June 22nd, 2011

Misery Index: Public Sector Dip Eases Pain

As the unions square up for a fight Guido’s Misery Index, the reality-based antidote to Dave’s blue-sky happiness index, is showing that people should be a little happier than they were in the last month. From the latest figures from the Office for National Statistics the decrease this month in the Public Sector Net Cash Requirement has eased the pain, slightly. The likelihood now that the Bank of England’s Monetary Policy Committee is firmly in the hands of inflation-doves is that inflation will rip. One MPC member, Adam Posen, actually voted in favour of increasing the size of the Bank of England’s asset purchase programme (QE) to add fuel to the inflation fire.

Inflation has now been above target for two years, the Bank of England itself is predicting that it will continue to miss the target until early 2013. This could end badly…

N.B. Stats bods can check Guido’s adding up here.


92 Comments

  1. 1
    Anonymous says:

    People are lisrable because Cardiff gotthe first test and itrained,Not cricket!

  2. 2
    Billy Bowden is the greatest umpire ever ! says:

    Plus putin the series win against Sri Lanka the excitement about the Indians touring.

    Suprised people aint pissed about all U21s piss poor showing.

  3. 3
    labourunionsbbc we are one says:

    We shall fight this happines in the HoP (labour), in the streets (unions), and on the media (bbc, C4) untill we return the country to misery and depression, then we can offer the people utopia.

  4. 4
    Barry says:

    Misery is in the I of the beholder

  5. 5
    Afghanistan Banana Stand says:

    Every day I wake up happy in the knowledge that McMental is no longer wrecking our economy.

  6. 6
    Anonymous says:

    How about doing one for the Greeks?

    Let’s see how happy they are saving the Euro and EUSSR for the French and German Elite politicians?

  7. 7
    Fred Perry says:

    Murray has to knocked out of Wimbledon before people can become really happy.

  8. 8
    Raving Loon says:

    Can we stop calling it QE and just admit it’s printing money out of thin air.

  9. 9
    genghiz the kahn says:

    Given that official inflation measures appeared to overlook the boom and bust in the housing market it beggars belief that Mervyn King has been given a knighthood. He should think himself lucky that he does live in a society where such foolishness led to 7 years in a Gulag or a special 9mm solution.

  10. 10
    Anonymous says:

    The world has been turned on its head.

    Greek, Socialist MPs vote to save the Euro and get the poor, who voted them into office, to pay for it!

    Oh well the EU money pot for the rich rolls on!

  11. 11
    Anonymous says:

    oh and the bankers of course too, especially those in their little Swiss cantons.

  12. 12
    AC1 says:

    Someone I know says it’s just buying (and thus cancelling) long term debt, with short term debt. In any case that’s way Risky…

  13. 13
    Ken Dodd says:

    Am I alone in thinking that Red Ed is the most miserable person in the world?

  14. 14
    Bonkers says:

    Who in their right mind would have sold gold in exchange for Euros?

  15. 15
    Anonymous says:

    It’s nice to know though, that all the recent tax rises implemented by the coalition are being used to pay more money into the EU and the IMF, but it has nothing to do with Greece.

    No seriously though, Dave, we do really, trust you when you say you don’t believe we should pay any money to Greece, even though you don’t have the power to stop it any way.

  16. 16
    P. Doff says:

    At grammar school (a proper one) in the ’60s when I were a lad, I seem to remember it was called “fiduciary issue”… as in “printed money not backed by gold” ( the latter as sold off by McDoom for a suitcase full of old ten bob notes which he probably thought he could sell off on eBay for a quick buck).

  17. 17
    Up sh1t creek says:

    Never mind, Labour MP Lisa Nandy showed it off during Ken Clarke’s debate yesterday.

    http://twitpic.com/5f43ri

  18. 18
    I says:

    Misery Index ….Not for me

    Look what I’m going to pick up.

    During one of my periodic auditing, I discovered a dormant accounts with holding balance of US$ 202,000.000.00 {Two hundred and Two million US Dollars only} that believed it belongs to Dead Politician without a registerred WILL to the account, The accounts had been dormant since so many years. The continuing efforts of the Independent Committee of Eminent People (ICEP) have since resulted in the discovery of additional dormant accounts – 63,000 in December 2010.

  19. 19
    nobby says:

    wouldn’t you be?

