatslucko8548]

​@@DirkMcBucket 😂

[@johntoplis879]

Watched a number of his videos. Good interesting content but seems very blinkered and wonder whether he's in some kind of eco-chamber. Unfortunately seems likely its a self imposed position and he's comfortable being there. Someone in his position with such a large following should be more responsible and be willing to view things from all perspectives. Surprising as he says he came up dirt poor. Comes across well though. Dead cool like bro.

[@869handyman]

Like the monopoly game and the bank making the money and everyone lost the game but the bankers. And they didn't even roll the dice.

[@swojnowski453]

Banks have won because they were allowed to exists. Those who own hard assets, gold, silver, property also won. the rest has lost.

[@mickeytheviewmoo]

Rachael from accounts is clearly out of her depth.

[@mididoctors]

It appears they are stuck out of their depth . Wedded to this growth solution yet unable to navigate the nuances if the financial system

[@joepaluka9031]

Or maybe she has read Mises and Hayek and is applying the medicine the economy desperately needs!

[@nickyjfish]

It's worse. She actually worked in the complaints dept.

[@aries6776]

She looks like she is having a nervous breakdown these days.

[@Loulouchewy]

What’s worse is Reeves from accounts, has been sent to China to negotiate deals. How is someone that is financially illiterate going to negotiate financial deals?

[@Alex-cw3rz]

This should be all over the news

[@billB101]

QT started in February 2022 it's not some new thing.

[@Richard0292]

It is. KZbin is the new news.

[@aye3678]

It won't be because we have a hand full of people who control the media in the UK. People like Murdoch.

[@GillerHeston]

Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?

[@jcurdrayeric243]

It is critical for everyone to prioritise investing in a variety of income streams that are independent of the government in light of the ongoing global economic crisis. Investigating stock, gold, silver, and digital currency opportunities is part of this. Despite the difficult economic climate, now is still a good time to think about making these investments.

[@rogerwheelers4322]

Gold and Silver are often seen as a safe-haven asset that can protect against inflation and economic uncertainty. But like any investment, it carries risks. To determine if gold is the right investment option for you, an investment advisor can help you weigh the potential benefits and risks of investing in gold. They can also help you create a well-diversified portfolio that includes gold as part of a broader investment strategy. An investment advisor can help you decide how much of your portfolio should be allocated to gold and select other investments that can complement your gold holdings.

[@joshbarney114]

Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.

[@FabioOdelega876]

Great gains there! mind sharing details of your advisor please? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time.

[@joshbarney114]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@CharlotteJacobsons]

Well, I’ve got $123K sitting pretty in my emergency fund and it’s itching to be put to work. But with the Bank of England seemingly hell-bent on pushing the UK into a recession, I’m stuck here wondering where to even start investing. Any tips on how not to lose it all?

[@MollyShorters]

I get the frustration, but honestly, the markets can be tricky right now. I was in the same boat, but I got some help from a financial advisor who really helped me navigate things. It's all about making informed moves, especially now. You should definitely consider speaking to one!

[@claireNymans]

I feel you on needing an advisor, but I'm honestly not sure how to even find the right one. I’ve been researching, but it’s a maze. Any ideas on where to start looking for someone who knows their stuff?

[@MollyShorters]

There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with Linda Aretha Reeves for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.

[@CharlotteJacobsons]

Looked up Linda Aretha Reeves like you suggested, and wow, she seems like exactly what I need to get my investment journey going. Appreciate the tip!

[@blissds-gi3mb]

I watched Linda Aretha at the Bloomberg Finance Summit years ago and she absolutely nailed it! Her insights were top-notch. Definitely someone to follow!

[@mikecrane2782]

Excellent understanding and presentation- sadly nobody will change the process, I’ve always seen financial institutions and markets as parasitic forces.

[@coldporridge4145]

So what is your alternative comrade ?

[@intenzityd3181]

@@coldporridge4145 Imprison central bankers, expel jews, bitcoin-backed currency. Essentially the same thing Germany did in the 30s to rehabilitate their economy after it was similarly trashed by central bankers. Bitcoin is a superior version of the Proof of Work Reichsmark implemented by the national socialists.

[@DeWo-m6q]

@@coldporridge4145full on commi isn’t what he said. But a welfare of the people govt and institutions to back that up, would be a start.

[@jamescameron3406]

@@coldporridge4145 Class struggle, blah blah blah, means of production, blah blah blah.

[@billB101]

@@coldporridge4145 Seemingly Murphy here has all the answers.

[@celestialteapot309]

We daren't argue because that would be extremism, and we all know were that leads.

[@rabmcnair4488]

When they introduce the CBDC we won't be able to argue anymore.

[@Anti-Peaceforce]

We can do what we want.

[@mousecat9398]

Well it didn’t do too bad for Germany prior to ww2…..That country country was booming after the Weimar republics downfall….All we need do is not invade Poland

[@AngeliaMatherlyHeideman]

*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.

[@AngeliaMatherlyHeideman]

Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

[@Suuuzzyyy]

Wow that's huge, how do you make that much monthly?.. I have been looking for ways to be successful, please how??

