3 ms·
This is a wildly ideological hottake on the role of the central banks. Right at the outset you've got this: > After tightening Bank of England monetary policy
by Invictus0 4y ago
This is a wildly ideological hottake on the role of the central banks. Right at the outset you've got this:
> After tightening Bank of England monetary policy and raising rates in February, 2022, the £575,000-a-year BoE governor, Andrew Bailey, was asked whether he wanted to inflict more pain on workers? His answer was direct:
>> "Broadly, yes - in the sense of saying: we do need to see a moderation of wage rises. That's painful - I don't want to in any sense sugar that message, it is painful."
Powell said more or less the same thing. This is misleading because:
1) What does his salary have to do with anything? If he was paid $1 would that change the meaning of his words?
2) It leaves out the key point of the rate hikes, which is that this is a necessary pain to prevent inflation from rising out of control. What does the author propose: printing money forever? Let inflation keep rising? Apparently yes, since she brags about eliminating $100B of debt in her bio some 20 years ago.
3) It maliciously assigns the primary reason for the hike to "hurting workers", as if Andrew Bailey gets his rocks off at night based on how much pain he causes the working class, and not to crushing inflation back to normal levels.
Nothing after this is worth your time reading.
- InCityDreams 4y ago...a £million every two years and £75k spending money each year. >1) What does his salary have to do with anything? If he was paid $1 would that change the meaning of his words? Yes.
- Invictus0 4y agoYour comment is pretty clearly against the community guidelines but ok. Donald Trump donated his entire salary every year he was in office, effectively zeroing it. Do you like him more now? source: https://www.usatoday.com/story/news/factcheck/2023/02/02/fact-check-partly-false-claim-trump-tax-returns-salary-donation/11132712002/ https://www.usatoday.com/story/news/factcheck/2023/02/02/fac...
- jgeada 4y agoAnd then paid himself handsomely by golfing every possible opportunity at his own resorts. Save me the theatrics on salary.
- Invictus0 4y agoDear god. The specifics don't fucking matter. The point is that the meaning of words doesn't change depending on the salary/compensation/whatever of the person saying them. Elon Musk can be completely wrong about things, a beggar can be right. Evaluate words on their own merit.
- aftbit 4y agoI agree, the article is definitely a hot take. I was with you until: >Nothing after this is worth your time reading. I found it to be an interesting viewpoint even if I don't agree.
- Invictus0 4y agoIf someone is obviously trying to manipulate me in the first few sentences of the article, the rest isn't worth my time. But you do you.