  20. 20
    Archer Karcher says:

    Aye, McMental has handed the job onto the ‘B’ team and a thoroughly good job they are doing of it too.
    I half expect an announcement every day that the coalition are going to increase the international aid budget, to help our fellow EUropean nations, with their current ‘difficulties’.
    Not because ‘it’s the right thing to do’ oh no, definitely not, rather because ‘we are all in this together’ or some such soundbite tosh.
    The lunatics, thieves and wreckers, may have left the stage, the direction of travel remains unaltered.

  21. 21
    Gordon Brown phycho says:

    I’m going to Obama Beach to cheer myself up.

  22. 22
    Old Tory says:

    … but we will have to live with it for many years and so will our children.

  23. 23
    Billy Bowden is the greatest umpire ever ! says:

    And i bet he still fell asleep.

  24. 24
    Old Tory says:

    Does anyone believe the BOE anymore?

  25. 25
    Johnny Rebel says:

    Seems to me that the cost of bombing Libya should come out of the foreign aid budget.

  26. 26
    Gordon Brown says:

    You got my email then?

  27. 27
    Up sh1t creek says:

    How about doing a more useful audit of Fort Knox and the other Federal depositories for how much (real) gold there is in these safes? No audit has been done for 50+ years, and they keep on refusing to have an audit.

  28. 28
    Gordon Brown says:

    I do.

  29. 29
    Archer Karcher says:

    Nobody, though when was McRuin in a right mind?
    I am sure Goldman Sachs were very grateful regarding ‘our dear leaders’ act of treason though, it got them out of a very deep hole.

  30. 30
    sockpuppet #4 says:

    I must have studied the wrong things, because I never came across the reason why gold was supposed to be useful.

    Apart from a gold leaf electroscope.

  31. 31
    Gordon Brown says:

    I thought it was a great deal you miserable b@stard taxpayers!

    Get rid of a solid tangible asset at a loss, a loss I made bigger by deliberately announcing the gold sale and how much, all in exchange for worthless bits of paper with something printed on them.

    Rothschild’s were happy with my decision.

  32. 32
    Love is in the air. says:

    Maybe Luciana will cheer him up.

  33. 33
    Billy Bowden is the greatest umpire ever ! says:

    Does that former BBC totty (Daily politics) still work for the BOE?

  34. 34
    David Cameron says:

    My name is wavey-Dave
    I’m feeling quite depraved
    I think I’ll hike your taxes
    and waste it all on foreign-aid.

  35. 35
    Moussa Koussa says:

    Things must be bad. The Twat Boy Cambo has had to pull the Tony Martin case back into headlines

  36. 36
    Gonk says:

    Us Taffs are really pissed about
    U20s. 92-0 and we were lucky to
    get nil.

  37. 37
    sockpuppet #4 says:

    The answer is: someone who saw gold as an asset of the past.
    Who did not see any sort of crisis where people would return to a faith in gold.

    I’d turn it on its head: who was sane enough to sell their house and buy gold in 2004?

  38. 38
    Dirk Diggler says:

    Nothing better than a gander at Nandy’s norks to get my trouser department grinning

  39. 39
    Archer Karcher says:

    The socialist parties across EUrope and here, have been in bed with corporate interests and the banks for decades.
    Capitalism is all but dead, rigged markets, the corporate state, and their funders, the asset stripping banks are the only show on offer.

  40. 40
    Up sh1t creek says:

    Andrew Neil’s interview of Gorgeous George doesn’t quite go to his plan.

  41. 41
    Band of Gold says:

    You didn’t study electronics or women then?

  42. 42
    Sir William Waad says:

    Movements in the ‘Public Sector Net Cash Requirement’ can surely have no direct effect on people’s levels of happiness or misery.

  43. 43
    Engineer says:

    After about three years of “Don’t worry, inflation will come down next year”, er – no, frankly.

  44. 44
    Billy Bowden is the greatest umpire ever ! says:

    Tony Martin you say? oh the bloke that shot some burglars in his house? Good on him!

  45. 45
    Socialism Ate My Future says:

    I wonder why that could be……..

  46. 46
    Auric Goldfinger says:

    It’s all radioactive, anyway.

  47. 47
    Sir William Waad says:

    ….or dentistry.

    Gold is useful because it does not degrade, is limited in supply and cannot be fudged or deemed to exist by fiat. It is useful precisely because governments are profligate and dishonest and it is not.

  48. 48
    sockpuppet #4 says:

    I knew about electronics, but I’m sure all the stuff at school was made with copper. I missed that bit out for the sake of the joke.