[@AngeliaMatherlyHeideman]

It's Ms. Evelyn Vera doing, she's changed my life.

[@AngeliaMatherlyHeideman]

I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.

[@KimOwens06]

Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.

[@monkswhiskers3354]

Central Banks call the shots, just ask Liz Truss. Useless Bailey needs to go to prison.

[@EvoraGT430]

Anyone who listens to Truss is as mad as she is.

[@dh-1501]

Parliament actually calls the shots, they are just too dumb to realise. There are clauses in the BofE act of 1998 that would allow them to override the bank. Of course politically this would be suicide due to brainwashed MPs & media. That likely would get them “liz trussed”

[@marccas10]

Yeah but it was funny that she was called a lettuce by the controlled media and then took down in a coup eh?

[@aries6776]

Exactly. Bailey is worse than incompetent, he is a malign, unaccountable entity.

[@seanbennett1594]

Central banks on there last legs corrupt unfair system

[@luigijohson6732]

All these issues stem from an economy grappling with uncertainties, including housing problems, foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.

[@AndrewRedford]

In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.

[@creissantrocheleau946]

With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.

[@curitira2980]

This sounds promising! Do you have any professionals or advisors you could recommend? I really need help with proper portfolio allocation.

[@creissantrocheleau946]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Jennafer Beaver Turner for about five years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.

[@curitira2980]

I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.

[@AppManc]

Very informative video, thank you. Sadly most will never see or grasp this, as false headlines are much easier to digest than 10 minutes of economic education.

[@symbionet]

That is the clearest explanation I have ever heard on this type of topic. You have yourself a new subscriber.

[@lancethrust9488]

WE PRINTED A TRILLION DURING A PANDEMIC AND NOW WE ARE PAYING THE PRICE

[@a.lerner8468]

They printed and gave the rich a £Trillion to put the country in debt... What about the Govt debt ? Same principles private homeowners, cannot pay back loans...we will re-posses. Hey we now own the UK/USA/EU...THE WORLD !

[@BillyBilly-ql3ut]

The pandemic was created so they could inflate more

[@dune-id7lf]

What pandemic? guess what! "NEW WORLD ORDER" conspiracy or not?

[@KamilSkalny]

Thanks to Tony Blair "Bank of England is not a subject of concern of the British Parliament".

[@a.lerner8468]

The BOE is not owned by England...it is a private entity..owned by private individuals... like the FED. What about the Govt debt ? If the UK cannot save the economy - which they cannot - and it crashes...guess what ? Same principles private homeowners, cannot pay back loans...we will re-posses. Hey we now own the UK/USA/EU...THE WORLD !

[@ricf9592]

The BOE has been crashing the UK economy from the day the government of the day handed them the responsibility for setting interest rates. The reason for doing so, was that run away house prices kept causing inflation as people released equity from the aforementioned properties. However, the cosy sounding BOE left out one item from the list of things used to calculate inflation. And that was the very thing that caused the inflation. HOUSES. It was too profitable to let property prices inflate if already owning property. Once the prices went too high for standard lending ratios, the BOE lowered the interest rates to maintain lending. Once first time buyers had dwindled in number so that up-sizing chains couldn't get going, the banks brought in Buy to Let. You know, the investment you have where someone else pay for it all and you keep all of the profit. From there, the number of people who could buy a property at all reduced even further. The BOE then raised the rates for no reason worth the mention, secure in the knowledge that any re-possessed properties will be snapped up by massive investment companies. The future is that those who don't own a property outright will be renting from the banks. Which was the plan all along.

[@faramir]

Well, why did the economy outperform most others until the Brexit referendum and Truss, then? The BOE did not itself choose the measure of inflation it was required to target - that was done each year by the Chancellor, Brown at that time. Even so, the BOE set higher interest rates than the Fed and ECB in the 00s before the crash. Buy to let houses are owned by landlords, not the banks. Who do you think "planned" that banks should do all the letting? You do understand, don't you, that the BoE is nationalised. The rise in interest rates starting in 2022 was not "for no reason worth the mention." Indeed, like other central banks, it was far too slow to respond to the rise in inflation and inflation pressure as the world economy recovered from covid in 2021. That meant the further surge after the invasion of Ukraine raised energy and food costs was even more damaging, because the credibility of central banks in pursuing the target had been lost, and Truss's adventure meant the UK had it worse than others.

[@robbailie5878]

@@faramir Didn't covid and the war in Ukraine happen straight after Brexit?

[@DeWo-m6q]

They do not know what it is like to PAYE your whole life.

[@cossav2560]

I'd like to know why. What are the goals and objectives of the BOE?

[@faramir]

@@cossav2560 Monetary and financial stability, on both of which they have a mandate from government.

