Reply To: Coronavirus research update

[blinky465 17028xp 2]

Curious how high national debt and hyper-inflation are related *in the 1970s*?

I understood it was caused by a relaxation of banking rules in the early 70s and the consequent flood of cheap credit causing over-consumption – coupled with an oil crisis where prices trebled and an over-powerful trade union pushing for ever-higher wages?

We’re currently on year ten of “austerity” with a decade of wage stagnation, oil prices falling and about a quarter of the population living on zero-hours contracts in the “gig economy”. The very opposite set of circumstances to the start of the 1970s?

 

Of course maintaining a balance between keeping people safe and trying not to create a ruinous economic situation is a tough call. I don’t want to get pulled into political arguments on a forum on a website for playing with little plastic men – but the response to how the UK responds to coronovirus *is* political (and conflating two seemingly unrelated issues – increasing national debt in 2020 and hyperinflation fifty years earlier – unhelpful).