Russia is nibbling away at small localised targets. Vincenzo Circosta/SOPA Images/LightRocket/ Getty Images

A couple of weeks ago, I was smoking a cigarette outside my hotel in Kharkiv when a Ukrainian man, hearing me speak English, came over to show me a photo on his phone. It was of his 21-year-old son who he had just buried that day, killed fighting as part of a volunteer battalion outside Izyum. “He was my only son,” the man told me, “I still can’t believe my line has died out. I keep calling his phone and then remembering. Tomorrow I will join his unit and take his place.”
Though just a sad anecdote, this brief exchange highlights two opposing truths about the war in Ukraine. Firstly, that the Ukrainians possess an indomitable will to win, to beat the Russian invaders and reclaim control of their country in its entirety, whatever the sacrifices involved. But the other hard truth is that the human cost to Ukraine of the nation’s resistance to foreign occupation is very steep indeed. Almost everyone you speak to asserts that the official death announcements, currently standing at 200 soldiers killed daily, are understated. “A whole generation of boys is being wiped out,” the man told me. Reporting from the ground now emphasises the losses Ukraine is suffering, as outgunned troops struggle to hold their positions under constant shelling.
A new RUSI report, based on original research on the frontlines of eastern Ukraine and excellent access to senior Ukrainian commanders, outlines the challenge in sobering detail. The Russian army, stung by its operational failures in the war’s opening weeks, has adapted its way of war, abandoning its early attempts at grand encirclements using fast-moving armoured columns. It now relies on artillery to grind down defensive positions along with the Ukrainian army’s ability to resist, and then masses infantry and armour in localised spearheads to seize the ruins with overwhelming force, currently outnumbering the Ukrainian defenders seven to one. This allows “Russian forces to make greater progress in urban fighting, with casualty rates among Russian and Ukrainian units currently approaching parity, despite the Russians usually being on the offensive”. As one Ukrainian commander on the frontline told me, “all we can do here is slow down the Russian advance”.
Instead of sweeping pincer movements, enclosing Ukrainian positions in their armoured jaws, the Russians have adopted a “bite and hold” strategy, nibbling away at small, localised targets with the seeming confidence that time is on Moscow’s side. As the RUSI paper observes, “although Ukrainian troops are much better motivated, Russian numerical superiority and the ability to kill Ukrainian forces with artillery as they manoeuvre mean that Ukrainian units continue to cede ground and to pay disproportionately on the offensive”.
At the heart of Russia’s local successes in the Donbas lie Moscow’s vast advantages in artillery firepower, making up for the lacklustre quality of its infantry, which won such mockery — and perhaps stoked a dangerous over-confidence — from Western observers earlier in the war. Man for man, the Ukrainians remain better soldiers, but they’re now being killed in unsustainable numbers without ever seeing the enemy.
Striking an urgent note of warning, the report cautions that “several Russian advantages and Ukrainian weaknesses are leading to an attritional conflict that risks a protracted war, eventually favouring Russia”. Firstly, Russia’s artillery firepower is effective not only at reducing Ukrainian strongpoints but also in preventing Ukrainian forces from massing for counterattacks. Russia “fires approximately 20,000 152-mm artillery shells per day compared with Ukraine’s 6,000”, drawing not only from new production but from Soviet stocks, of which “by some estimates, several years’ worth still remains”. Adding to the disparity, long-range Russian missile strikes are destroying Ukraine’s defence infrastructure, eroding the country’s capacity to sustain what may become a years-long war.
Secondly, the supply of replacement materiel from Western stocks has enabled the Ukrainians to survive, but is inadequate to procure a strategic victory. Furthermore, the mash-mash of donated vehicles and weapons systems from Nato’s diverse stocks has left the Ukrainians with a complex and unwieldy supply and maintenance train.
Thirdly, Ukraine’s vast mobilisation of fighting men is providing the necessary mass to fight a high-intensity war at such scale, but at the cost of experience, so that “a shortage of skilled infantry and armoured operators is limiting Ukraine’s offensive combat power”, while “limited staff capacity is limiting Ukraine’s ability to plan and execute combined operations at scale”. As the report’s authors warn, “Ukrainian victory is possible, but only with international support.”