[@rugbyf0rlife]

If you think the bank of England is the sole reason the UK is stagnant, you are either woefully ignorant, or have an agenda. There are 3 reasons the UK is stagnant and has been for over 15 years: 1. UK's ridiculous cost of energy. The UK has one of the most expensive and inefficient energy grids and generation in the world, only behind Germany in Europe. This puts the cost of absolutely everything up, from transportation, to manufacturing, to heating and datacentres. Business and households take that hit at every level of economic activity, and businesses do not want to be based in the UK in large part for this reason. This has depressed economic activity since at least 2012. 2. UK's over-indulgence in property values and underdevelopment. The UK, along with Canada and Australia, have some of the highest average home prices in the world (especially in London) while also having one of the lowest quality and stock of homes in the West. The uk also refuses to build dense, efficient homes (like apartment blocks seen in Europe). This has several impacts. A) most wealth is pooled in the elderly who bought homes in the 60s and 70s. This cohort are also economically conservative and inactive, locking away a large percentage of the UK's wealth in un-productive real estate. B) young people cannot afford to buy homes, therefore start families later and cant live where is economically ideal. C) Business and the stock market lack investment due to the over-indulgence in property as "investment." Countries without this problem (Poland is a big example) are seeing huge economic benefits and development, with a mych wealthier PPP youth and healthier economy. 3. The UK's lack of technological and infrastructure innovation. Our country is a broken, ageing mess, with poor modern transport, IT sustems, tech integration and city density. Business struggles as there is no efficiency of density in cities or operations, leading to many redundant positions and stores fighting for the same workload and customers. The uk is also terrible at implementing modern IT systems, and is about 10 years behind most other western countries. This leads to many low-paying jobs for basic tasks that should be automated. Overall, the high interest rates are an issue, but only a compounding one. The uks problems run deep and is the reason the wealthy are fleeing the uk as fast as they can.

[@aries6776]

You missed number 1. Austerity. In times of record low interest rates the last government elected to idiotically pursue a strategy of reducing the national debt rather than taking advantage of the really low interest rates to borrow and invest in the economy. All 3 points you mention could then have been addressed.

[@somewhereu2]

It's a lot deeper than that, mass migration, opening up Australia, New Zealand Canada, UK to the Chinese investors that have driven prices to ridiculus levels. Net Zero suicide which is an agenda. The UK is being deliberately dismantled.

[@elorateq3672]

Perhaps this explains why Reform and the wealthy rich who sponsor them are fighting the PR war against 15 minute cities? I'd love to live in an area where I wasn't car-dependent (for some things - it's a 2 hour bus ride via 2 different buses and 15 minutes walk to get to the nearest Retail Park). Though some of them came in for much stick (e.g. Milton Keynes), we need some new Garden Cities, planned out with all the infrastructure like schools, workplaces, hospitals etc built at the same time.

[@brutusoftroy2810]

The amount we spend on the NHS never goes down.

[@barrydwyer2039]

Because we have more and more recipients using the NHS.

[@brutusoftroy2810]

@barrydwyer2039 yup, in my opinion it's a criminal enterprise as well.

[@barrydwyer2039]

@@brutusoftroy2810 The british version of the mafia.

[@marianhunt8899]

Because of the extortionate rent the NHS is forced to pay to the private investors who financed part of the rebuilding of hospitals under the PPI scheme under Blairs government.

[@JasonAtlas]

Be gone healthcare CEOs. Your kind is not welcome here.

[@englishpayerofgermantaxes8186]

We are not "living in an economy out of control": we are living in a society out of control.

[@danielpye7738]

Yep I agree

[@blademanu7]

Your a clown

[@140pro]

Who has shares in Premier Inn and Travelodge?

[@got2bharmony]

We are quite simply living in a kleptocracy.

[@SmasherDobson8443]

plutocracy

[@paulbatson7881]

Not really it's technically a shit show run by people with little or no understanding of their role.

[@mrstephenpariah]

@@paulbatson7881 That's what you're supposed to think

[@paulbatson7881]

@mrstephenpariah no we're not supposed think.

[@mrstephenpariah]

@@paulbatson7881 Sure, so you're bombarded with nonsense and contradictions to cause confusion, mental static. Nothing makes sense on purpose. Meanwhile bad things are happening in the shadows.

[@ChrissyRichards-b4b]

There is more downside coming because current economic conditions can not and will not sustain any meaningful long term bull run for the near future. It's not me being bearish for the sake of being bearish. It's looking at the overall picture and there's really nothing overly

[@JASONMOMOA-c6b]

Exactly, at the moment bitcoin is the best and profitable coin to buy and invest in..

[@MargaretSarah-n8r]

My first investment with Mrs Erica Denise, gave me a profit of 97k dollars and ever since then she has never failed to deliver and I still stand by saying she is the most sincere broker I have know

[@MargaretSarah-n8r]

The only safe reliable, genuine and highly experienced expert I can refer you to is Mrs Erica Denise Melissa.

[@FloydMann-l7d]

Indeed crypto is the best investment, Earning3x my salary soon I won't have to work anymore..women should start taking part in these kinds of digital investment ​@@JASONMOMOA-c6b

[@TomDee-x3t]

​@@MargaretSarah-n8rShiba Inu and Dogecoin would be a good target for me, I think it's the best time to give her a try... let's go shiba

[@moclair2246]

It's hard to keep your cool when we know what Bank of England (or Reserve Bank of NZ) insist with this ludicrous economic system - but Richard DOES keep his cool and delivers an honest and clear explanation! Unfortunately as he says politicians are too scared to rock the Banks' boat!!!

