Gas Prices

[River Don]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

I want to pay by cash. I know where i am. I don't have lots of cash so it's easier for me if i go out for the day to take out some cash and then i know what i've got and what i've spent. Can't do that with card.

Also, often my card gets declined at places even when i've got cash in due to banking issues and it's embarrassing and causes stress and inconvenience. Cash is best for me and nobody will tell me i can't pay by card or they'll get a letter of claim.

What about older people too? They prefer to use cash a lot of them.

Card is fine if you've got loads in the bank and you don't need to keep a strict track. I haven't and so it is not helpful.

Yes, I feel your pain. But really it does not make a blind bit of difference to the economy.

[Nudga]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

Tell that to homeless people, charities who use charity boxes, the elderly who divvy up their money so they know exactly what they are spending.

[River Don]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

Tell that to homeless people, charities who use charity boxes, the elderly who divvy up their money so they know exactly what they are spending.

I agree there, a cashless society simply won't work.

[Panda]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

I want to pay by cash. I know where i am. I don't have lots of cash so it's easier for me if i go out for the day to take out some cash and then i know what i've got and what i've spent. Can't do that with card.

Also, often my card gets declined at places even when i've got cash in due to banking issues and it's embarrassing and causes stress and inconvenience. Cash is best for me and nobody will tell me i can't pay by card or they'll get a letter of claim.

What about older people too? They prefer to use cash a lot of them.

Card is fine if you've got loads in the bank and you don't need to keep a strict track. I haven't and so it is not helpful.

Yes, I feel your pain. But really it does not make a blind bit of difference to the economy.

Maybe but i'm not looking at the bigger picture of the economy. I'm looking at this as my human right to be able to pay by the legal tender of the state - CASH - being removed from me. This is all that matters to me. Not the economy although i take your point RD.

[River Don]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

I want to pay by cash. I know where i am. I don't have lots of cash so it's easier for me if i go out for the day to take out some cash and then i know what i've got and what i've spent. Can't do that with card.

Also, often my card gets declined at places even when i've got cash in due to banking issues and it's embarrassing and causes stress and inconvenience. Cash is best for me and nobody will tell me i can't pay by card or they'll get a letter of claim.

What about older people too? They prefer to use cash a lot of them.

Card is fine if you've got loads in the bank and you don't need to keep a strict track. I haven't and so it is not helpful.

Yes, I feel your pain. But really it does not make a blind bit of difference to the economy.

Maybe but i'm not looking at the bigger picture of the economy. I'm looking at this as my human right to be able to pay by the legal tender of the state - CASH - being removed from me. This is all that matters to me. Not the economy although i take your point RD.

They can't remove cash.

Anyway this is a distraction from the main point, we cannot afford to heat our homes.

[Panda]

Of course. Apologies RD. Back on topic re: gas prices.

[SydneyRover]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

Tell that to homeless people, charities who use charity boxes, the elderly who divvy up their money so they know exactly what they are spending.

I agree there, a cashless society simply won't work.

Just spent 25 days in 2 capital cities never used cash nor saw it used once RD.

[River Don]

Honestly Panda it does not matter if currency is available in gold, paper or digital code.

Tell that to homeless people, charities who use charity boxes, the elderly who divvy up their money so they know exactly what they are spending.

I agree there, a cashless society simply won't work.

Just spent 25 days in 2 capital cities never used cash nor saw it used once RD.

So what?

[SydneyRover]

Even we were surprised that we did not have change any money at all the whole time, we overpaid a couple of time due to minimum charges but no cash required.

[River Don]

Even we were surprised that we did not have change any money at all the whole time, we overpaid a couple of time due to minimum charges but no cash required.

So what?

[SydneyRover]

Even we were surprised that we did not have change any money at all the whole time, we overpaid a couple of time due to minimum charges but no cash required.

So what?

So what nothing RD

[BillyStubbsTears]

Yeah because she'll play her part, she's just as bad an actor fat Boris

There's literally no arguing with this. It's like trying to argue with a Jehovah's Witness.

Whatever anyone does, it's either directly aiding the Great Reset or its pretending not to so it can help deceive people and help the Great Reset to happen.

How do you argue with that?

[River Don]

Even we were surprised that we did not have change any money at all the whole time, we overpaid a couple of time due to minimum charges but no cash required.

So what?

So what nothing RD

I agree

[River Don]

We need to get a grip on something. Energy is fundamental to the economy. It is its life blood. Without it nothing can happen.

Work things out from that.

[Nudga]

Yeah because she'll play her part, she's just as bad an actor fat Boris

There's literally no arguing with this. It's like trying to argue with a Jehovah's Witness.

Whatever anyone does, it's either directly aiding the Great Reset or its pretending not to so it can help deceive people and help the Great Reset to happen.

How do you argue with that?

Stop arguing then, easy. I didn't ask you to argue with every post I make.
But people like you are sleep walking into Agenda 2030.

[Panda]

They'll soon know about it when it happens and rue their ignorance.

[Bristol Red Rover]

30% rise in gas prices worldwide already due to Russia cutting off gas supplies. Have faith in Truss though 

[danumdon]

30% rise in gas prices worldwide already due to Russia cutting off gas supplies. Have faith in Truss though 

Not so much a case of faith in Truss.

But there will be plenty on here who will use this to muddy the bath before she has even been in the thing.

[wilts rover]

30% rise in gas prices worldwide already due to Russia cutting off gas supplies. Have faith in Truss though 

Not so much a case of faith in Truss.

But there will be plenty on here who will use this to muddy the bath before she has even been in the thing.

That's 30% extra profits for the oil and gas companies. Which she has already said she wont tax to help fund cuts to bills.

