The Bank of England's got it in for us

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2 ай бұрын

The Bank of England has never said it wants to create recession, a cost-of-living crisis and unemployment in the UK, but that is exactly what it is doing, but that is exactly what it is doing. Why is the government letting this happen?
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
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Пікірлер: 72

@FarmerGwyn 2 ай бұрын

The total profits from UK supermarkets exceed £10bn, now that's about £500 per household, it's obscene that we have to pay £10 a week to these crooks for the privilege of buying our food.

@edwardmclaughlin7935 2 ай бұрын

FarmerGwyn You want it at cost?

@stumac869 2 ай бұрын

@@edwardmclaughlin7935don't you know food producers and suppliers should work for nothing, it's criminal they want to be paid a living wage.

@edwardmclaughlin7935 2 ай бұрын

@@stumac869 If they work for nothing, then what do they live on?

@edwardmclaughlin7935 2 ай бұрын

@@stumac869 Sorry mate, I didn't catch your sarcasm there.

@duncanreid3219 2 ай бұрын

If inflation hits 20% then your goods that were £1.00 is now £1.20, if inflation drops to 5% your goods are not £1.05 they are £1.26. Last ten years of austerity inflation a 2% means your goods are 1.00×1.02×1.02×1.02 ×1.02×1.02×1.02×1.02 ×1.02×1.02×1.02 = £1.22 So stagnant wages are still £1.00 but you bills are up by 22%

@markkierznowski6121 2 ай бұрын

Yes but the msm propaganda machine likes to tell the peasants that 'inflation has fallen'.

@andrewhewson62 2 ай бұрын

They haven't gone back to normal!!!!!

@19grand 2 ай бұрын

He's talking rubbish.

@graemem111 2 ай бұрын

Excellent summary; thank you Richard.

@lonevoice 2 ай бұрын

Agreed. Most of the UK inflation recently has been supply driven and little to do with demand. As such increasing interest rates will not counter this and must surely be to either constrain economic growth or just to provide a bonus for the wealthy through their investments.

@terencecallachan1659 2 ай бұрын

Exactly , high nterest rates are taking huge anounts from the majority f people and giving it to the rich people

@arthurdixon5890 2 ай бұрын

The bank was quick to use the QE tool but the government failed to use a similar approach to stabilise fuel costs. If they had done this inflation would have been minimal and the interest rates would not have risen so much. Bad governance.

@SI-vb7hd 2 ай бұрын

Scotland needs out of this union

@bumfie 2 ай бұрын

England stealing our children's future

@gio-oz8gf 2 ай бұрын

It ain't happening. Think of something useful to say; that kind of talk has been mind-numbingly tedious for quite some time.

@graemetimoney7002 2 ай бұрын

@@gio-oz8gf What an amazing ability you have, can you also predict this months Euro lottery numbers.

@user-lp5np1xv9j 2 ай бұрын

What you think the likes of Sturgeon and Yousaf are any better 😂😂😂

@terencecallachan1659 2 ай бұрын

Very true , ignore the mind numbing numpties

@jasbindersingh2441 2 ай бұрын

They've spent 14 yrs supreseing interest rates ... ergo...... they very much HAVE NOT got it in for us ( us home owning debt junkies ) But all bad things must come to an end . The supression has to stop and rates needed to be normalised again so that credit once more has a cost and over priced homes......correct themselves

@tenbear5 2 ай бұрын

The BoE, like the FeD, are privately run…. what do you expect?

@TheLuminousOne 2 ай бұрын

At least you understand.

@simonengland6448 Ай бұрын

By foreign families from one country, with dual citizenship by default.

@rogermanvell4693 Ай бұрын

We were at very low growth in terms of GDP per capita long before interest rates rose.

@roymillsjnr5172 Ай бұрын

Spot on 🙌

@maria8809ttt 2 ай бұрын

The BoE has lost control of the UK money supply. It is now at the mercy of private banks, debt money creation that the BoE has to legally supply and register on demand. All the BoE can do is raise rates in an attempt to control inflation, but that also brings a high amount of default risk. The BoE are aware that their staff skills are inadequate as staff are chosen through nepotism. Ref: How flamethrowers and cracking IT burnt the Bank of England. They have given themselves funding to reform the system, but I very much doubt it will change the core problem of using a debunked economic political model and the need of re-regulation of financial systems. Using the economic model in place, allows severe crisis to blindside authorities. I think that's the point, or they would have changed it in 2008.