It all makes for sobering reading: a necessary dose of clarity in an information space muddied by the dopamine-fuelled boosterism of each side’s social media supporters, all proclaiming their own faction’s tactical victories to be decisive, and their own defeats cunning strategic masterstrokes. But as Churchill cautioned after Dunkirk: “Wars are not won on evacuations” — and nor are they won by retweets. Indeed, perhaps the over-confident emphasis on Ukraine’s victories earlier in the war, by feeding complacency in the West and lessening the sense of urgency and threat the country still faced, helped lay the groundwork for the difficult position Ukraine now finds itself in. The hard truth is that to achieve a strategic victory, Ukraine will need to recapture and hold its lost territory, and this goal now seems to be stretching beyond the country’s capabilities.
Yet this does not mean, as Russia’s increasingly self-satisfied online supporters now boast, that Putin has won the war. The Russians too have been suffering heavy losses, and are throwing conscript levies from the separatist republics into the Donbas meatgrinder. CNA’s Michael Kofman has asserted that the “long-term trends still favour Ukraine”, though he hedges that this prediction is “conditional on sustained Western military assistance, and is not necessarily predictive of outcomes”.
In truth, the war’s final outcome is unknown. Yet the fundamental dynamics that persuaded many commentators, including me, to predict an easy Russian victory before the war began have not yet altered enough for confidence in Ukraine’s eventual victory to be absolute. Despite its heavily-publicised, staggering losses, Russia retains the comparative advantage in materiel with which it began the war. Just as dangerous for Ukraine, the country’s support from Western nations remains as piecemeal and wavering as it was from the start.
Having abandoned illusions of a swift victory, Russia seems to have settled on a strategy of grinding Ukraine down over the long haul, banking on the weariness of the country’s Western allies to make them slowly taper down their support. As so often, Europe’s weakest link is Germany, utterly dependent on Russian energy thanks to Merkel’s willful naivety. With the German economy seemingly entering a death spiral, German politicians warning of energy rationing, and ordinary Germans causing a shortage of woodburning stoves and firewood as they stockpile for the hard winter ahead, Berlin’s already paper-thin resolve to sacrifice its own comfort for Ukraine’s security represents a major hazard for Kyiv. A united Western determination to face down Russia’s aggression is unlikely to survive the winter: to win the war decisively, the Ukrainians will need to claw back ground this summer, or face a grinding war of attrition in which the odds will become increasingly stacked against them.
Certainly, some of the Western supplies trickling into Ukraine have enabled the defenders to hold their ground and make the Russians pay as heavily as possible for the ground they take. In the south, around Kherson, the Ukrainians have been able to launch a counteroffensive, making slow but meaningful gains, an operation on which optimistic narratives of Ukrainian victory are now centring their hopes. The long-range artillery systems for which the Ukrainian government spent early summer pleading have begun to arrive, and are enabling Ukrainian forces to strike Russian munitions stockpiles far behind the front lines, somewhat denting Moscow’s advantage in artillery. Similarly, artillery platforms like the French CAESAR system have lessened the threat of an amphibious assault on Odessa, guaranteeing the survival of at least some of Ukraine’s hold on its Black Sea coastline for the foreseeable future, and forcing Russia’s retreat from the strategically — and symbolically — significant outpost on Snake Island.
But as the RUSI report’s authors caution, “the scale and longevity of support that Ukraine requires is significant and will stretch many Western allies. These requirements cannot be met through the donation of existing stocks but will instead require the production of new munitions.” This is precisely what our new Chief of General Staff was urging when he warned last week that, due to “ammunition expenditure rates that would exhaust the combined stockpiles of several Nato countries in a matter of days”, Britain and other European nations must begin an urgent programme of wartime-scale munitions production, not just for Ukraine’s sake, but also for our own. As he warned: “We can’t be lighting the factory furnaces across the nation on the eve of war; this effort must start now if we want to prevent [a wider European] war from happening.”
But as always with Johnson, fine words were not matched by the necessary deeds. There is no point involving Britain in a proxy conflict with Russia unless we are prepared to win it. But like other Western nations, Britain is providing Ukraine with enough materiel to fight, but not enough to win. Johnson has staked the remnants of his political reputation on Ukraine yet is unwilling to do what is necessary to either stave off a Russian victory, or to rebuild our own armed forces to meet the grave demands of the moment. Who will replace Johnson, and what their Ukraine policy will be are absolute mysteries. All the high-flown symbolic diplomacy and all the publicity stunts in Kyiv are not enough to stave off the sense that we are sleepwalking into disaster.
