economy – Nick Grant

Nick Grant

Tag: economy

  • False Economy

    This is a story about value for money…

    Torn jeans

    I watched a documentary about the manufacture of jeans, and I was surprised to learn that most of the jeans which we buy in our high-street shops come from a handful of factories, in Turkey, Bangladesh and Pakistan. Indeed, almost 80% of the jeans we buy come from nearly identical factories. The premium brand jeans are made in exactly the same factories, using exactly the same method, and by exactly the same machines and people. The only difference between £300 jeans and £30 jeans, is the label, and the style.

    Of course, you might say, style is everything. For sure, I don’t want my jeans to be too heavily faded, too baggy, too skinny… but also too plain. Having a bit of character is what makes a pair of jeans look good – fashionable – instead of being just a plain old pair of blue denim trousers.

    You might think that, knowing the facts that I do, that I wouldn’t be so foolish as to assume that my mid-priced jeans would last longer than a cheaper brand… but you’d be wrong.

    The knee just tore on my premium brand jeans, which cost me about twice as much as I’ve ever spent on a pair of jeans in my life. I suppose I’ve owned these jeans for two years, and worn them almost every day, so in terms of value for money, we could say that they’ve cost me something like 18 pence per day… which sounds quite reasonable, to me.

    The problem with “pre-distressed” jeans is that, although they look ‘good’ from the moment you put them on, they end up looking progressively more and more scruffy, until people just assume that you’re so poor that you can’t afford new clothes; until they cease to be fashionable and instead become part of a dishevelled look, which nobody finds particularly attractive.

    Anyway, I’ve done something which I’ve never done before in my life, which is to purchase clothes without trying them on in a shop. I had a horrible retail experience on Sunday, where I had to queue in the rain to get into the shop, and then queue again to purchase the product I was buying. Also, given that my city is in a second lockdown, it seemed more civic minded to do my shopping online.

    At least I don’t have to be in the office anytime this year, so nobody at work will see me wandering around in jeans with a massive rip in the knee. I literally only ever own one pair of jeans which I love and wear all the time. I suppose I should buy several of certain items, when I find something I like, so that I have a like-for-like replacement when the item(s) eventually wear out. I’ve done that before, with a few things, and it’s a good strategy for somebody like me, who has a very small wardrobe.

    I’m sure you probably came here hoping to read something a little less mundane than a 500 word essay about my worn-out jeans. Sorry.

     

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  • WAKE UP SHEEPLE!!!

    This is a story about liberal arrogance…

    Black Sheep

    Ah, caps lock, my old friend. Also, exclamation marks: you can never use too many. Do you think if there was more caps lock typing and sentences ended with multiple exclamation marks, we could wake the sheeple from their coma? The sheeple are clearly sleepwalking [or is it shleepwalking?] towards disaster.

    While this is self-deprecating humour, it’s also mockery of the same old liberal lines that are trotted out instead of any kind of nuanced counter-argument.

    During Brexit, I noticed that people on both sides would say “I can see you’re far too intellectually inferior to be able to have a debate, therefore this argument is over and I won”. I lament the loss of anybody who can actually be bothered to have a proper debate, without being so childish.

    Your white-trash, redneck, poorly educated person is now incredibly bored with the tried and trusted liberal short-cuts that supposedly immediately discredit an opponent in a debate. “Bigot” is a particularly charged word, and guarantees instant disengagement by the disenfranchised members of the public, being browbeaten by a group of elites who consider themselves morally superior.

    I’m as guilty of it as anybody.

    But, I’ve also noticed a kind of pathetic infighting amongst the intelligentsia.

    Firstly, one must overcome the snobbery of the grammar Nazis. For your argument to even be considered it must be deemed to have attained certain standards. The most innocent spelling mistake will become the focus of commentary, rather than the points raised by the original author, no matter how eloquently the central argument is presented.

    Having established oneself as ‘a cut above the rest’ there is one kind of ad hominem attack that succeeds where all others might fail. All one has to do to win the argument is write “WAKE UP SHEEPLE!!!” in mockery of your opponent’s attempt to make a reasoned argument and reach a sensible conclusion. Essentially, you’re accusing somebody of being a nutjob; a raving madman. Case closed. End of debate.

    Our asylums are stuffed full of ‘visionary’ people, and those seized by absolute conviction that the end of the world is nigh. However, do we not also laud that tiny handful of individuals who successfully predict recessions, stock market crashes, credit crunches, housing crises and other cataclysmic man-made events?

    Why is it that a stock market trader or hedge fund manager, who might make a good living from short selling – betting against the market – is considered a highly intelligent person – cloaked in the mystery of mathematical models – while others who also forecast negative events, are dismissed as lunatics?

    Humans always err on the positive side. There is a psychological test where participants bet money and win precisely as much as they lose. In this randomised gambling experiment, most test subjects will report that they think they’re making a profit, even though they’re breaking even. Even when the experiment is adjusted so that the participants are losing money, most will still think that the course of events is in their favour.

    It’s undeniable that we do see a herd mentality amongst groups of humans. The accusation of sheep-like behaviour is entirely valid and well supported by evidence. Stock market crashes are created by market sentiment not by external events. When investors collectively lose confidence, there’s a rush for the door. The sheep line up for slaughter, even though by selling their stock, they’re going to lose money.

    Bank runs are another great example. The FCA underwrites deposits – your savings are safe – but we still saw long lines of people queuing up to withdraw cash from Northern Rock, during the credit crunch. That’s a bank run, and it’s driven by sheeplike behaviour. The panic is not rational. It’s animalistic behaviour, not calculated and logical.

    The well-educated middle classes have turned on one another, in this zero-growth second Great Depression. Research grants are at stake. Well paid middle-management jobs are at stake. The baby boomers are trying to collect excessively generous pensions. For God’s sake don’t even breathe, for the whole house of cards may come tumbling down at any moment. We are so highly leveraged – indebted – that one hiccup and we’re all screwed. 

    We should remember that the working-class are more numerous than the middle-class. While the working-class wail inarticulately about their poverty and lack of opportunities, the middle-class lock themselves into an echo-chamber of Facebragging and snobbery. Whenever somebody is critical of the status quo, we quickly shut them down by typing “WAKE UP SHEEPLE!!!” to bully them into submission.

    Personally, having safely circumnavigated the City of London – and profited – during the dot com crash, 9/11, the commodity price boom (and bust), the credit crunch and Bitcoin’s ups & downs, I feel rather like Cassandra.

    Dismiss and ignore me at your peril.

     

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