I wrote this comment in a tweet yesterday:
Then, because I was playing with new video production software I recorded a video of the arguments implicit in that tweet. This is not the highest quality production, by a long way, but seems worth sharing, even if rushed at the end:
Have I got what Labour needs to do right? On Twitter I saw reaction suggesting other issues, such as housing, ending tuition fees and waiving student debt, restoring free movement (which I think will take a long time), and inequality raised as well.
However, housing is in the Green New Deal. Education is, I think, covered in restoring public services. Free movement is not going to happen now, although airport queues seem to annoy people more than the ones in A&E do, which is staggering, and I do admit I missed out student debt and I think it really important.
We can't have a successful transition between generations in this country and meet the baby boomers' desire for a comfortable retirement when the upcoming generation has debts and tax rates that make it almost impossible for that younger generation to buy the assets the older generations have to sell to fund those retirements, whether they be shares, bonds or houses. That's just not possible and threatens the whole underpinning of the inter-generational contract, as well as financial markets. So I definitely missed that one off the list. The rest I stand by.
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What I would like to see is a minimum holding period for shares bought in the second-hand market. It would prevent or reduce speculation that can affect the fortunes of a company, while doing nothing to provide them with investable capital.
Would that be practical or desirable?
Keynes thought shares should only be traded for ten minutes a day
You’re both driving at eliminating short-term speculative profit
Is that possible now? I doubt it as secondary, derivative markets would be easy to organise
Are the French leading the way?
Have the French Left rumbled the inherent lie that is Western ‘centrism’ (just another iteration of Thatcherism – just more incremental)?
https://www.theguardian.com/world/2022/jun/19/macrons-centrist-grouping-to-lose-majority-in-parliament-say-projected-results
https://www.theguardian.com/commentisfree/2022/jun/15/melenchon-france-new-left-bernie-sanders
Bye!
Hello Richard, what is your view on a Tobin Tax ? Thanks for the very important work you do on this site .
I am for it
Most especially with the Spahn variant
I am not in favour of hypothecating it
We have over 100,000 vacancies in the NHS. Similar issues apply to so many other services, industries etc. nationwide, especially post-Brexit. For me a return to Keynesian economics is the only solution to solving, so many issues. We “pump prime” & train up the people who want to work in all the areas with shortages.
Recently learnt the Forestry C needs more trained staff. Excellent Degrees in forestry are out there, but vacancies can’t be filled. Just an example. A Green economy needs investment & potentially some great career opportunities could exist. Leaving all the above to the free market with a small state is no answer to anything. We need to create consensus for a collective approach to our problems.
Agreed
That final paragraph makes a point, about poor millennials not being able to buy boomers’ assets at good prices, that I have never seen explicitly pointed out before. Perhaps it is a commonplace topic for academic economists, but nobody has been telling us lay people that. Yet it is something very obviously true, that we ought to be told.
I think this is a very good argument for economic change to target the Mail/Express/Telegraph reader demographic with; bring it home to them that they are actually getting hurt too.
I have never seen an academic discuss it
I will do another blog on it tomorrow
Trust it will be a good ‘un. As so often.