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This is sure to work! The Guardian has up a panel discussion with the title “Labour is in a mess. Is there anything Starmer can do to turn things around? Our panel responds”. One of the panellists is Ann Pettifor. She writes,
The Bank lacks tools and legitimacy to tackle inflation. Labour should transfer that role to a new Inflation Control Office, which could use taxes, price controls and even rationing to lower inflation. Then Reeves should change the Bank’s mandate, radically: to support the economic policy of the government, not the City.
As a means to “save” Keir Starmer’s government, I am not convinced by the rationing bit. True, price controls are nearly always popular – until tried. But the people’s cry of “We want an Inflation Control Office to stop us buying things!” is heard only in Ann Pettifor’s dreams. I would advise less rich food late at night.
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The Bank of England is the CREATOR of inflation – it creates the fiat money and backs up the Credit Bubbles of the banks.
As for an “Inflation Control Office” – with “taxes, price controls and even rationing…..” – this approach caused terrible harm when the Emperor Diocletian followed it, and when every other despotic tyrant followed it.
The Guardian newspaper today has become the opposite of what the people who founded the Manchester Guardian wanted it to be – it stands for tyranny.
ooooh! Maybe we could perhaps use some rationing: how about rationing…. the supply of fiat money?
Inflation is always and everywhere a monetary phenomenon.
Did they consider starting a war somewhere? That always bolsters the government. After all, Maggie did it.
Those Icelanders are getting pretty uppity, and we need revenge from our loss of the last war we had with Iceland.
Or maybe the middle east? That’s always a good place to start a war. Or surely there is some shithole little African country that is doing some sort of abuse of civil rights (censoring free speech for example) and we could all get outraged about that and send in the gunboats?
I know this is crazy, but one way they could reduce inflation is if the government would just spend less money. But that is obviously completely impossible. Or maybe kicking out all the people spending government money that have no legal right to be in Britain. That’d definitely help.
But I think the “start a war” thing is more realistic.