[@aerotus888]

We will own nothing and be happy

[@vespelian]

Says who?

[@Mikeybhoy1979]

The WEF.

[@kevingeoghegan294]

We are slaves and we are miserable

[@puddle_puddle]

I own quite a lot actually.

[@cheds1]

That’s fine by me

[@davidbeasley6504]

Perfectly explained in simple terms......If this doesn't tell you it's time to get out nothing will!!!!!

[@TMZ-5jr]

It’s the return of sound money.

[@presidentrepublic2479]

I am from india. I found your book in my city library. The joy of tax. Good to see you here.

[@ftdecastrolondon]

This is happening everywhere in the world. People have to wake up!!

[@a.lerner8468]

The BOE is not owned by England...it is a private entity..owned by private individuals... like the FED. What about the Govt debt ? If the UK cannot save the economy - which they cannot - and it crashes...guess what ? Same principles private homeowners, cannot pay back loans...we will re-posses. Hey we now own the UK/USA/EU...THE WORLD !

[@DavidChaffe]

TAKE OUR MONEY OUT OF BANKS AND WATCH WHAT HAPPENS

[@maria8809ttt]

A liquidaty crunch, then the BoE will step in.

[@jonathanash4280]

Very complicated and difficult for most of us to understand. The conclusion is the general public is been exploited by those who are supposed to serve it yet again.

[@swojnowski453]

speak for yourself ;)

[@gcsparts]

Isn't it the reason jews were kicked out of England many times by the kings in the past.... Same reason

[@jigsaw6954]

All over the world many many many times until people forget and they get back in again and do the same thing over and over.

[@michaellewis7758]

The only issue is not controlling inflation properly. People that claim ‘rates too high’ are either idiots or just don’t like the fact that we shouldn’t be propping up one particular asset class.

[@michaellewis7758]

The thing is the idiocy won’t wash with investors so we will get a gilts strike, 70s style crisis may be a way off.

[@michaellewis7758]

The idea that inflation is just above 2% is nonsense … it’s too high. Inflation is a tax on the poor in the Uk - all to keep one asset class propped up. Thing is they have no choice, they can’t listen to idiots they have to act.

[@michaellewis7758]

Oh, and then you have the NI hike which is inflationary…

[@swojnowski453]

@@michaellewis7758 any reason is good for corporations to jack up prices, never waste a good crisis, aye?

[@michaellewis7758]

@@swojnowski453 The costs for every single business will be going up because of the NI hike. And people are already taxed excessively as it is, at the highest rates in history. It’s private businesses paying for everything.

[@atrentals8162]

He completely ignores the fact THAT Money used to be owned by THE PEOPLE who deposited it with the bank for safekeeping. But now it IS owned by the banks and consequently they own the right to create it. Imaginary money which draws REAL INTEREST, set to impoverish the people to the benefit of private banks. Imaginary money now being sold as real financial instruments at discounts for the wankers at the expense of the people. The rest of it is just word wallpaper......

[@quinsomniac]

This is a fantastic explanation of very complex process - thank you

[@andrewwalsh2755]

A couple of years ago he said national debt doesn't matter!... ... I'm amazed he's a qualified professional...

[@oldtom541]

@@andrewwalsh2755 He’s saying this now. Perhaps it’s a left wing ideology?

[@Incognito-jf1dr]

​@@andrewwalsh2755and yet you've been following him for 2 years !!😂

[@tobyytlai]

He very conveniently omitted the fact that QT should make the pound go up, but in reality the pound is going down. There needs to be an explanation to it and he's hiding it from you

[@dinonichas]

I disagree. If the Bank of England writes off those bonds and don’t sell them back to the open market, then the GBP will lose its value against other currencies because of oversupply of money. And this will hurt people’s savings, as well as imports which will increase government spending also. So it’s not as clear as you present in the video. There are benefits to not write off those bonds, so UK don’t end up like Argentina or other countries where their currency is toilet paper money. Maybe the timing is not right, they should have waited before doing that, but eventually it had to be done.

[@nathanrees6700]

High interest rates for an economy heavily in debt is probably not a good thing. People's mortgage payments are sky high, government interest is sky high. High interest seems mostly good for bankers. If you have savings, then invest. On the flip side of a lower currency value, it encourages purchase of exports. I'd rather money coming into the county that going out of it

[@swojnowski453]

No chance for that. Pretty much all money in circulation is swiftly collected by mostly US corporations and kept off the UK. Banks collect the rest, including £45 billion quid yearly. The rest is the pot holes in front of your house among few other things.

[@elorateq3672]

It is that they are selling the bonds at a loss to the UK government that is the issue, not that they are selling them.

[@abhisekghosh]

This is a great video post Richard! Thank you for the insight! while in other places people talk about impact due to US yield, increase in UK gov borrowing, low confidence in business climate, nobody has highlighted that under the hood, BOE is tightening at a faster rate than US and EU.

