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Post by Clinton Cool on May 29, 2024 17:55:03 GMT
I don't know how inflation is measured elsewhere. Actually, that's irrelevant. The trend from year to year is what matters for the purpose of this discussion, not the basket of goods/ services chosen. Provided that the basket remains consistent year on year and the basket is reasonably wide ranging, that suffices. Anecdotal evidence matches what official figures suggest. Petrol had gone up significantly between 2020 and 2024 but hotel prices and the cost of eating out was more or less unchanged. You are confused. As you say if the basket remains consistent year on year then the measure of inflation relative to previous years is reasonably valid. But only for the country in which the basket has been selected. A different basket with emphases on different items will give different results, eg the difference between CPI and RPI.
When you bring in other countries with completely different baskets and completely different ways of life and financial pulls, comparing one country with another is completely pointless. And that is before we have considered currency fluctuations.
Comparing inflation in UK vs Indonesia doesn't tell you anything meaningful except perhaps whether it is a good place to go on holiday.
Comparing inflation in a country which printed/ borrowed huge sums of money with a country which printed/ borrowed very little is a useful exercise. It shows the localised effect of an imbalance between supply and demand. Which needs to be considered, alongside global inflationary factors. Only if you have an interest in such things, of course. It shows for example, that governments can't say: 'we as a government can print/ borrow as much money as we wish. This will not cause inflation because the wider world, who are desisting from printing or borrowing huge sums, will protect us from any inflation because inflation only arises from global imbalances between the demand and supply of commodities'.
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Post by on May 29, 2024 18:10:45 GMT
I reckon all those vast computer servers also have underground food storage and self sufficient energy for 50 yars. And good security! Well apparently the current billionaires must have is a doomsday bunker. New Zealand being a popular destination I believe. Which is why it’s strange your selling yours🙃 I'm not really selling it just trying to lose it in case I get done for costs in the ongoing litigation. Innit ?
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Post by Telemachus on May 29, 2024 19:22:35 GMT
You are confused. As you say if the basket remains consistent year on year then the measure of inflation relative to previous years is reasonably valid. But only for the country in which the basket has been selected. A different basket with emphases on different items will give different results, eg the difference between CPI and RPI.
When you bring in other countries with completely different baskets and completely different ways of life and financial pulls, comparing one country with another is completely pointless. And that is before we have considered currency fluctuations.
Comparing inflation in UK vs Indonesia doesn't tell you anything meaningful except perhaps whether it is a good place to go on holiday.
Comparing inflation in a country which printed/ borrowed huge sums of money with a country which printed/ borrowed very little is a useful exercise. It shows the localised effect of an imbalance between supply and demand. Which needs to be considered, alongside global inflationary factors. Only if you have an interest in such things, of course. It shows for example, that governments can't say: 'we as a government can print/ borrow as much money as we wish. This will not cause inflation because the wider world, who are desisting from printing or borrowing huge sums, will protect us from any inflation because inflation only arises from global imbalances between the demand and supply of commodities'. It is only a useful exercise if the general circumstances of the two countries are similar. You should bear in mind that there are two distinct varieties of inflationary pressure. One is when demand increases whilst supply remains limited and thus becomes more expensive. The other is when demand remains the same but supply reduces and thus becomes more expensive. The inflationary pressure caused by printing money falls into the former category. But in the post-pandemic and post Ukraine war period, it was the latter category came into play. There was no increase in demand for home heating, in fact most people including me went to great efforts to reduce our energy consumption. Nevertheless large increases in energy costs, both direct in terms of home heating, and indirect in terms of increased costs for industry and food supply, created significant inflation. Totally unrelated to money printing. Equally of course another dose of austerity from the Tories didn’t have significant effect on bringing inflation down - it fell “naturally” due to global commodity and energy prices stabilising or falling as the global economy adapted to the pariah status of Russia. So no brownie point to Rishi for that, no matter what he said!
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Post by Clinton Cool on May 29, 2024 19:56:10 GMT
Comparing inflation in a country which printed/ borrowed huge sums of money with a country which printed/ borrowed very little is a useful exercise. It shows the localised effect of an imbalance between supply and demand. Which needs to be considered, alongside global inflationary factors. Only if you have an interest in such things, of course. It shows for example, that governments can't say: 'we as a government can print/ borrow as much money as we wish. This will not cause inflation because the wider world, who are desisting from printing or borrowing huge sums, will protect us from any inflation because inflation only arises from global imbalances between the demand and supply of commodities'. It is only a useful exercise if the general circumstances of the two countries are similar. You should bear in mind that there are two distinct varieties of inflationary pressure. One is when demand increases whilst supply remains limited and thus becomes more expensive. The other is when demand remains the same but supply reduces and thus becomes more expensive. The inflationary pressure caused by printing money falls into the former category. But in the post-pandemic and post Ukraine war period, it was the latter category came into play. There was no increase in demand for home heating, in fact most people including me went to great efforts to reduce our energy consumption. Nevertheless large increases in energy costs, both direct in terms of home heating, and indirect in terms of increased costs for industry and food supply, created significant inflation. Totally unrelated to money printing. Equally of course another dose of austerity from the Tories didn’t have significant effect on bringing inflation down - it fell “naturally” due to global commodity and energy prices stabilising or falling as the global economy adapted to the pariah status of Russia. So no brownie point to Rishi for that, no matter what he said! It's not necessary to categorise inflationary pressure in the way you have. The aforementioned imbalance between demand and supply suffices. It's obvious that this can work more than one way. Understanding that inflationary factors can be local as well as global is vital. Without this, governments could believe that they may run huge quantitative easing campaigns, with no risk of bringing unwanted inflation into their economy.