She and the rest of the shareholders will have a nice warm bath - it will be a cold shower for the rest of us.

[BillyStubbsTears]

Refusing a windfall tax is very odd policy.

1) It's morally the right thing to do. Companies like Shell and BP have done absolutely nothing to justify the vast increase in their profits. They are simply benefitting from Putin's economic warfare.

2) It would bring in very significant amounts of money into the Govt's coffers, that could be used to cover some of the costs of the energy crisis.

3) It is politically very, very unpopular to be seen to be protecting these profits while everyone else suffers. It gives other parties a massive free hit.

I truly cannot fathom why she is doing this.

[danumdon]

Refusing a windfall tax is very odd policy.

1) It's morally the right thing to do. Companies like Shell and BP have done absolutely nothing to justify the vast increase in their profits. They are simply benefitting from Putin's economic warfare.

2) It would bring in very significant amounts of money into the Govt's coffers, that could be used to cover some of the costs of the energy crisis.

3) It is politically very, very unpopular to be seen to be protecting these profits while everyone else suffers. It gives other parties a massive free hit.

I truly cannot fathom why she is doing this.

BST i would of thought you of all people would be aware that when it comes to politicians its always a case of not what they say but more of what they actually do.

It usually adds up to two different things.

[Nudga]

Yeah because she'll play her part, she's just as bad an actor fat Boris

There's literally no arguing with this. It's like trying to argue with a Jehovah's Witness.

Whatever anyone does, it's either directly aiding the Great Reset or its pretending not to so it can help deceive people and help the Great Reset to happen.

How do you argue with that?

She'll be parroting Uncle Klaus's soundbites soon enough.


https://www.weforum.org/people/liz-truss

[BillyStubbsTears]

Honestly Nudge, there is one reason why Truss won't achieve economic growth. We physically do not have enough gas to generate the energy to power growth.

Economists think everything is run by money. The truth is money is just a token and it mostly represents energy.

Without affordable energy we are sunk. As we are about to find out.

RD.

There were similar arguments in the 70s after the 1973 and 1979 oil price shocks.

The response was that the West diversified its energy sources and massively increased energy efficiency. I've seen it convincingly argued that the reason the West so comprehensively defeated the USSR in the Cold War was that this paradigm shift gave a new dynamism to Western capitalism, while the USSR thought it was in clover with higher prices for its oil exports meaning they didn't modernise their industry.

Not bound to happen this time, and certainly the next year at least will be very tough. But Russia's behaviour has made it clear to Europe that it has to wean itself off gas very quickly. That is part of the transition that the world has to make towards renewables. It's been made existential now. Western capitalism has a long record of responding to existential threats with dynamic flexibility.

[BobG]

The news inevitably these days includes yet another group either going on strike or considering going on strike. Barristers, (barristers!) are on strike now. Inflation is a direct cause of labour unrest. The current inflation is often argued to be temporary and a blip, but given the geo political soundbites we hear about never giving in to Putin, we ain't going to see Russian gas again for a long, long time. With inflation, like night following day, comes higher and ever higher interest rates. The Thatcher bonfire of regulations in the 1980's removed pretty well all the other levers with which to repress it. So, inflation becoming serious, interest rates inexorably climbing, negative equity, rising unemployment and falling investment all looming, I am enthralled by the prospect of a Conservative premier, La Truss, being forced to introduce a Prices and Incomes policy.  That really will play well......

BobG

[BillyStubbsTears]

Albie
A few weeks ago you were insisting that we had to cap energy prices to keep inflation down.

Here's one of the country's leading macroeconomists gently explaining why that thinking is wrong.

https://mobile.twitter.com/t0nyyates/status/1567417046115254272

The reply a few down really sums it up. "The price of something doesn't go down just because someone else buys it for you."

The inflation comes from the fact that the energy that the country in now buying on global markets is five times costlier than it was last year. The subsidising of the end user cost doesn't change the fact that we as a country are paying that cost.

We COULD mitigate some of that effect by confiscating the profits that UK based production companies are making from this market. For reasons known only to her, Truss has insisted she won't do that.

[wilts rover]

When Liz Truss rejects a windfall tax on the £170,000,000,000 profits oil and gas giants are expected to make, it's worth remembering:

She's a former Shell employee whose party has taken more than £1,500,000 in donations from the oil and gas industry since the last election.

https://twitter.com/zarahsultana/status/1567489465177849857

[selby]

 There has been nearly a 5% drop in oil prices today

[glosterred]

When Liz Truss rejects a windfall tax on the £170,000,000,000 profits oil and gas giants are expected to make, it's worth remembering:

She's a former Shell employee whose party has taken more than £1,500,000 in donations from the oil and gas industry since the last election.

https://twitter.com/zarahsultana/status/1567489465177849857

Isn’t the £170bn the worldwide profits of these companies? If so how you going to tax money that isn’t even earned in the country?

[selby]

  They are registered as British companies, smack them with high taxes and they will just move to another mire accommodating country where they will pay their tax revenue and we will miss out on any.
  Just the reason Royal Dutch Shell became just Shell and moved their headquarters here a couple of years ago from Holland. TO PAY LESS TAX.
  Basically it's all or nothing with them, take a big lump and they run away and you get nothing, lose investment, lose jobs, and your pensions take a hit.
  And the lefties that are spouting this know it, and will kick off about the government if it happens, and blame them.

[wilts rover]

The capitalist shareholders moaning that the taxpayer should fund their £million foreign holiday homes whilst they can't heat their own.

Off you go to the Cayman Islands then - and leave your licences to extract from the North Sea behind.