October 3rd, 2012

Mugabenomics: Inflation in UK Higher than in Zimbabwe

Remember when Vince Cable warned that Quantitative Easing (QE) was “Mugabenomics”? Vince flip-flopped on that even before he joined the coalition. Guido remembers when George Osborne said “Printing money is the last resort of desperate governments when all other policies have failed.” In government Osborne has overseen the printing of more money than any other Chancellor in British history. A quarter of the national debt – all this government’s overspending – has been bought by the Bank of England via QE. Guido warned against this madness in 2008…

So it is not a shock that inflation in Zimbabwe (3.63%) is now lower than inflation in the UK (3.66%, August 2011-July 2012). Gold is good.


91 Comments

  1. 1

    Another delightful creature.

    Like

    • 11
      V1le Labour ruined my Country says:

      Welcome to the UK cesspit banana republic, thanks Labour.

      Like

      • 12
        i like gold says:

        i like gold

        Like

      • 16
        Unbiased observer says:

        Labour? How long does a new government get to take responsibility?

        Like

        • 40
          Quiet Bat Person says:

          It will take at least a generation to fix the damage that Labour let the banks cause.

          The inflation is due to the printing presses we have had to set up to inflate the staggering defit and debt that labour allowed to build up in the public sector and encouraged in the private sector.

          Labour was in power for 17 years and never took responsibility.

          Like

          • Quiet Bat Person says:

            *inflate away

            Like

          • smoggie says:

            How did Labour cause the banks to run up the country’s national debt? Surely it was the government which was overspending not the banks?

            Like

          • puzzled of Tunbridge unwells says:

            I can’t remember any comment at the time of the great gold sale that it was being carried out by a government for whom (in common with its successor) inflation was a policy

            Like

          • Quiet Bat Person says:

            Smoggie, in case you haven’t noticed, the present and last government have socialised the bank’s staggering debts. So now the taxpayer is liable for them.

            It was McRuin that set up the weak and lax oversight and regulation that has let the banking sociopaths do such incredible damage.

            And yes, the public sector has pissed away a lot of our wealth, through inefficiency and PFI to name but 2 methods.

            Like

          • Dr Nuts says:

            IF we’re talking about the lack of regulation on the banks

            Osbourne in his own words… 2006 (before the Banks near collapse due to lack of regulation) … Note its from Conservative Home
            http://www.conservatives.com/News/Speeches/2006/04/Osborne_Building_a_competitive_economy_-_tackling_the_skills_gap.aspx
            Regulation too inhibits enterprise. For example, speak to any business in financial services – from the largest investment bank to smallest independent financial adviser – and the threat of future regulation from Whitehall and Brussels is now their number one concern. Para 39

            Like

          • Anonymous says:

            “socialised the debts”.
            sounds like debts were antisocial before.
            is debt not a critcal part of business?

            Like

        • 68
          Dr Nuts says:

          “How long does a new government get to take responsibility?”
          It took Labour something close to 16years and still counting!

          Like

          • the savant says:

            Manuel to John Cleese:

            Que??

            1997 to 2010 is thirteen years — no’ ?

            Cleese : Don’t question me you snivelling little dago !If I say it’s 17 then its 17 !!!

            Like

        • 88
          Quixote says:

          As Labour (New, Old, One-Nation) told over thirteen years and continue so to do: it is all Thatcher’s fault

          Like

      • 90
        Breton says:

        This has to be the silliest economic comparison ever. Had anyone (including the author) even read the original article? Desperate stuff.

        Like

    • 13
      Time 2 CTRL, ALT & DEL says:

      Vince or George??

      Like

    • 26
      W.W. says:

      I was offered a large amount of gold by some dodgy Scottish bloke with a wonky eye the other day.

      Said he could do me a fantastic price of $250 per oz.

      I asumed it was a con, because only a mad man would sell of gold a such a stupidly low price.

      W.W.