[@Youchoose4625]

Gordon Brown is the 'gift' that keeps on giving.

[@godwinegbeyi2264]

What did he do

[@stephenfaulder1747]

🤣🤣🤣😭😭😭

[@wumpusmcgrumpusesquire6965]

​@@godwinegbeyi2264he made the bank of england an independent entity from the government. Basically the UK gave away it's control over the pound.

[@davzer3773]

But not as big a gift as muppet Thatcher 🤣

[@christopherdaffron8115]

I remember watching your KZbin video from October 15th, 2024, which was titled, "The national debt is something to be celebrated". You glossed over the fact that part the taxes UK citizens pay to the government are used to pay the interest on the national debt. The amount of taxes being paid just to service the national debt will only grow higher. Now, is that REALLY something to be celebrated?

[@merlinhotspurs]

This guy is a hypocrite.

[@aries6776]

You must have missed the point where the Bank of England is purposefully keeping interest significantly higher than the rate of inflation! The reason Richard celebrates national debt is when it is used to invest in assets be they human beings or bricks and mortar. Assets increase in value so you have to look at debt relative to the underlying assets. Seems like you are quoting something without any context here.

[@christopherdaffron8115]

@@aries6776 Watch the other video yourself and make your own opinion.

[@lordralph9277]

There are dozens of incorrect and ridiculous statement made by Richard Murphy in this video, your point is a good one

[@aries6776]

@@christopherdaffron8115 I did and my opinion is based on that. Do you have an actual rebuttal? Or do you think 'tax' is a dirty word because like Professor Murphy I think the rich are not paying their fair share. I also am a big fan of Gary Stevenson. There is nothing wrong with more tax, as long as it addresses wealth inequality.

[@W_Bin]

Thank you for this important education!

[@col.hertford9855]

Surely it’s more than that, it’s also creating wealth for the wealthy…. Again…

[@stevehiggins1263]

Thats how money works.

[@Hystericall]

If they don't balance the books, then they can just finance unlimited spending by the government by buying more gov bonds....which will lead to hyperinflation. Printing money has been done before with predictable consequences. Your prescription would lead to disaster.

[@swojnowski453]

It would lead to hyperinflation if what they printed stayed in the country, but id does not. Most stuff is provided by American corporations in the UK and profits are taken offshore quickly with little tax paid. Then you have the BoE that gets its 45 billion pounds a year too. These are two of many reason why the man on the street has no money to buy or invest. Printing more will make corporations richer, not printing will starve and freeze people of this country to death. Neither is ideal, but choose one that's worse of the two.

[@tobyytlai]

He very conveniently omitted the relationship between QE/QT and the value of the pound

[@douubledog4008]

Great video (for the masses) but Lynn Alden has been warning/discussing this for years...

[@cliveetches4747]

Ambishion and Abilities, that’s the problem with our governments. They still think we are an “empire nation” and we are a “Mr Big” in the world. We are not, we are now a small island nation in the North Sea. We need to prioritise our own needs and development and not squander money recklessly on corrupt foreign nations and reckless wars that are none of our business.

[@servicekid7453]

We have the 6th largest economy in the world

[@ralphmillais5237]

You cant just print money forever. Increasing the money supply on its own does not increase the total goods and services in the economy, it just bids up the prices of existing stuff.

[@swojnowski453]

unless you live in a country where corporations swiftly collect nearly all the money, pay no taxes on it, and take it off shore.

[@maria8809ttt]

All private bank loans are classified as new money. The only bank that can enable that is the central bank. Where do you think this accounting sits on the books.

[@ralphmillais5237]

@@maria8809ttt Maybe all that mortgage credit instead of spurring an increase in supply of houses just bid up the price of the existing housing stock?

[@tobyytlai]

Yep, he very conveniently omitted the relationship between QE/QT and the value of the pound

[@TamDNB]

This guy and Gary Stevenson need to join forces

[@StephenDarling-g5r]

There is another possibility here. She agrees with the monetary objectives of the Bank of England while pretending to be concerned about the general welfare of the British people, as she too (like the Bank of England) wants to pursue an austerity agenda. (A sleight of hand, perhaps...?) In her recently published book, "The Capital Order" (2022), Clara E. Mattei argues that the central political objective of austerity is to rehabilitate the capital order itself, which is based on the twin pillars of the capital/wage-labour relation and the capitalist process of accumulation. In other words, austerity is a class-based project. Food for thought.

[@TheRealSlimSteve]

In a nutshell. Reeves isn't making a mistake, she's progressing a project. Just look back to how Mandelson and McSweeney worked hard to kill off the Corbyn project which would have changed all this. Labour are now part of the class war against the majority. Just watch and see.

[@a.lerner8468]

What about the Govt debt ? Same principles private homeowners, cannot pay back loans...we will re-posses. Hey we now own the UK/USA/EU...THE WORLD !