Without a massive European rearmament programme, only the United States possesses anything approaching the spare armaments and munitions in sufficient quantities to build a Ukrainian force capable of regaining the initiative on the battlefield. Yet even here the prognosis is grim: the Biden administration, which perhaps foolishly has openly linked rising petrol prices to its support for Ukraine, is plumbing historic lows as it stumbles towards what will likely be catastrophic midterm elections. The ascendant wing of the Republican party is more or less openly supportive of Putin, projecting its distaste for its domestic enemies onto Ukraine, and prominent foreign policy realists in the American defence establishment urge a winnowing of American support for Europe to focus on the greater strategic threat posed by China in the Pacific.
Back in Kharkiv, a month and a half ago, I sat in the back of an SUV with two Territorial Defence volunteers, both middle-aged businessmen from Kyiv, as we waited for an Explosive Ordnance Disposal team to detonate the unexploded Russian ordnance ahead of us and clear the road to their positions. Russian forces, back then, had just been pushed back from the positions on the city ring road from which they pummeled the battered Saltivka district with artillery fire, and Ukrainian forces were cautiously optimistic while worrying about the winter ahead. “Will it be a problem, petrol prices in America?” Avden, the platoon commander asked me suddenly. “I hear all over America they are paying $5 for petrol. Putin knows this. That’s why we need to win the war quickly, before summer is over.”
But we are halfway through the summer now, and the war is nowhere near over. On my return to Kharkiv, a couple of weeks ago, the bombardments were back every night, as the Russians deployed longer-range artillery to fire randomly on the city. Even if Ukraine conducts a fighting withdrawal from the Donbas over the course of the summer, it is not clear that Russia will pause its slow but accelerating advance, or that border cities such as Kharkiv will not once again come under direct assault. The Ukrainian state responded to the invasion with greater competence and cohesion than anyone expected, and the Ukrainian people have displayed a determination to win against all odds that will go down in history.
But as the RUSI report makes clear, a strategic victory in this war ultimately depends on the will and determination of Western leaders. Fuelled by victories in the Donbas, a Russian narrative will develop that Moscow’s final victory is certain, and support for Ukraine is a doomed and pointless effort. This is not the case. A Russian victory in Ukraine is not inevitable, but preventing this outcome will require a pan-Western effort not far short of full wartime mobilisation, an effort which is so far not taking place. The relentless optimism of Ukraine’s online supporters, though understandable, does not accurately reflect the strategic picture, and may instead be hindering a popular understanding of the grave challenges that lie ahead. Ukrainians are doing everything in their power to win this war, and suffering terribly in the process: but unless their sacrifice and solidarity is matched in Western capitals, it may still not be enough.
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SubscribeExcellent. The Bank of England has failed miserably to create stable normal conditions for the UK economy. Mr QE Zero Interest Net Zero ESG BS Carney as much as the hapless one eyed Nelsonian present Governor (I see no inflation risk…in an economy shutdown for 2 years!!!!!) Is responsible for the impending inevitable crash. For him to blame Brexit paperwork for the cost of lockdown inflation shows he is more interested in spouting Remainiac derangement groupthink than the truth.
Excellent. The Bank of England has failed miserably to create stable normal conditions for the UK economy. Mr QE Zero Interest Net Zero ESG BS Carney as much as the hapless one eyed Nelsonian present Governor (I see no inflation risk…in an economy shutdown for 2 years!!!!!) Is responsible for the impending inevitable crash. For him to blame Brexit paperwork for the cost of lockdown inflation shows he is more interested in spouting Remainiac derangement groupthink than the truth.
Why do people still listen to Carney? He epitomizes the incompetence of the ruling elite driving the west into oblivion. He has all the check marks, all the letters behind his name, all the right connections to very important people, but he lacks the analytical tools and vision to see the consequences of his policies. His hysterical ramblings about climate change have helped entrench net zero policies, which are the root cause of the energy crisis in Europe today.
Why do people still listen to Carney? He epitomizes the incompetence of the ruling elite driving the west into oblivion. He has all the check marks, all the letters behind his name, all the right connections to very important people, but he lacks the analytical tools and vision to see the consequences of his policies. His hysterical ramblings about climate change have helped entrench net zero policies, which are the root cause of the energy crisis in Europe today.