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Post by Mr Stabby on May 29, 2024 20:28:14 GMT
I don't know how inflation is measured elsewhere. Actually, that's irrelevant. The trend from year to year is what matters for the purpose of this discussion, not the basket of goods/ services chosen. Provided that the basket remains consistent year on year and the basket is reasonably wide ranging, that suffices. Anecdotal evidence matches what official figures suggest. Petrol had gone up significantly between 2020 and 2024 but hotel prices and the cost of eating out was more or less unchanged. You are confused. As you say if the basket remains consistent year on year then the measure of inflation relative to previous years is reasonably valid. But only for the country in which the basket has been selected. A different basket with emphases on different items will give different results, eg the difference between CPI and RPI.
Here's how inflation figures are fiddled in the UK. Video recorders are invented and cost £300. They are placed in this imaginary basket. Every year the cost of food, petrol etc goes up while the cost of video recorders comes down. So they cancel each other out. Eventually a video recorder costs £50. And then DVD players are invented, they cost £300. Video recorders are removed from the basket and DVD players put in to it. Every year the cost of food, petrol etc goes up while the cost of DVD recorders comes down. So they cancel each other out. Eventually a DVD recorder costs £50. And then Blu-Ray players are invented, they cost £300. (Continues ad nauseum).
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Post by Clinton Cool on May 30, 2024 7:51:09 GMT
You are confused. As you say if the basket remains consistent year on year then the measure of inflation relative to previous years is reasonably valid. But only for the country in which the basket has been selected. A different basket with emphases on different items will give different results, eg the difference between CPI and RPI.
Here's how inflation figures are fiddled in the UK. Video recorders are invented and cost £300. They are placed in this imaginary basket. Every year the cost of food, petrol etc goes up while the cost of video recorders comes down. So they cancel each other out. Eventually a video recorder costs £50. And then DVD players are invented, they cost £300. Video recorders are removed from the basket and DVD players put in to it. Every year the cost of food, petrol etc goes up while the cost of DVD recorders comes down. So they cancel each other out. Eventually a DVD recorder costs £50. And then Blu-Ray players are invented, they cost £300. (Continues ad nauseum). I see where you're coming from but if the 'basket' is a fair representation of what people spend their money on, how is this a fiddle? Obviously, the slice of the population which spends a lower than average proportion of their income on 'luxuries' would experience higher inflation.
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Post by on May 30, 2024 8:17:15 GMT
Quite chilly today!
Getting the offsprings aboard the launch for a couple of days. Nice change.
I expect they will have a temperature shock after being in the Maghreb for a week.
Its Sunni over there.
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Post by dogless on May 30, 2024 10:42:06 GMT
The hanging monkey's still there below Rickmansworth 😁 Rog
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Post by on May 30, 2024 14:28:24 GMT
Oh yes springwell landfill.
I had some nice enamel lamp shades out of the abandoned buildings there back in the day. Yobboes had been in and smashed most of them up but some were saveable.
Interesting place a bit dark down there on the moorings.
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Post by Deleted on May 30, 2024 14:37:40 GMT
Boat is out at Dunchurch. Pleased to see that the hull is still in great condition, few bits of rust along the water line but only on the surface. No pits at all sides or bottom. Looks like it would have been good for a couple more years but there you go. Anodes look same as last time it was out nearly 3 years ago. Wire brushed and scrapping the crap off and wondering whether to stick a coat on the water line now. Just unsure of the weather…
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Post by Mr Stabby on May 30, 2024 16:39:24 GMT
Looks like it would have been good for a couple more years but there you go. With boats, it's often a good idea to carry out routine operations a year or so early.
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Post by Murgatroyd on May 30, 2024 17:50:36 GMT
I have been revisiting my pakora recipe. The main diff this time is chicken and a shitload of fresh green chilli. I like chilli so it doesn't seem possible to overdo it in this department. Also added pea and some ginger, although I am unsure if the ginger has made much of a difference.
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Post by dogless on May 30, 2024 17:53:23 GMT
Looks like it would have been good for a couple more years but there you go. With boats, it's often a good idea to carry out routine operations a year or so early. Rude Rog
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Post by Trina on May 30, 2024 20:17:32 GMT
Funnily enough Westport is on the cards for today.😊 It’s Irish friends that have told me about Westport, some of them that used to live in Galway in the 80’s. Which was definitely some kind of heaven before they built the shopping center in eyre square. You’ll have to let’s us know what you think. Have a very happy birthday. Westport was a cracking place,lots of independent shops & a lovely feel to it.Far,far nicer than Galway.We had a good mooch round,a cracking lunch at a small family bakery & a nice walk around the harbour.We liked it a lot.Got to say that wherever we've been-the folk have been lovely,helpful & interested in where we come from.Back to N Ireland on Saturday where Paul was based in the 70s(Belfast & Derry).He had some great chats last year in both places when he said he'd worked there.
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Post by Jim on May 31, 2024 7:46:35 GMT
Spent Wednesday driving to Kirkudbright to see Noreen's brother, on chemo for lymphoma,treatment going well. So had a look at the little "harbour", a tidal dock with a couple of fishing boats. Yesterday came up to Glasgow via Ayr, met up with my li'l bro in a premier inn, my niece is getting wed on Saturday, were here till Monday. Off to see the Gallery of Modern Art this morning. Went out for a nosh last night, an Afghani restaurant, shoulder of lamb with pilau rice, the lamb just fell apart as I looked at it, delicious. Now then boys and girls, stop drooling, wipe your chins.
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