      Like

    • 29
      My Trousers are at the Pawn Brokers, Again says:

      And he’s got a Hilter moustache!

      Like

  2. 2
    Time 2 CTRL, ALT & DEL says:

    What nobody talks about is the trade deficit – that’s where the real problem is.
    That’s why this country is owned by the rest of the world.

    Like

  3. 3
    Silent Bob says:

    !

    Like

  4. 5
    Kulgan of Crydee says:

    Shame Gordon Brown & his cohorts sold it all at ridiculously low prices

    Like

    • 19
      Gordon Brown says:

      I saved the world, don’t you ken?!

      Like

      • 39
        taC eht abbaJ says:

        This is what the traitor McMental deserves…

        Like

        • 47
          Quiet Bat Person says:

          Its near tipping point in Greece – the Troika apparchniks attacked, even the police are marching in the protests. The CDROM of Greek tax-avoiders obtained from Swiss banks will name many high profile figures that will have to hide for the rest of their lives.

          Then there’s Spain.

          After that….

          Like

          • Haribo Halfwit says:

            Portugal. Italy…

            And by then, there’s bound to be some international sporting fixture to keep the hoi polloi distracted. Or some runaway infant with sobbing and desperate – and above all, entirely innocent – relatives to bump coverage of overseas rioting off the news agenda.

            Has anyone mentioned whisky and cigarettes as negotiable currencies yet?

            Like

        • 54
          jgm2 says:

          He really does. And every single Labour MP who sat through the madness and said nothing. For the sake of party unity. Aye, the fucker is totally off the high-board. Aye, he’s squandering our future. Aye, he’s totally arse-raping the economy trying to buy votes.

          But the T*ries can sort all that out. Let them make the tough decisions. We mustn’t break ranks. We must maintain party unity.

          C*UNTS. Vile economy destroying, mad c*unts.

          And even with the Imbecile gone they’re still playing games. Divide and conquer on one hand and ‘one nation’ horse-shit in the other.

          I pray I live long enough to see them all hanged.

          Like

        • 58
          Richard Branson says:

          May be, but only after B£liar.

          Like

          • the savant says:

            Ahh you’re still with us Richard.

            Although you would never be so boorish as to admit it publicly i bet that after McNulty’s late night phone call at 11.30 pm yesterday grovelling with apology that the mandarins had got the rail tender all wrong because they cannot do simple arithmetic and the whole thing was back to square one you are feeling like the grade A Top Dollar version of

            T H E D O G S B O L L O C K S.

            I supose after a heavy work week you’ll even be thinking of taking the weekend off at the cottage in the Caribbean and swimming in your pool filled with Charles Heidseck champagne . What a way to celebrate though eh ??!!

            Like

      • 48
  5. 7
    George Osborne says:

    There’s no need to worry, I will just increase taxes some more, starting with my new carbon tax that will double all fuel bills. That should get the economy moving and drive down prices……….I think.

    Like

  6. 8
    manfromupton says:

    the money they’ve used to bail out banks could have been used to pay off everyone’s mortgages, leaving people money to actually go out and spend in shops, businesses helping the country get out of recession. We can’t have that can we, noooooo. We need the plebs to be debt slaves for the rest of their lives.

    Like

    • 24
      smoggie says:

      The plebs should pay their way like everyone else.

      Like

      • 55
        Quiet Bat Person says:

        No we can’t have that. Pay your fucking mortgage? Interest rates are already at a record low. Savers are already paying for your fucking mortgage through zilch returns on their savings.

        I bet you want benefits for the poorest to be reduced, but still want the state to buy you a free house because you were so financially fucking inept you bought a house in a bubble.

        Like

        • 61
          JH says:

          Interesting how there has been a seamless transition in the media from denying there is a housing bubble to talking about it as if it was always obvious.

          Unless you are at the BBC with a few buy to lets, of course. I’ll never forget Julia Caesar’s idiot grinning face as she reported the latest rise in house prices.