[@stephenelkington4971]

There's yet another possibility. That she thought about printing shedloads of money, realised it would cause inflation [bearing in mind we have little spare capacity and low unemployment]. That the markets would panic, the pound fall ['pushing up inflation more as import prices rose. Then of course higher interest rates and public service cuts would be required to arrest the situation - shredding her and the government's political credibility completely. She may well have thought of these things and thought to herself 'F%ck that for game of soldiers - instead of wasting my time on the fanciful musings of obscure economists I think I'll get on with the job of dealing with reality as find it.'

[@Build_Secrets]

I don't know how we can even say she is pursuing an austerity agenda tbh. For that, government spending would have to go down, not up. Its hard to say cutting such and such a programme is about austerity (reducing government debt), when you just spunk the money on something else instead. Its just being used as an excuse to take money from programmes and people they don't want to support, and give it away elsewhere instead.

[@ecnalms851]

What the hell are you talking about? How can you say this is austerity when the budget is going to increase public spending by £70 billion a year. "The rise in current spending announced in the budget represented the biggest real terms increase since the 2000 spending review." Also: "The rise in capital spending announced in the budget will keep public investment broadly flat at around 2.5% of GDP over the next five years, rather than dropping to the 1.7% assumed in the previous government’s plans." So it quite literally is the opposite of austerity.

[@jendrizzyy]

Probably a cash grab, greed knows no bounds

[@WilliamFoggon]

Great analysis. I totally agree and it’s so refreshing to hear cogent criticism of the Bank of England

[@JuicyJohnEV]

Agreed. But, who sets the rules for the BOE? The Government. Why don’t they ask the BOE to reduce inflation and stimulate growth?

[@Daniloki2000]

They set they rules themselves, and the government has little to no control over them. It's called the Bank of England. However, that's an independent Bank, that's how it works

[@Rik77]

They might not agree with some economists. It's more likely they trust the decisions of the bank of England and is fear of the bank as they have power. It's not because the government are "evil" or incompetent exactly, it's that they think they can't go against the bank. Liz truss was extremely incompetent, but in a sense she was right, the banks make decisions that are not in the governments interest and it's hard for government to over rule them, the bank will find a way of forcing you out if you go against them (as happened to truss)

[@matt69nice]

​@@Daniloki2000it's only independent as a result of government policy. The govt can take that back at any point.

[@AthynVixen]

@@Daniloki2000 Thank you for helping to quash this incredibly common public perception of the BOE being a Government body.

[@TheRealSlimSteve]

​@@AthynVixen The BoE has one single shareholder, the Solicitor to the Treasury, and he/she holds the shares, and I quote, "on behalf of the government". We own the fucking thing. Tons of information about it online if you could be bothered to get off your arse and look before posting rubbish.

[@jamietherooster]

Shout out to Liz Truss. The woman who the BOE turned against the most. That alone must mean she was right!

[@johntoplis879]

She did an interview recently on YT that was very interesting. Confirming what many suspected. Bottom line is that whoever is in charge, change is impossible. Hope she checks her wheel nuts before every journey.

[@jennarare]

​​@@johntoplis879 Which is why people must change whose in charge.

[@keyserzoom9154]

Bailey, the same genius that floundered at the FCA.

[@eblues8367]

"You will own nothing and be happy." Who exactly do these politicians serve? It's not us. There's a faint WEF in the air...

[@karenrock3864]

Conspiracy theories are so helpful

[@toneloc-cz2xi]

@@karenrock3864 Is it a cONsPIRACY feARY when they right books about it? What's your take?

[@proevidence6845]

Very well put Richard. During the general election, one political party recognised this problem. Their plan was to instruct the Bank of England to create a £900Bn bond, with a 75 year maturity and 2% coupon. They were to use this money to buy the QE bonds from the private banks, thereby saving £40Bn p.a. in interest payments. The name of the party? Reform UK.

[@drscopeify]

That is not possible becasue creating bonds is not done by BOE but by UK Treasury. Also, BOE can ONLY control short term Gilts 1 month to 6 months, they have NO CONTROL over long term 1 year to 30 years so cannot manage 75 years. The Gilt over 1 year is set by the market by buyers and sellers, the 75 years bond you suggest has to be floated on the marketplace and the price will be set by traders.

[@Squishys25]

How the hell is the government getting away with all of this? WHY is this not front page news? Is life ever going to get better for us mere mortals? Thank you Richard.

[@davidtruman4590]

Hmmm Do you really think that the upwards transfer in wealth of recent years was inadvertent? At some point we all need to ask the question Cicero did when he heard of Caesar's assassination "Qui bono?" Who benefits from all of these changes? It's certainly not been the working class, or the small business owner. These politicians, of whatever party, are simply doing as they're told.

[@terrorbilly1]

In hindsight I was stupid not to take furlough in 2020, since I'm paying for it anyway.

[@lewishill1440]

Truss said something similar, she was called a conspiracy theorist.

[@johnlow810]

Looking back now I think she was used as a scapegoat of sorts. The UK was in downturn for over a decade before her.

[@AmbientShores]

Truss wanted to lower bank profits in the immediacy to increase them in the long run. They were having none of it.

[@richardc861]

@@johnlow810 conservative membership voted truss leader over sunak. Elites not happy, Axe job on truss, sunak becomes leader. Sounds about right.