@johnwright9372 Ай бұрын

Is it to prop up property values so bank's portfolios remain high? There appears to be a property bubble because no new home construction is going on and the property developer / bank cartel benefits from higher prices and mortgages remain expensive.

@edwardmclaughlin7935 2 ай бұрын

Penury here we come. All part of the plan.

@stumac869 2 ай бұрын

Inflation may be down but prices have gone up between 30% and 300%, subject the good or service. Inflation was also caused by the government monetising £450 billion (currency printing) increasing the money supply (inflation) When the economy reopened we had too much money (which the government had litterally dumped into the economy) chasing too few goods and services (supply demand distortion) causing prices to go up. Those prices and aren't coming back down because our 'money' is worth a lot less today than before lockdowns in terms of purchasing power. We are heading for recession mostly because energy prices are too high which is a combination of self imposed sanctions on Russia, tensions in thd Middle East and utterly mad net zero policies which will do nothing to change the weathr but are driving supply down whilst demand is relatively stable (supply/demand distortion).

@NigelSharmer-ct3kv Ай бұрын

Oh, but there is a logical answer. It starts with looking for certain connecting characteristics in the (harmful) decision makers, or rather their handlers 3 levels up.

@paulhemmings9245 2 ай бұрын

What a load of crap !😀

@flyinghigh22 Ай бұрын

You ought to know the definition of inflation is the expansion of the money supply. The rise in consumer prices in the consequence of this inflation of money supply. You seem to be conflating the cause with the effect. Without centralised banking and FIAT currency there can be little inflation only temporary scarcity of goods or services. Without additional currency units the currency simply doesn't exist to "bid up prices" so a gold standard keeps things honest. People had a free holiday for two years it's pay back time ie more working less dossing.

@vernonallen3370 2 ай бұрын

The Truss/Kwarteng unfunded mini budget blowing a £30 odd billion hole in the economy, spooking the markets also didn’t help

@alicelander9058 2 ай бұрын

The spooking was done by globalists

@imck357 2 ай бұрын

Is Scotland a colony or not? If its own people can choose to leave then no...but if they were however denied that then they are a colony .

@Rdott82 2 ай бұрын

The people of Scotland are sovereign

@user-lp5np1xv9j 2 ай бұрын

Yes, there is a logical answer. It's all about control. Keep the people poor/in fear they are easier to control.

@alunevans2377 2 ай бұрын

Richard is talking twaddle

@marknaylor9394 2 ай бұрын

The BoE has to keep interest rates high, not to dampen demand, but to attract investors to bail out the Govt as it now owes more than £2 trillion pounds. They can only attract foreign investors by offering high interest rates. This from the party of fiscal responsibility!!!

@threebadmicefpv Ай бұрын

Totally agree!! Treating cost push inflation by dampening demand is insane (or profiteering)

@weediestbroom 2 ай бұрын

You explained a lot but left out one crucial element that makes all of it work the way it does... Greed. Human Greed. Without that things wouldn't be half as bad as they are. You can understand everything to do with economics and still it only works the way it does because of GREED

@julianshepherd2038 2 ай бұрын

Was t this Mr Brown's system, "independent " Bank of England?

@jamesbarbour8400 2 ай бұрын

Total smoke screen - can't tell me that BoE is free to make its own agenda.....yeah right !

@davidcann8788 2 ай бұрын

Of course it's not "independent" at all, is it? The BoE is owned by the government. It's the government's banker. Smoke and mirrors.

@Rdott82 2 ай бұрын

Should never have locked the place down in the first place

@jodders619 2 ай бұрын

As somebody who was working in hospitals during the pandemic: It should have been done sooner, therefore it could have been shorter and things in the hospitals would have been somewhat more manageable. However we had Boris 'Let the bodies pile high' Johnson as PM. We could not have had a worse PM at that time. He is an ignorant, arrogant lying POS who should never have been anywhere near politics.