I added a new glossary entry entitled Cassandra this morning. I note there:
The Greek God Apollo was supposedly spurned by Cassandra. She was, supposedly, the daughter of the king of Troy.
As a result Apollo is supposed to have cursed Cassandra with a gift of prophecy. He did, however, add a twist. He guaranteed that she would always be right, but that no one would ever believe her.
Today the term is usually reserved for those forecasting difficulties in the future which those hearing the prediction would rather ignore.
Every day people turn up here telling me that my predictions about the consequences of neoliberalism are wrong, and that my suggested solutions will not work.
They may not listen, but the track record is mine to enjoy. Being right in retrospect is better than being forecast to be wrong.
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Reading Robert Skidelsky’s 3in1 book of JMK at the moment. Never came across the term Cassandra before. JMK uses it a lot. Wondered why, thanks for clearing it up.
Thanks
Hi Richard,
I’ve just spent the morning shouting at the Today Program’s take on the latest economic vandalism of the BoE! They are advertising for people to apply to guest edit the show…. I wonder if this is something you’ve given any thought to?
I’m sure you’re far too busy, but I’d love to hear the TP edited by you on the theme of debunking current economic orthodoxies and correcting many of the myths that we’re currently suffering under.
I bet there is a 17 page form to complete
… and they would never pick you. The application blurb suggests that they are looking for a nice local, cuddly feel – nothing to frighten the horses!
The only neoliberal forecast that was ever proved right was that you can always buy turnips; it is the summit of neoliberal achievement: they set the turnip standard.
In exactly 8 days time the Jersey Bailiwick Express will carry an article saying that you were right about their fiscal black hole and they should have listened.
They didn’t and look at their population change in the last 10 years.
Very droll
The difficulty for a relatively small economy like the UK’s is that the running is set by the bigger players: The US Fed and the ECB. If they are raising interest rates the pressure is going to be on the BoE to follow suit to protect the exchange rate. So, if we are to stand out against the herd, as the Bank of Japan is doing, we’d have to accept a lower pound which would cause prices to rise further.
This is not to negate your argument that we’re heading for a fall. However, as we saw in 2008, the crash when it happens will likely be international in nature. Capitalism will once again have to be bailed out by increased Government spending. All theories relating to ‘fiscal responsibility’ as espoused by Jeremy Hunt, Rachel Reeves will be rendered to be meaningless nonsense just as they were in the aftermath of the last crisis.
Maybe, I suggest
You overstate the importance of interest rates on exchange rates by a very long way
Possibly… but the transmission you mention is tenuous and uncertain. That higher rates will cause serious pain is a racing certainty.
I would prefer to take the chance and run with lower rates.
Sorry but you are completely wrong on this. May I suggest the correct definition….
Cassandra was the girlfriend of Rodney Trotter (brother of Del-boy). She was destined to see that all their scheming would end in tears…. but they never listened and went ahead anyway.
Rumbled
No. Rumbled was the manager in the TV series ‘Are You Being Served’. He was Captain Peacock’s boss, I think.
I give in.
You’ve all caught Friday fever.