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Sorry, thought it would get lost in the last thread on Gary but have gone over to have another look at what Dickie has to say, as maybe I've been too hasrh;
His latest video above telling us, once again, the end is nigh - comments section is very illuminating, lots of people saying you keep telling us there's a crash, last summer you promised us a crash, you've predicted a 50 of the last 3 crashes etc etc
This type of scaremongering is really dangerous because impressionable people will pull their money from the markets and the opportunity cost of missing the best years for a long term saver/retirement investor is catastrophic.
At the end he does get round to saying, have a more diversified portfolio but there is 15 mins of scaremongering before that and most people won't watch too the end. Also, he speaks as though he's swallowed a word salad - I'm still unclear on most of the key points he's trying to get across.
It's unfortunately clickbait that can have some fairly profound real world impacts if people actually listen to him - which I hope they don't.
Shouldn't be allowed - discuss economics and MMT by all means, don't start telling impressionable, often inexperienced, investors that they should be timing the market.
Absolutely outrageous he's allowed to spout this. At some point there will be a crash and no doubt Dickie will be there to say I told you so but that rather goes with the territory if you predict one every year...
[Post edited 9 Jul 12:47]
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Economist: Richard J Murphy on 13:03 - Jul 9 with 918 views
When you say shouldn't be allowed, there is people giving 100x worse advice all over YouTube and Social Media on a daily basis.
This is the information environment we live in - we have access to more and more of the answers to everything in the world, but more and more people are following highly awful sources, and can't see the wood through the trees.
Out of interest, what do you think the true inflation rate is? Broadly, for someone to maintain their current level of spending and saving, inflation adjusted.
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Economist: Richard J Murphy on 13:36 - Jul 9 with 792 views
Economist: Richard J Murphy on 13:03 - Jul 9 by itfcjoe
When you say shouldn't be allowed, there is people giving 100x worse advice all over YouTube and Social Media on a daily basis.
This is the information environment we live in - we have access to more and more of the answers to everything in the world, but more and more people are following highly awful sources, and can't see the wood through the trees.
I agree but he’s a professor at a highly reputable university. That carries an incredible amount of weight and rightly so. He should be above needing to generate clicks with scaremongering.
He knows better than anybody that long term savers need to stay invested - trying to take your money out and time when to go back in is disastrous advice and he knows that.
At the very end he gets round to saying take advice but after a 15 minute diatribe about how everyone is getting very concerned about a crash - which is balls because analysts are currently raising their year end stock market targets because the environment is reasonably good atm.
Really feels very irresponsible.
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Economist: Richard J Murphy on 13:43 - Jul 9 with 746 views
Economist: Richard J Murphy on 13:36 - Jul 9 by J2BLUE
Out of interest, what do you think the true inflation rate is? Broadly, for someone to maintain their current level of spending and saving, inflation adjusted.
Really good question and very topical given the change in the US from Powell to Warsh - central banks around the world (inlcuding ours) are having to look at this very closely now given we've been way above 2% now for many years.
I still think CPI gives you the best measure rather than core (which excludes food and energy) or this weird trimmed median estimate that Warsh seems to favour.
As for the true inflation rate, if I step back, and see that we are heading for less globalisation not more, then I would place fairly large bet that we aren't going back to 2% anytime soon - hence people now looking at other measures and whether they better reflect what's happening.
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Economist: Richard J Murphy on 14:35 - Jul 9 with 639 views
Economist: Richard J Murphy on 13:36 - Jul 9 by nrb1985
I agree but he’s a professor at a highly reputable university. That carries an incredible amount of weight and rightly so. He should be above needing to generate clicks with scaremongering.
He knows better than anybody that long term savers need to stay invested - trying to take your money out and time when to go back in is disastrous advice and he knows that.
At the very end he gets round to saying take advice but after a 15 minute diatribe about how everyone is getting very concerned about a crash - which is balls because analysts are currently raising their year end stock market targets because the environment is reasonably good atm.
Really feels very irresponsible.
He and his wife cause significant issues where he lives in Ely.
He is widely discredited in his field too, mainly over this apocalyptic approach he takes to everything.
[Post edited 9 Jul 14:36]
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Economist: Richard J Murphy on 14:37 - Jul 9 with 622 views
Economist: Richard J Murphy on 14:35 - Jul 9 by ElderGrizzly
He and his wife cause significant issues where he lives in Ely.
He is widely discredited in his field too, mainly over this apocalyptic approach he takes to everything.
[Post edited 9 Jul 14:36]
If he’d started at the end and called the video something like “the importance of diversification” then no issue - albeit some of his take on the US stock market is pretty off but whatevs.
This is nothing but unadulterated click bait.
An appalling way for a professor to conduct themselves.
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Economist: Richard J Murphy on 16:31 - Jul 9 with 518 views
Economist: Richard J Murphy on 16:31 - Jul 9 by DJR
Richard Murphy isn't an economist.
Wikipedia describes him as an academic, accountant, journalist and activist. It says he has a degree in accountancy from Southampton University.
He was Professor of Accounting Practice at the University of Sheffield Management School but is now Professor Emeritus i.e. retired.
Maybe being retired gives him greater freedom but with his background, I think I'd be sceptical about any economic forecasts that he makes.
And as I've said on here many times before, I never look to some bloke on YouTube to keep me informed on serious matters.
[Post edited 9 Jul 16:35]
I just find it so egregious that he’s dishing out this advice, which is frankly appalling and not the only example I found, while leveraging his academic background to give it authority.
In one video he’s actively telling people not to invest but to keep money in cash because the stock market is basically rigged against the average investor.
Wish I hadn’t watched them now, makes my pss boil to know that, in a worst case outcome, somebody innocent watching this and following his advice is going to end up with the mother of all short falls in their retirement income because they’re just sat in cash.
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