Corbynomics-did you hear Richard Murphy on R4?

Corbynomics-did you hear Richard Murphy on R4?

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The interview was on R4 Today at about 7.15am today. Richard Murphy is credited with being behind some of the proposals of Jeremy Corbyn. RM, accountant, is known to many on here for his views on tax.

He now has views on the Bank of England. Apparently, it's not independent. The scepticism of the interviewer to what RM was saying was palpable.

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Locutus of Borg
By Locutus
24th Aug 2015 13:05

Yes listened to it

Essentially Murphy seemed to be saying print lots of money and build lots of stuff.

History has shown that whilst it might work OK in the depths of a recession, it just causes lots of inflation when you are not in a recession.

Another problem is time lag.  If, say, £250bn is created to build extra hospitals, schools, railways, re-open the coal mines or whatever then it would probably be at least 5 years before any of these are actually finished and open.  It is also human nature that a significant chunk of this £250bn would be wasted on frivolous activities.

By that time, inflation would have picked up and suddenly stopping all new building projects to combat inflation would just cause another recession.

Corbynomics would just create yet another bubble that would, in the end, burst.

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John Stokdyk, AccountingWEB head of insight
By John Stokdyk
24th Aug 2015 13:59

I heard it too

And have been claiming that the interview was triggered by our report on Corbynomics.

To be absolutely honest, I think he was already on Radio 4's radar, but it's nice to see BBC hacks endorsing our editorial analysis.

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