mcfab59.bsky.social
There is only one source of money (and wealth) in š¬š§: the Govt. New money can only come through Govt spending and old money is removed through taxation. How you spend that money and who you tax determines what kind of society you have. #MMT
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China is massive compared to UK, in terms of natural resources and potential labour force. It has also (unencumbered by western monetarist dogma) been investing heavily, for decades, to educate its people, drag them out of poverty and build world class transport infrastructure. Itās expected.
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At some point, and I hope itās sooner, rather than later, the penny will drop for mainstream economists: govt spending is the lifeblood of a healthy economy. Periods of cuts are followed by stagnation. Periods of investment are followed by periods of growth. They have it entirely backwards.
#MMT
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Do you follow Scotonomics and William Thompson? He does great work.
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Yet entirely consistent. Both our major parties will do anything to protect donors - hence the unashamed drive to privatise the NHS against all common sense. Just make sure that when you get independence- you create your own currency and donāt peg it to the Ā£ or ā¬.
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No serious politician should ever talk of āunfundedā, fiscal black holes, or tough choices that are anything but. Austerity is a political choice - and he is a politician who advocates for it - itās not inevitable - so donāt pretend it is.
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I like Darren Jones, but he presents as a Starmerite clone/acolyte. He has also been predicted to lose his Bristol seat to the Greens for the last 3 months now.
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They didnāt have enough warning.
Maybe shaming, by incessantly pointing out hypocrisy will stop him?
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It is, sadly for his metaphor, an oblate spheroid.
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Youāre describing adding VALUE - which we can all agree is what happens. But those extra pounds come from the pool already in existence - the same way every Ā£ comes into existence: government creation. The market redistributes Ā£s - the govt create them.
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Can you explain the process by which you believe workers create Ā£s?
If you convince me, Iāll tear up all my academic papers proving that money is created by government spending.
You wonāt get equality until more voters understand this: new-wayland.com/blog/mmt-mon...
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We were much closer during the post war Keynesian regime - but never full I donāt think. But apparently general wellbeing and savings for all led to a level playing field in wage negotiations. They had to destroy bargaining power so they invented an economic dogma to nix it.
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We agree - but you said it yourself: ācost per unit would likely offset any financial argument that Westminster might make.ā
So, in this specific case, the primary motivation is to protect oil and gas wealth. Having an independent Scotland could see Scots getting energy for free. Not on their watch.
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āUnfundedā. Idiocy.
Where do govt Ā£s actually come from?
1. Parliament passes a budget.
2. The BoE types Ā£s into the recipients bank accounts.
The Ā£s come from a keyboard in the BoE. Not taxation. Not borrowing.
The UK is self funding. The notion of āunfunded spendingā is ludicrous.
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Until we have full employment - nothing is in ābalanceā.
Govt created Ā£s should be created for everyone - not just handed to financiers and large corporations. Until more people understand MMT, lazy journos like Josiah will regurgitate the tax-to-spend bullshit and austerity will kill us all.
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Instead of focussing on hypocrisy- how about pointing out the stupidity of the claim. The Nat debt has been rising since 1700. How many generations of grandchildren have faced a reckoning in those 300 years. Itās never happened.
Start asking the right questions or the charade continues.
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According to the laws of supply and demand, the market would respond to a supply glut by building the infrastructure to flog it. Thatās not happening because it means a short-term drop in profits for oil and gas and their long term loss of the UK as a market.
Itās about control of š“ó §ó ¢ó ³ó £ó “ó æ and š“ó §ó ¢ó „ó ®ó §ó æ workers.
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The monetarist took over economics. Itās taught in schools and universities as a done deal. They thought it āfixedā capitalism forever. Now the whole establishment is in denial.
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Put interest at zero - payments disappear. Itās not rocket science. Who gets the Ā£100 billion? Wealthy and large corporations. Who suffers austerity? The poor and vulnerable. Itās a racket. If you took away the assets of every wealthy person in UK - nat debt falls by 80%. Itāll never happen.