Bank of England - Get Used To Being Poor

How to respond to bad news from the bankers ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Get used to being poor. That's the advice from the Bank of England's chief economist Huw Pill. These comments, as you might imagine, are getting plenty of circulation, with people around the country raging at the idea that they should tolerate a lower standard of living. Yet the reason why he is saying this comes down to common sense. The UK imports natural gas, and that is growing more expensive. "If the cost of what you're buying has gone up compared to what you're selling, you're going to be worse off," he said. "So somehow in the UK, someone needs to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing the energy costs on to consumers." This isn't some "let them eat cake" type comment, as it is being interpreted. It's a hard truth. "What we're facing now is the reluctance to accept that, yes, we're all worse off, and we all have to take our share." Now, his point is actually directed against policies that are causing inflation, but he will certainly receive criticism for being "out of touch." And perhaps he is. Yet the larger point may simply be that these kinds of issues can't be discussed publicly with any kind of sophistication or nuance. In an age of clickbait, all the matters are the headlines. And this headline reads, "Get used to being poor you stupid peasants." What's the true takeaway? There are two. First, we need to look past the headlines. As investors, we have to rise above the mob and see what's really going on. Regardless of the circumstances, regardless of the challenges, our job is to win. Second, we need to internalize the (perhaps unintentional) point of this. No one is coming to save us. We are simply at the mercy of larger economic forces and we have to win through or die. There will be no bailout for Main Street Investors. The answer to adversity is solidarity. Together, we can overcome anything the System throws our way. Those in power may not be actively malicious, as some people are determined to believe. But only the most naïve think that they are going to bail us out or solve our problems. That won't change regardless of who is elected. Or for that matter, who sits on the British throne. 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