The Bank of England was given independence and a mandate to keep inflation at around 2% p.a. on the basis that monetary policy could control inflation and deliver that target. Yet when inflation surges over the target for a period of (at least) several years, the BoE and its apologists blame everything other than their monetary policy for that inflation – supply chain bottlenecks, war in Ukraine, pay claims by greedy workers, too little immigration, Brexit, and so on. Either the BoE can control inflation over the medium term – through interest rates, Quantitative Easing and Quantitative Tightening – or it cannot. If it can’t, it should hand responsibility, and accountability, for interest rate policy and inflation control back to the elected government. As it is, the BoE has power without responsibility – pursuing a low interest rate and very loose monetary policy with profound political and social justice consequences, but shirking accountability for the inflation which they were warned – but denied – would result.
The Bank of England was given independence and a mandate to keep inflation at around 2% p.a. on the basis that monetary policy could control inflation and deliver that target. Yet when inflation surges over the target for a period of (at least) several years, the BoE and its apologists blame everything other than their monetary policy for that inflation – supply chain bottlenecks, war in Ukraine, pay claims by greedy workers, too little immigration, Brexit, and so on. Either the BoE can control inflation over the medium term – through interest rates, Quantitative Easing and Quantitative Tightening – or it cannot. If it can’t, it should hand responsibility, and accountability, for interest rate policy and inflation control back to the elected government. As it is, the BoE has power without responsibility – pursuing a low interest rate and very loose monetary policy with profound political and social justice consequences, but shirking accountability for the inflation which they were warned – but denied – would result.
This man is quite frankly a moron.
You’d think he’d never heard of Milton Friedman: “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output”.
Guess who was in charge of the quantity of money.
Guess who consistently failed to meet their 2% inflation target (“you only had one job …”).
Or is he yet another of those people who will claim that they were “present, but not involved” ?
MIlton Friedman overstated things with this. While most inflation is caused by monetary policy, i.e. things now cost more because the value of your money has declined, because I’ve been increasing the money supply, it is possible to have inflation where things cost more because there is a shortage of the raw materials, etc. you need to make them. Until somebody comes along with a new supply at a reasonable price. prices will remain high. No amount of futzing around with the interest rates, money suppy, etc will help matters. Now, usually this sort of inflation hits one sector of the economy but all the rest continue on their merry way. If there is a big copper shortage then many things will get more expensive, but most things will not, and people will just do without the copper-needed things until the supply improves. But energy is the real exception. If things are getting more expensive because the energy it takes to make things is more expensive, then this will crush all sectors of the economy because everybody needs energy.
Build nukes.
If money supply is maintained in equilibrium, if the cost of some things increase because of a shortage of raw materials etc, then demand for other things will decline (because there will be less money available to spend on them) and prices for those things should also decline, reducing inflationary pressures. If there has been a massive increase in money supply, and an increase in the savings ratio because people were locked up, then those offsetting reductions will not occur.
It’s remarkable how stuck the prices of those ‘other things in decline’ often are. Reduced demand should make the sellers lower their prices, but some of them are already pricing things as low as they can. So instead they _raise_ prices, by a whole lot, hoping that there are a very, very few buyers who have to have what they are selling at any price, and that this tiny section of their former mass market can pay for them to survive the storm. Sometimes this works. Mostly it doesn’t, and the firm goes bankrupt. But neither of these outcomes has a positive effect on inflation.
It’s remarkable how stuck the prices of those ‘other things in decline’ often are. Reduced demand should make the sellers lower their prices, but some of them are already pricing things as low as they can. So instead they _raise_ prices, by a whole lot, hoping that there are a very, very few buyers who have to have what they are selling at any price, and that this tiny section of their former mass market can pay for them to survive the storm. Sometimes this works. Mostly it doesn’t, and the firm goes bankrupt. But neither of these outcomes has a positive effect on inflation.
I agree there are other factors. But money supply – and the price of money (interest rates) was the thing directly under Carney’s control.
You’re correct that he also lobbied for higher energy prices. And continues to do so. Utter madness.
Assume you mean build nuclear power stations. Fully on board with that. Though I’d rather we come up with our own designs and industry here (as we used to – we invented them after all) and stopped the idiotic policy of buying one off reactors from the French or Chinese.
Carney’s clearly part of the problem and not part of the solution.
