The Chancellor’s support for people suffering new lockdowns is of a type only a hedgefund manager doing an internship at the Treasury as Chancellor could have devised

Posted on October 22 2020

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6 Responses

larry says:

October 22 2020 at 2:22 pm

As soon as I realized as soon as he came to prominence that Sunak was a hedge fund manager in a previous life, I didn’t figure his Chancellorship would either begin or end well. I have not found that hedge fund mangers are good at learning from their mistakes. And with Johnson as his boss, who lies for a living and is seemingly joined to Cummings at the hip, such learning is rendered even more difficult, if not almost impossible. The result is that we end up with a cheapskate Chancellor and PM.

To learn a little macro, all he has to do is to read J D Alt’s Paying Ourselves to Save the Planet: A Layman’s Introduction to Modern Money Theory (c. 100 pages). Part 3 has a lot of diagrams to assist the reader in assimilating the theory. How hard can it be? While the book is US-centric, it is easy to see what terminological alterations are needed to make the topic apply to the UK, as the processes are exactly the same. (The only exception is that the UK does not have a National Debt (aka Savings) Clock.)
- Richard Murphy says:
  
  October 22 2020 at 3:10 pm
  
  It is good
  
  So is his video stuff
Helen Schofield says:

October 22 2020 at 3:57 pm

J.D. Alt in my opinion is like Richard very good at simplifying how a reserves based monetary system like the UK’s and USA’s works. It’s well worth going onto the New Economic Perspectives web site and working your forward from his first article post. His articles are a veritable gold mine of thinking out of the box in regard to MMT:-

http://neweconomicperspectives.org/category/j-d-alt-2

I think his ability to spell things out simply stems from working with clients as a professional and having to explain complex things to them. In his case as an architect why he is doing things in a particular way with his building or buildings design.
- Richard Murphy says:
  
  October 22 2020 at 4:33 pm
  
  Thanks
  
  And you’re right re J D Alt
Ros says:

October 22 2020 at 9:15 pm

Larry
Many thanks for that reference. Really helps to clarify understanding.
Pilgrim Slight Return says:

October 23 2020 at 8:07 am

Thanks for the reference.

Most people I know who went free-lance in the last 10 years were not making the money they expected BEFORE the pandemic. It must be awful.