Midweek Macro Musings - economically illiterate politicians!

​"We have had the would-be leader of the Labour Party, Owen Smith, boasting of offering the ‘biggest increase in living standards for a generation’ by making the most marginally productive, youngest workers 55% more expensive to employ! Then we have that egregious, hippy moonlighter and part-time climate warrior, Mark Carney, rushing to the men’s room to show Mario Draghi how well he, too, is endowed—to the hearty cheers of ALL the MPC insiders. His a singularly foolish programme of renewed QE, rate cuts, and sub rosa helicopter money comes even as credit ratios mount and the trade gap yawns to a record £135bln a year. Worse yet, his ‘stimulus’ has already put company pension schemes £400bln+ in the red, a sum equivalent to no less than 40% of the past 5-years’ cumulative PNFC net operating surplus and to almost half of total business investment. Given the brouha-ha surrounding the ‘unacceptable face ‘ of Sir (for now) Philip Green, the BOE Governor deserves no lesser a measure of our opprobrium for his destruction of capital." Sean Corrigan