Yes, I meant building more power stations.
Energy self-sufficiency is the only way to isolate yourself from the sort of inflation caused by the price of energy.
You would think that there would be one ambitious politician able to make this argument, and campaign on ‘Never again will we be subject to this sort of inflation! Here is the plan and I will make this one work!’
In Sweden, as well, there was much talk of the 85% of us who want more nuclear plants vs the government who won’t give us them, but while the new government claims to be working on a new plan we still haven’t seen it. But this time Swedish industry is unlikely to give them a break. you see there is this new Swedish way to make steel. https://www.theguardian.com/science/2021/aug/19/green-steel-swedish-company-ships-first-batch-made-without-using-coal
But it needs lots of energy. When a commission last winter asked the question ‘but who would use the energy we would produce with a new nuclear plant’ they expected ‘we will sell it to the Germans and Danes.’ Instead they got _all_ the big industries — and Sweden hasn’t de-industrialised — and the military saying ‘me, me, I want some!’
Yes, I meant building more power stations.
Energy self-sufficiency is the only way to isolate yourself from the sort of inflation caused by the price of energy.
You would think that there would be one ambitious politician able to make this argument, and campaign on ‘Never again will we be subject to this sort of inflation! Here is the plan and I will make this one work!’
In Sweden, as well, there was much talk of the 85% of us who want more nuclear plants vs the government who won’t give us them, but while the new government claims to be working on a new plan we still haven’t seen it. But this time Swedish industry is unlikely to give them a break. you see there is this new Swedish way to make steel. https://www.theguardian.com/science/2021/aug/19/green-steel-swedish-company-ships-first-batch-made-without-using-coal
But it needs lots of energy. When a commission last winter asked the question ‘but who would use the energy we would produce with a new nuclear plant’ they expected ‘we will sell it to the Germans and Danes.’ Instead they got _all_ the big industries — and Sweden hasn’t de-industrialised — and the military saying ‘me, me, I want some!’
If money supply is maintained in equilibrium, if the cost of some things increase because of a shortage of raw materials etc, then demand for other things will decline (because there will be less money available to spend on them) and prices for those things should also decline, reducing inflationary pressures. If there has been a massive increase in money supply, and an increase in the savings ratio because people were locked up, then those offsetting reductions will not occur.
I agree there are other factors. But money supply – and the price of money (interest rates) was the thing directly under Carney’s control.
You’re correct that he also lobbied for higher energy prices. And continues to do so. Utter madness.
Assume you mean build nuclear power stations. Fully on board with that. Though I’d rather we come up with our own designs and industry here (as we used to – we invented them after all) and stopped the idiotic policy of buying one off reactors from the French or Chinese.
Carney’s clearly part of the problem and not part of the solution.
MIlton Friedman overstated things with this. While most inflation is caused by monetary policy, i.e. things now cost more because the value of your money has declined, because I’ve been increasing the money supply, it is possible to have inflation where things cost more because there is a shortage of the raw materials, etc. you need to make them. Until somebody comes along with a new supply at a reasonable price. prices will remain high. No amount of futzing around with the interest rates, money suppy, etc will help matters. Now, usually this sort of inflation hits one sector of the economy but all the rest continue on their merry way. If there is a big copper shortage then many things will get more expensive, but most things will not, and people will just do without the copper-needed things until the supply improves. But energy is the real exception. If things are getting more expensive because the energy it takes to make things is more expensive, then this will crush all sectors of the economy because everybody needs energy.
Build nukes.
This man is quite frankly a moron.
You’d think he’d never heard of Milton Friedman: “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output”.
Guess who was in charge of the quantity of money.
Guess who consistently failed to meet their 2% inflation target (“you only had one job …”).
Or is he yet another of those people who will claim that they were “present, but not involved” ?
Good post. Carney exemplifies the bizarre combination of extreme arrogance and utter incompetence that seems increasingly to characterise the self-selected global apparatchiki. It’s an affront that his opinions are still sought by the media after the damage he has done.
On that basis would you concur we’d be blessed to now hear nought too from Bojo or Farage?
What damage has Farage done?
What damage has Farage done?
On that basis would you concur we’d be blessed to now hear nought too from Bojo or Farage?
Good post. Carney exemplifies the bizarre combination of extreme arrogance and utter incompetence that seems increasingly to characterise the self-selected global apparatchiki. It’s an affront that his opinions are still sought by the media after the damage he has done.