[@rabmcnair4488]

Truss was a useful idiot.

[@evolassunglasses4673]

Liberal Democracy is just rule by international finance and the Merchant class.

[@robinbreeds9217]

This is not just the Bank of England its many things at once I was waiting for this as this is what happens when you do not treat the country like a business to make money from industries and only tax to spend with borrowing, domino effect chain reaction is going to kick off we have been on borrowed time for years as our GDP was base on shops selling goods that come from China it was insane, so this is only the start as many things like energy and the pound being pegged to dollar are all going to hit hard soon with no GDP growth and so much being imported you could see food double in price everything Labour and Conservatives have done over the last 40 odd years is going to kick in now as they did the opposite to make a country wealthy in each thing they did for wealth of the nation.

[@stephenfaulder1747]

Raising interest rates had zero effect on the Putin-induced inflation on food and energy. The inflation reduced naturally. With this in mind it's complete folly to give the BoE the a remit of keeping inflation at 2% - it demonstrates a fundamental misunderstanding of economics. The BoE is unelected and, as such, should not have control of Monetary Policy. These are big, big issues that must be addressed!!

[@danielpye7738]

Putin induced inflation? Yeah, right.

[@darthkek1953]

Putin does not have the power you ascribe to him. We are projecting our failures onto tinpot nobodies many miles away.

[@tobyrugby]

I suppose you were jumping for joy when all the sanctions were placed on Russia. Well, everybody who understood economics knew this would have a devastating effect on the economy of the West. But it was great at the time, 'I'm Mr big guy'. Thickos.

[@cloudycolacorp]

@@tobyrugby Hello it is me John England from Warwickshire oblast. We should not be of putting sanction on Mr Putin in special operation, think of economic!

[@julesmin]

To some extent it did the very opposite. Housing costs, whether mortgaged or renting, went sharply UP. You are quite correct, raising the base rate had a limited impact on the reduction in inflation, which was not demand induced, but supply induced.

[@CJHighland]

Comparing spend on health and social care against previous years is crazy. We have known for 70 years that the baby “boom” would cause an increase in demand. That should have been prepared for.

[@thomasbestwick7038]

I don’t think it’s the baby boom that’s caused the demand

[@barrydwyer2039]

The real problem is people are living longer with more and more chronic diseases that would have killed them off previously, requiring more and more care and care homes because their relatives if they have any either don't or can't look after them.

[@pauln6803]

​@@barrydwyer2039 Well it's the post WW2 generation that occupies that bracket. Throw in the Thatcherite obsession with selling off the state and its assets and the debt goes up while income goes down. People then demand better services, which either means more borrowing and more taxes. It's a conversation and a decision we've been avoiding for decades.

[@kanepreston18]

There's more people in my local church's grave yard born in 1780 and living 80-90 years than born after 1930 living 80-90 years. Modern population is weaker mentally and physically, parents today will bury there daughters and sons before they pass, through poor diet lack of exercise and over excessive consumption of processed carbohydrates, meats and the use of super processed plant based food weak times weak men, victim mentality over victous mentally.

[@alexjeffrey3981]

​And what's the cause of this? Because you right wingers always stop the analysis there. Could it be rampant consumerism pushed by private companies for profit? Ineffective parenting methods by boomers and gen X? A collapsing economy giving rise to learned helplessness? The whole "good times create weak men" model is just feels-based and not backed by any kind of analysis.

[@10xAds]

They government gave us furlough .. which we happly took and never questuoned where its coming from or should be paid back .. now lets not get surpsied

[@clifforddowler5765]

Who are the people in the bank of england doing this. Why are they doing it. Who, in the background is making these decisions.

[@mrstephenpariah]

Listen to Whitney Webb

[@crediblevids]

🇮🇱

[@stegsjenga5088]

It's just bankers doing what their economic training has prepared them to do. Mainstream economics is a mess.

[@paulchadwick1904]

I thnk you know

[@AmbientShores]

​@@crediblevidsJesus!

[@braddjoe9583]

That is why Christianity and Islam forbid ursury, for a reason.

[@scottflannigan3062]

Thank you Richard, we really you to explain all this stuff

[@SteveFarrOrg]

Nailed the problem right there! Thank you Richard.

[@wicked-witch-of-the-west]

Best finance channel i have come across, also keeps things simple, subscribed no brainer

[@robp4074]

Also try Prof Richard Wolfe & Gary's economics

[@jaaguitar]

Some of the takes this channel takes are so dumb, makes me think he's deliberately trolling or a political activist. I'm here for the comedy value.🙂

[@SirHargreeves]

Nothing to do with Reeves then?

[@Barbara-l2x]

The UK cost of borrowing simply reflects the global cost of borrowing (e.g. its on the same trend as the US). This is a global issue and the BofE is simply dealing with it. Just as the BofE pursued Quantitative Easing it cycles and now its heading towards Quantiative Tightening. The BofE is a little ship on a huge global sea and its using any tools it has to deal with those global tides.