          Cvunts.

          Like

    • 35
      My Trousers are at the Pawn Brokers, Again says:

      You seem to be getting the picture now of what an elite is actually for. Recession is actaully good for them. They get more wealth and power, plus they close off social mobility to ensure that they and their own will keep this for far longer. Vote Millibean, vote Cameron it won’t make any difference unless you’re already part of the Insider Elite.

      Like

  7. 10
    Tom Tomos says:

    Gold good, plutonium better.

    Like

    • 70
      Dr Nuts says:

      Depleted Uranium … Parliament
      Depleted Uranium … New problems but at least we’re all in it together!

      Like

  8. 14
    CPI says:

    Yep even RPI is fiddled down.

    Like

  9. 15
    i like gold says:

    gold sovereigns attract no CGT

    fill your boots

    Like

  10. 17
    Glyn H says:

    Mugabe, Cable, Brown, Miliband: they are all socialists.

    Like

    • 43
      The hand that rocks the cradle probably cradled the cock says:

      You’ve left out almost the entire ‘coalition’, the EUSSR, and the National S******s

      Like

  11. 18
    Dick Ed says:

    Great moment on bbc breakfast this morning when Milicock was being interviewed. They read out critical texts from viewers. One said “Mr Miliband told us what school he went to. I don’t care what school he went to”.

    Like

  12. 20

    We did all predict it at the time.

    Like

  13. 22
    Well it's a thought says:

    One nation owned by 20odd other nations all owned by Belgium.

    Like

  14. 23
    DZ says:

    This left of centre shit is here to stay

    You will not improve your quality of life by working yourself to death as the state will take it all

    Buy yourself a dog, pay off all debt, have a nice life

    Watch the bastards crumble as they run our of tax

    Like

    • 44
      Richard Branson says:

      Thank goodness we have a West Coast Line and qualified secretaries of State to run it and award franchises to the right parties.

      Like

  15. 31
    Arthur Scargill says:

    I’m in court, bringing an action against the National Union Of Mineworkers.

    I need my Union flat.

    Like

  16. 33
    puzzled of Tunbridge unwells says:

    all three parties have delivered what the nation voted for

    there appears to be dissatisfaction with this – why should that be?

    Like

  17. 34
    I don't need no doctor says:

    Guido, go live in Zimbabwe for a while.

    Like

  18. 46
    Matthew says:

    Using what measure was UK inflation 3.66%?

    Like

  19. 51
    Gord Only Knows says:

    My brain has just signed on. Should bring in a bit more dosh.

    Like

  20. 60

    Zimbabwe inflation where it is because they were forced to adopt the US$ after their currency collapsed. I have framed $Zim100Trillion notes from that time. It’s all very well blaming Labour (rightly so) as most commenters are doing, but the current lot are no better.

    Like

  21. 65
    fjpickett says:

    Zimbabwe had to print lots more money, too. Hang on…

    Like

  22. 67
    Tom Catesby says:

    The consequences of printing more and more money can be seen by anybody who cares to take a look at Germany between the World wars. I thought Gideon had a degree in history? for that matter so did the mad fucker from Fife, who sold our gold at a knock down price. The political effects on 1930’s Germany reminds me of the irony, that Zimbabwe, under it’s black Hitler seems to be doing rather better in inflation terms than we are!

    Like

  23. 75
    Jimmy says:

    Always a treat to see this blog try to cover economics.

    Like

  24. 80
    blub says:

    The trouble with gold is just before we hit that Weimar moment the government will steal it off you.

    If i had spare money i’d fill the garage/shed/attic with cigs as everyone will be back smoking by then.

    Like

  25. 84
    Anonymous says:

    Zimbabwe dollarised its economy two years ago, so this rate is no surprise at all.

    Like

  26. 91
    Anonymous says:

    Milliband say’s… Vote New Vermin, we serve u right

    Like


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Owen Jones says:

We also need Zil lanes.


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