A carnie, or carny, is a term for a worker at a travelling amusement show. They were suspected of lacking in certain character traits. It is also, apparently, British slang for coax or cajole.
Why the English would import ( the eponymous? ) Mark Carney to run their monetary policy is beyond me, though we Canadians ought to have been grateful, since he was no longer running ours. I had his measure when he began muttering about the large cash balances Canadian corporations were holding their balance sheets in 2010, as if they preferred to earn bupkis on those balances rather than invest it, and as if it were any of his business.
Rumour has it that he might be in line to succeed His High Wokeness, the Dauphin of Sunny Ways ( that would be Trudeau ), so that he could do to us with fiscal policy what he has already done with monetary policy.
Anything you can do there to keep his show on the road and us out of harm’s way would be appreciated.
A carnie, or carny, is a term for a worker at a travelling amusement show. They were suspected of lacking in certain character traits. It is also, apparently, British slang for coax or cajole.
Why the English would import ( the eponymous? ) Mark Carney to run their monetary policy is beyond me, though we Canadians ought to have been grateful, since he was no longer running ours. I had his measure when he began muttering about the large cash balances Canadian corporations were holding their balance sheets in 2010, as if they preferred to earn bupkis on those balances rather than invest it, and as if it were any of his business.
Rumour has it that he might be in line to succeed His High Wokeness, the Dauphin of Sunny Ways ( that would be Trudeau ), so that he could do to us with fiscal policy what he has already done with monetary policy.
Anything you can do there to keep his show on the road and us out of harm’s way would be appreciated.
We can expect an increasing amount of this. With Labour leading in the polls and Starmer expected to enter No, 10, the Europhiles are on manoeuvres.
It’s entirely predictable that the dishonest Europhile obsessives, still smarting from not getting their way, are going to be building up the dishonest narrative that it is Brexit rather than the disastrous response to Covid and the war in Ukraine that are the cause of all our economic ills, with the intention that it will set Europhile Starmer up to tie Britain back into EU institutions, such as the Internal Market and Customs Union, with a view to taking us back to full membership.
No doubt Carney was asked to make this absurd statement. The man who pursued years of ultra-loose monetary policy that has left us with massive public and private sector debt piles and enormous asset price bubbles ripe to burst, has perhaps the greatest responsibility for the mess we are in now. He should be being eviscerated by economists, politicians and the MSM now for the recklessness and incompetence as Governor, not quoted as some economic sage.
Those who fought for Britain’s independence need to get back in to the fight. The Europhiles are being allowed to get away with their lies because there is little countering of their narrative, The big push by the Europhiles will be if/when Labour win the next GE. Those who wish to preserve our freedom need to be vociferously countering the Europhiles’ lies in the media now and getting themselves organised and prepared for the battle that will ensue if Starmer becomes PM.
Exactly as you said.
They own the media so you can present as much fact as you like it won’t matter.
Carny couldn’t pass GCSE high school economics exams without a C “could do better” – who knows what nonsense he’s speaking to the press for his remainder pals. Best he shuffle off to Canada and pick up the baton from Trudeau, another walking disaster. Apologies to any Canadians reading this, I am sincerely sorry for your Trudeau generated woes.
They ‘own’ the media? One has to chuckle at such twaddle. So they ‘own’ the Mail and Murdoch do they?
Carney overplays his argument but irrefutable Brexit added major difficulties to UK economy. The man reason comments here pile into the ex Governor is deflection.
They ‘own’ the media? One has to chuckle at such twaddle. So they ‘own’ the Mail and Murdoch do they?
Carney overplays his argument but irrefutable Brexit added major difficulties to UK economy. The man reason comments here pile into the ex Governor is deflection.
Exactly as you said.
They own the media so you can present as much fact as you like it won’t matter.
Carny couldn’t pass GCSE high school economics exams without a C “could do better” – who knows what nonsense he’s speaking to the press for his remainder pals. Best he shuffle off to Canada and pick up the baton from Trudeau, another walking disaster. Apologies to any Canadians reading this, I am sincerely sorry for your Trudeau generated woes.
We can expect an increasing amount of this. With Labour leading in the polls and Starmer expected to enter No, 10, the Europhiles are on manoeuvres.