    I did indeed study women, and it was my conclusion at the time that they prefered about 1 tonne of badly assembled scrap iron. Made in britain by roberts.

  49. 49
    The Ghost of Gordon. says:

    OH YES HE IS.

    His PFI legacy will haunt us for the next 30 years.

  50. 50
    Afghanistan Banana Stand says:

    Well, we were going to have -15, but the team showed up.

  51. 51
    Engineer says:

    Well, I suppose it makes a change from Twat Boy Brown telling us that whatever crackpot notion he’s issuing a press release on today (only to quietly drop tomorrow) is ‘the right thing to do’.

  52. 52
    Tony Bliar is a complete cunt says:

    Good to see in a few more years our over paid shower of shit will be as bad as im use to seeing in the world cup……………..Fuckin wankers the lot of them

  53. 53
    Gideon says:

    Happy days are here again
    There’ll be jobs, perhaps, next year again
    I’ll put up the price of beer again
    Happy days are here again!

  54. 54
    More EU Diktat says:

    The EU have just banned the NHS from fitting Gold Crowns. You have to have Silver ones now or pay the difference.

  55. 55
    Archer Karcher says:

    Keep posting MK, one day something you post will make sense. Remember, a broken clock is always right twice a day.

  56. 56
    Moussa Koussa says:

    LOL

    Past 10 years Tory ( aka Guido ) Mantra

    “”We hate the BBC, We hate the BBC World Service, We think the BBC is over funded, BBC budget should be slashed””””

    Today

    BBC World Service is to receive an extra £2.2m per year over the next three years from the government.

    Billy Vague stated “”The funding boost will be used to maintain BBC Arabic Service’s valuable work in the region””

    Does this constitute a U Turn

  57. 57
    Socialism Ate My Future says:

    Time for the lamp post and piano wire……

  58. 58
    Engineer says:

    It’s handy in electronics because it doesn’t tarnish, so contacts can be maintained much longer without needing to be cleaned.

    As for women, just think of it as ‘legover metal’. The going rate is lots of legovers to the ounce, but beware of attendant side-effects, such as regular nagging.

  59. 59
    Anonymous says:

    He’s got a point this time, though. Why on earth bring defending your home up now?

    And, Cameron described the law as it is and has been for years i.e. reasonable force. That wasn’t the problem in the Tony Martin case.

    In other words, he hasn’t changed anything.

  60. 60
    Obama Beach says:

    Piss off. Come anywhere near and I’ll fucking tsunami you, ass-clown.

  61. 61
    Dave's PFI says:

    File on 4 looked at PFI last week. A lot of people have made a lot of money out of it and will continue to do so. And for all its tough talk the government can do nothing about it.

    What’s more, the Coalition government is issuing new PFI contracts like confetti.

  62. 62
    Archer Karcher says:

    If it will further her vacuous career, she will try and cheer anyone up.

  63. 63
    Sir Keith Joseph's Perserved head says:

    interesting to see that many Greeks are apparently pulling their money out of the bank and buying… Gold

  64. 64
    Moussa Koussa says:

    errrrr no indeed.

    Fuel still rising, and come late summer, the Gas and Leccy Suppliers already indicating very large price hikes…AGAIN

  65. 65
    Billy Bowden is the greatest umpire ever ! says:

    No,We hate the BBC , Dave and co love it .

    Ps they aint Tories.

  66. 66
    anon says:

    Your index is stupid, because unless RPI actually goes negative, it still adds to misery, albeit at a slower pace.

    It should be called a ‘feelings’ indicator, with above 0 indicating degrees of misery, and below 0 degrees of happiness. Then it would be reflecting the truth, ie constant misery.

  67. 67
    Ed Miliband says:

    Comradeth! I will be amathing at PMQth today. I had great thuccethh uthing canther patienth latht week to thcore pointh. Today I will thtoop even lower. I jutht hope Cameron doethn’t make a joke about Ed Ballth lothing hith court cathe. That would be very embarrathhing.

  68. 68
    Anonymous says:

    I don’t know if you’ve fucking noticed, but this is a blog about politics, you spanner!

  69. 69
    Billy Bowden is the greatest umpire ever ! says:

    Theres nuthin wrong with a bit of inflation up my botty.

  70. 70
    sockpuppet #4 says:

    I of course didn’t do dentistry at school, but it was approximately the time when they were introducing resins, and of course had been using other metals for quite some time. There are alternatives to most of the minor uses it is put to.

    I can’t get past the sneaking suspicion that gold is valuable because it just is.

