1. Exquisite Tweets from @t0nyyates, @JolyonMaugham

    PreoccupationsCollected by Preoccupations

    Labour's far left takeover is a setback for those hoping for sound economic policy to prevail.

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    t0nyyates

    Tony Yates

    £500bn for "investment" is a made up number, and crazily high. It emerges from an ideology of regaining control over commanding heights.

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    t0nyyates

    Tony Yates

    Markets won't welcome it, because they will rightly suspect there will be no pressure to extract returns from the investment to pay the debt

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    t0nyyates

    Tony Yates

    Any investment program needs to focus on things with hypothetcatable returns, and leave fiscal space for another crisis.

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    t0nyyates

    Tony Yates

    The fixation on the state rebirthing "manufacturing" is depressing [maybe, as John Kay suggests, male chauvanistic] nostalgia.

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    t0nyyates

    Tony Yates

    Govts already struggling to keep existing public good/insurance functions in good repair, and with Brexit to deal with...

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    t0nyyates

    Tony Yates

    ...it's laughable to think a govt could also deliver an industrial policy, even if one were remotely desirable.

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    t0nyyates

    Tony Yates

    It's not long since JM was recommending 'People's quantitative easing' to pay for this. A colossal joke of a policy borne out of..

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    t0nyyates

    Tony Yates

    JM's view that the BoE [agent of neoliberals] QE and other policies were just about helping friends in banking and capitalism, plus a ..

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    t0nyyates

    Tony Yates

    misunderstanding/indifference/ to how money and inflation work, alluded to in the apt 'magic money tree' jibe by @ChrisLeslieMP

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    t0nyyates

    Tony Yates

    While this economic nonsense is being spouted, the real econ challenges and failures of today will go unchecked/unscrutinised

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    t0nyyates

    Tony Yates

    And that's the problem: wd be nice to think 'socialism with an ipad' was just a hilarious mumbling of a Marxist, fun in the retelling..

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    t0nyyates

    Tony Yates

    But it's not, it will make the compass-less Brexiteering govt of the day look like expert tillers by comparison.

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    t0nyyates

    Tony Yates

    Who knows, it may embolden the extremes of the economic right who think that the state is always the problem...

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    t0nyyates

    Tony Yates

    Or make pragmatists who urge state action on some real issue of the day easily dismissable by association as Marxian transformationalists.

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    t0nyyates

    Tony Yates

    More prosaically, JM's dreaming takes up scarce bandwidth that should be used for the public to sort through feasible alternatives on econ

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    t0nyyates

    Tony Yates

  2. that Labour has swapped policy making for incantation is the piece I started to write...

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    JolyonMaugham

    Jo Maugham