It’s entirely predictable that the dishonest Europhile obsessives, still smarting from not getting their way, are going to be building up the dishonest narrative that it is Brexit rather than the disastrous response to Covid and the war in Ukraine that are the cause of all our economic ills, with the intention that it will set Europhile Starmer up to tie Britain back into EU institutions, such as the Internal Market and Customs Union, with a view to taking us back to full membership.
No doubt Carney was asked to make this absurd statement. The man who pursued years of ultra-loose monetary policy that has left us with massive public and private sector debt piles and enormous asset price bubbles ripe to burst, has perhaps the greatest responsibility for the mess we are in now. He should be being eviscerated by economists, politicians and the MSM now for the recklessness and incompetence as Governor, not quoted as some economic sage.
Those who fought for Britain’s independence need to get back in to the fight. The Europhiles are being allowed to get away with their lies because there is little countering of their narrative, The big push by the Europhiles will be if/when Labour win the next GE. Those who wish to preserve our freedom need to be vociferously countering the Europhiles’ lies in the media now and getting themselves organised and prepared for the battle that will ensue if Starmer becomes PM.
He was either caught asleep at the wheel… or knowingly allowed our country to suffer…
He was either caught asleep at the wheel… or knowingly allowed our country to suffer…
Or rather, like may economists, his case may be ‘vindicated’ when things go wrong or things go right. You might argue that his case is so vague because it is intended to retrospectively justify anything.
Exactly. Economics is not a science.
Exactly. Economics is not a science.
Or rather, like may economists, his case may be ‘vindicated’ when things go wrong or things go right. You might argue that his case is so vague because it is intended to retrospectively justify anything.
What about the money the government just printed over Covid and the $5bn wealth transfer to the richest of society, more billionaires created than any other time. The crash in 2018 and the printing of money whilst crashing asset base and global companies buying up all the assets Pennie’s on the dollar. Whatabout every major listed company linked to Blackrock, WEF, Un, WHO all these NGOs, and ESG work programmes which are systematically all charging well above the inflationary rate for goods and services whilst systematically crashing stocks on well established global markets due to their societal impact through Pride pieces, not educating just pushing propaganda to divide people like they have done on race and religion forever. This “Firesale” of crashing markets, taking out property ownership, creating proxy wars with unlimited funds, creating crisis on migration so they print more money, and then creating high interest rates which benefit the very rich and decimate the middle classes! All this is coincidental even though it is highlighted as the blueprint by the WEF to move to One World Government, and all governments changing laws to enact the same policies at the same time, whilst abusing positions of power. There is no nuisance in these arguments, it’s all done at the global level and put in plan. Like the next cyber crash on banking! These globalists are so smart but it’s so easy to see when you stop looking at the micro details and focus on macro trends. Critical thinking has been lost and so easy to get people to focus and distract them with small issues, keep you in fighting while the big systematic changes are happening. I wish I had been born to the elites sometimes, because people do not unite and are so thick and believe because of piece of paper they got a university makes them intelligent. Majority of are thick and easily programmable! Fact!
What about the money the government just printed over Covid and the $5bn wealth transfer to the richest of society, more billionaires created than any other time. The crash in 2018 and the printing of money whilst crashing asset base and global companies buying up all the assets Pennie’s on the dollar. Whatabout every major listed company linked to Blackrock, WEF, Un, WHO all these NGOs, and ESG work programmes which are systematically all charging well above the inflationary rate for goods and services whilst systematically crashing stocks on well established global markets due to their societal impact through Pride pieces, not educating just pushing propaganda to divide people like they have done on race and religion forever. This “Firesale” of crashing markets, taking out property ownership, creating proxy wars with unlimited funds, creating crisis on migration so they print more money, and then creating high interest rates which benefit the very rich and decimate the middle classes! All this is coincidental even though it is highlighted as the blueprint by the WEF to move to One World Government, and all governments changing laws to enact the same policies at the same time, whilst abusing positions of power. There is no nuisance in these arguments, it’s all done at the global level and put in plan. Like the next cyber crash on banking! These globalists are so smart but it’s so easy to see when you stop looking at the micro details and focus on macro trends. Critical thinking has been lost and so easy to get people to focus and distract them with small issues, keep you in fighting while the big systematic changes are happening. I wish I had been born to the elites sometimes, because people do not unite and are so thick and believe because of piece of paper they got a university makes them intelligent. Majority of are thick and easily programmable! Fact!