  71. 71
    Billy Bowden is the greatest umpire ever ! says:

    Was the failed world cupbid covered on here?

    Has Guido ever done a post about cricket?

    Have Fifa ever been mentioned on here?

    Sport and politics do mix because there is politics in sport :-)

  72. 72
    Gonk says:

    Fuck off

  73. 73
    Billy Bowden is the greatest umpire ever ! says:

    Ready to go,Nice a shiney as well :-)

  74. 74
    Tony Bliar is a complete cunt says:

    Cameron is not a torey……He is a gutless Hunt…………..

  75. 75
    Tony Bliar is a complete cunt says:

    I meant tory…………………….but he is still a gutless Hunt

  76. 76
    Tony Bliar is a complete cunt says:

    And i also meant c.u.n.t………..

  77. 77
    Anonymous says:

    Yeah, but he didn’t post a running commentary about the fucking scores did he, you dissembling cuпt?

  78. 78
    Archer Karcher says:

    No, Cameron has always been a fan of the wretched liars at the BBC.
    He views them as progressive allies, not enemies.
    There is not one progressive organisation that the dripping wet Cameron would not embrace and pour money into, if it blinked it’s eyes at him.

  79. 79
    Anonymous says:

    You been packing Billy’s poo, Gonk?

  80. 80
    misterned says:

    Those kind and friendly socialists in Greece.

    Taking hundreds of billions from the poor all across the EU to give to bankers, hedge-fund scammers, MBS, CDO dealers and all sorts of assorted crooked millionaire elites.

    How the FUCK can any self-respecting working class voter ever believe that socialism is about looking after them?

    How many times do the poor have to be kicked in the balls by the socialists before they realise that it is all a scam?

  81. 81
    Money to burn says:

    Gold is a store of value and is portable. It exists as a socially sanctioned alternative to ‘money’ which is given value by self-interest.

    The store could be cowrie shells or bananas, but neither are as convenient as gold as pointed out by Sir William.

    In a world inhabited by criminals and political cranks of the Socialist and National Socialist variety, an store of value you can bury and/or transport, is very useful indeed.

    Enlightened self interest. Gold is the ultimate insurance for a system built on exchange and value and functions everywhere on the planet.

    Paper money is just a collection of warehouse receipts and IOUs.

  82. 82
    Money to burn says:

    It’s all been leased out and is scattered around the world…all there is in Fort Knox is a pile of paper recording the transactions used to play the bond markets since 1971.

    They’ll never get it back.

  83. 83
    misterned says:

    I hope Ron Paul’s bill to audit Fort Knox is passed by the house and then we will see if they have any real gold in there, or just gold-plated tungsten.

  84. 84
    misterned says:

    You cannot use domestic interest rates to control international commodity prices.

    VAT increases also have an effect on inflation, and VAT has been increased for two years on the trot!

  85. 85
    misterned says:

    Moussa, are you upset that Cambo appears to be holding to a good and positive election promise, you know, for a change?

    Whereas labour delighted in prosecuting the innocent who were merely defending themselves, and letting the criminal off scott-free to then sue the victim of their crime.

  86. 86
    Grumpy Old Man says:

    They never said they wouldn’t, but pledged to make PFI less expensive to the taxpayer. I seem to remember, “Value for Money”,”competitive” and,” Fairness” being mentioned – all concepts alien to Whitehall. Sooner or later, someone will ask for aFoI on PFI’s since May’10. Then the manure will hit the windmill, mainly because the windmills will be an outstanding example of profligate spending unmatched even by Gordon.

  87. 87
    Grumpy Old Man says:

    Read Marx again. This is exactly what he wished for.

  88. 88
    Grumpy Old Man says:

    did you mean,”incessant”

  89. 89
    SpeedTriple says:

    S’pose I’d better cheer up, then

    Dom
    http://www.speedtriple.co.uk

  90. 90
    Ed Balls says:

    The BoE’s new member of the MPC voted with the doves last month, making the vote to increase rates 2-7. That’s the final nail in the coffin for the MPC’s credibility as far as I’m concerned. I no longer have any confidence in the committee.

    I sincerely hope the MPC are not being paid for their time.

  91. 91
    Nemo says:

    The thing about inflation is that it is cumulative and not simple, in the same way cumulative interest is bad for a debtor but simple interest is more beneficial to the debtor

  92. 92
    Sicko says:

    Nah, he opted for nine-bob notes because you get more of them for your money.


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