[@gardnerjoss321]

Yes, the BOE is just a kind of vehicle really...except the money-lending families that lend TO the BOE - they are real people with a real money-making agenda, and it's THEM that set the policies - steering the vehicle if you like. They SET the global cost of borrowing, which in turn dictates all other monetary policies that the puppet BOE Governor then takes the credit/blame for. So if our delightful govt appear to be on a course to destruction...they were forced into it by the BOE...which is the tool of choice of the real global puppet masters.

[@protect-free-speech]

You missed out that to compensate for lower tax revenues, Labour increase taxes, a double whammy to the economy. That's why I work 3 days a week now, there is no incentive for me to work harder then give the fruits of my labour to the state.

[@swojnowski453]

Enjoy your pot holes, next to no healthcare, no crime resolutions, falling apart schools, long court or law trial delays, shortage of doctors and nurses, etc., etc. ... people like you make Great Britain truly great again.

[@mrradman2986]

@@swojnowski453 Nonsense comment. If tax rates were more reasonable both he and I would do more and the state would get more in tax and GDP would increase. When the taxman takes 60% as he does for earnings between £100-£120k it means he loses more than the taxpayer if they decide to stop striving and enjoy more free time instead. You could just as well blame the state of infrastructure and services on the increasing numbers of people of working age who are relying on the state instead of providing for themselves.

[@Jim90117]

@@swojnowski453 You know if you let people keep more tax money, they usually spend it better than the government because they aren't spending it on foreign aid, diversity programs or other useless policy. They spend it on your local shops, grow communities and increase tax revenue from businesses which then grow and contribute growth to the economy. The economy grows and you get more money for your pot holes and healthcare. I fear your logic is putting the cart before the horse.

[@ecnalms851]

Big reason why Labour increased taxes was to balance the budget (ie: day to day spending was being covered by tax receipts) by the end of parliament. The Tories over their 14 years were borrowing just to cover day to day spending, they weren't borrowing to invest. Don't forget about the 2 expensive compensation schemes - ie: the infected blood scandal compensation will cost £11.8 billion.

[@swojnowski453]

@@mrradman2986 You can't compete with China, they cheap workforce, their cheap gas, their better educated population, etc. etc. just let them produce what they are good at at the best price. Instead of working, spending more time doing what is not work is exactly what you should be doing in a country like the UK where costs of production and energy are very high. So, do not try to fight a lost battle. The future is obvious, the state will have to provide for people because most of production has already been automated and a single person or even a small company can't compete with top notch automation thousands have worked on. The world is changing. What's going on in China today you will have in 10 years in the UK. There is no escape. China is a country with thousands of years of wisdom, they know where they are going and they won't be stopped by usury fuelled capitalism. So, get yourself a dog and go for a walk to watch ducks in the park. About century ago, when inequality in the US was even less high than today, taxes were 96%. Today's taxes are nothing, so stop moaning for no reason.

[@Chris-lh6hw]

I think its important to be able to explain this as simply as possible. Sadly most people are so overworked and stressed people don't have the time to understand this.

[@jeffDwyer1]

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much cash in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

[@wmwoods-l4f]

truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors

[@Derekhoffman312]

That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.

[@Olsontim21]

Could you kindly elaborate on the advisor's background and qualifications?

[@Derekhoffman312]

My CF Annette Christine Conte, a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@SteveEstrada-js9nu]

Thanks! After reviewing her credentials, I'm impressed too. I've scheduled a call with her for advice.

[@zrich1585]

Maybe she could stop pissing away tax revenue on foreign aid and stupid net zero measures. Just a thought.

[@sensi1066]

Did you actually listen to this post? The banks are the problem . Watch it again and then either be quiet or make a comment that makes sense......

[@craigcampbell3921]

Advocating to cut net zero funding while LA is on fire in January is an interesting choice. If those cuts happen, prepare for the number of migrants coming to Europe and UK to absolutely skyrocket.

[@jdickson242]

This is not the only thing going on... national insurance increases has slammed the door shut on recruitment in my company, people are leaving.... everything is on fire at the moment

[@AmbientShores]

The timing is right for extreme sports enthusiasts. Especially those who thrill with Downhill.

[@holz_name]

You have massive vacancies everywhere in the UK. How that compute with your assertion that your company doesn't recruit anymore? Immigration is sky high. People don't immigrate into a country if there are no jobs available. It's a demand and supply economics. The UK have massive demands in the job market, the local British people can't satisfy the demand, hence you have lots of immigration. PS: maybe your company is just an exception.

[@pauln6803]

​@@holz_name It's more the type of vacancies and what many companies are trying to get for their money. I hold multiple MHE licences, yet most advertised jobs are either temp agencies (who lie about positions and pay) or are only offering minimum wage. It was a similar story with HGV not so long ago, where drivers were quitting to go work on warehousing because the pay didn't match the responsibilities.

[@inguzwulf]

​@@holz_nameEmployers keep wages down by employing people they know will work for less because they have to. This is how immigrants are scape goated (divide and rule).

[@Cooki3Munster]

a 1.2% increase on employers national insurance that does not even kick in till april?