I thought it was agreed that Mr Biden’s sanctions on Russia were a major cause of Western inflation.
Ukraine conflict is undoubtedly a major cause. the question is why is inflation in the UK more stubborn than elsewhere? The Bond markets signalled that when last inflation figures showed an underlying resistance to reducing peculiar to the UK. That’s what’s triggered things now.
So what is unique? Labour shortages a significant factor. Oh and of course Brexit – what a total shambles.
This country only has one really major economic problem – and it has little to do with Brexit.
What’s that HB? Certainly intrigued now.
What’s that HB? Certainly intrigued now.
This country only has one really major economic problem – and it has little to do with Brexit.
Ukraine conflict is undoubtedly a major cause. the question is why is inflation in the UK more stubborn than elsewhere? The Bond markets signalled that when last inflation figures showed an underlying resistance to reducing peculiar to the UK. That’s what’s triggered things now.
So what is unique? Labour shortages a significant factor. Oh and of course Brexit – what a total shambles.
I thought it was agreed that Mr Biden’s sanctions on Russia were a major cause of Western inflation.
Why stop there?
I’m rather surprised that no one seems to be calling into question the merits of operationally independent central banks. Right now it’s hard to see what the independence adds. It may be, of course, that politically set interest rates would have been zero and there would have been QE.
One could very reasonably argue after all that it is not Rishi Sunak’s job to somehow fix the mortgage market or, for that matter, bail out mortgage holders. I am quite sure that calls to subsidise mortages are on the way.
The more general problem though is giving the establishment new toys like 0% (or negative) interest rates or QE – the toys have a habit of never going back in the box.
Funny thing is that I remember in about 1990 my Auntie paid to get out of a fixed rate mortgage. Times change!
Why stop there?
I’m rather surprised that no one seems to be calling into question the merits of operationally independent central banks. Right now it’s hard to see what the independence adds. It may be, of course, that politically set interest rates would have been zero and there would have been QE.
One could very reasonably argue after all that it is not Rishi Sunak’s job to somehow fix the mortgage market or, for that matter, bail out mortgage holders. I am quite sure that calls to subsidise mortages are on the way.
The more general problem though is giving the establishment new toys like 0% (or negative) interest rates or QE – the toys have a habit of never going back in the box.
Funny thing is that I remember in about 1990 my Auntie paid to get out of a fixed rate mortgage. Times change!
Carney just saw the opportunity to pronounce that his predictions of Brexit doom and gloom were correct. I always expected him to do this.
Carney just saw the opportunity to pronounce that his predictions of Brexit doom and gloom were correct. I always expected him to do this.
It’s not one thing is it. QE had a role, albeit more a suppressant on Interest rates and mortgages thus doubling the shock impact now. But House prices aren’t currently driving the jump in inflation. Quite the reverse for the time being.
Energy crisis and supply chain adjustment post pandemic big factors. But irrefutable Brexit added an additional adverse dynamic to the UK. Weakened Pound clearly resulting from Brexit = higher import cost. Labour shortages clearly exacerbated by Brexit, albeit not the main driver for those but nonetheless hasn’t helped. Additional Brexit bureaucracy added costs too.
Carney overplays the blame, but at same time you’d have a heck of a job finding an economic benefit to Brexit and it just may be a part explanation for why we are doing worse on inflation than others. Uncomfortable for supporters, but they may argue Brexit wasn’t about economic benefits but more opaque contentions about sovereignty
It’s not one thing is it. QE had a role, albeit more a suppressant on Interest rates and mortgages thus doubling the shock impact now. But House prices aren’t currently driving the jump in inflation. Quite the reverse for the time being.
Energy crisis and supply chain adjustment post pandemic big factors. But irrefutable Brexit added an additional adverse dynamic to the UK. Weakened Pound clearly resulting from Brexit = higher import cost. Labour shortages clearly exacerbated by Brexit, albeit not the main driver for those but nonetheless hasn’t helped. Additional Brexit bureaucracy added costs too.
Carney overplays the blame, but at same time you’d have a heck of a job finding an economic benefit to Brexit and it just may be a part explanation for why we are doing worse on inflation than others. Uncomfortable for supporters, but they may argue Brexit wasn’t about economic benefits but more opaque contentions about sovereignty