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Economics

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rf_fozzy Jun 2023 2:31pm, 21 Jun 2023 20,266 posts	Quote Pin rf_fozzy Isn't part of the issue that changes in interest rates will take time to work through the system - more people than ever are fixing mortgages for 2-5 years and so it'll take a number of months/years for it to work fully through the system. The other issue is that a large cohort of people, who are over a certain age, where the wealth in this country is now concentrated and have either paid off their mortgages or are close to doing so, so the rate rises have less impact. All the rate rises do is put more pain onto those already in difficulty - noteably the younger generations. (whilst the older generations who read the telegraph witter on about starbucks and netflix and incorrectly compare headline mortgage rates in the 1980s to those in the 2020s - see More or Less this morning on R4 or Ed Conway from Sky on twitter).
paulcook Jun 2023 3:42pm, 21 Jun 2023 2,888 posts	Quote Pin paulcook And this report today backs up a lot of that. theguardian.com
Fields Jun 2023 3:44pm, 21 Jun 2023 9,580 posts	Quote Pin Fields Problem is capitalism. Next question please
HappyG(rrr) Jun 2023 3:44pm, 21 Jun 2023 46,980 posts	Quote Pin HappyG(rrr) Agree Fields, but solution... ? G
rf_fozzy Jun 2023 3:51pm, 21 Jun 2023 20,269 posts	Quote Pin rf_fozzy Another thread. Another kittening for trolls.
rf_fozzy Jun 2023 3:55pm, 21 Jun 2023 20,270 posts	Quote Pin rf_fozzy IFS in recent years has risen in stock with its sensible and non-partisan analysis.
Fields Jun 2023 4:04pm, 21 Jun 2023 9,582 posts	Quote Pin Fields Agree Fields, but solution... ? G Try something else. And a yawn at unnecessary cross thread beef.
Fields Jun 2023 6:44pm, 21 Jun 2023 9,583 posts	Quote Pin Fields Agree Fields, but solution... ? G Don’t assume the market has the solutions. It doesn’t. Individuals and institutions make short term decisions and hope to pass on the problem down the chain. For an extreme example of the consequences of a lack of regulation and a mindset to always choose the lowest cost option look around 4k beneath the waves of the North Atlantic.
Chrisull Jun 2023 7:01pm, 21 Jun 2023 20,373 posts	Quote Pin Chrisull There is no one answer to how to change capitalism, but ways forward maybe glimpsed in small initiatives such as those glimpsed in Paul Kingsnorth's now quite old book "One no, many yeses" wob.com or visions of the future that authors such as Paul Mason dare to offer - Postcapitalism wob.com There's plenty more examples such as Rutger Bregman "Utopia for realists". Inside the system, you cannot imagine how it can be fixed, it is a philosophical and ideological quandary. And yes some of the things suggested don't work, or can't scale, or haven't been tested. But the other choice is acceptance of the status quo.
HappyG(rrr) Jun 2023 9:24pm, 21 Jun 2023 46,981 posts	Quote Pin HappyG(rrr) My point is, in the UK, or Europe or USA or anywhere else where is there a single political party advocating such changes? I'd be all for it. But Labour isn't offering it. Lib Dems aren't. Socialist Workers Party might be but they ain't getting in power. I would love it to be so. But it isn't. Sorry. G