Posting this extract from a lecture by John Maynard Keynes, speaking on the BBC in the middle of the Second World War, to every Labour cabinet minister
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That's very interesting. Before rulers made it a point to have civic halls, multiple temples, places of learning, central markets, hell even public bath houses. They also turned a blind eye to the (apparently) very much needed "red light districts".🤷🏽♀️ Building "infrastructure" died here in🇺🇸 ages ago.
Yes! Last 50+ years you’ve been deceived about how monetary system works
The fed gov’t is issuer of money; it’s created when Congress spends. It’s not a user like a household or business.
Fed deficit = money spent into the economy that was not taxed back = surplus in economy.
Let's not forget that at the end of WWII, the British voted for Atlee instead of Churchill
They chose the modernist who created the world's 1st national health service vs an old-school Pax-Brittanica colonialist who was the nation's inspirational hero in "its finest hour"
Fine - but how would Keynes view a UK in which levels of personal entertainment, education and cultural enrichment are beyond anything imaginable in 1941 ? Individuals are choosing investment of £billions in online & streaming while withdrawing from public places. No Government can alter that
having the main dance hall and cinema demolished in my home town, both Art Deco, speaks volumes about the priorities of the last lot. I loathe those bastards for destroying everything we loved. Everything.
Great post. Labour should be asking how they can make everyone happier and more comfortable. Not how can we screw someone (usually the poorest or least able to fight back) to meet some soundbite friendly economic number. We are a rich country. Nobody should be poor in any sense.
The reverse of this is that things we can't do (due to skills shortages and state competence issues and nimby obstruction) we can't afford. The unnecessary HS2 tunnels, for example
You've done them, they're built; as an engineering feat they're fucking amazing. You afforded them. It's fine, the issue with HS2 was - as with everything else - not the price tag but cowardly politicians caving in to the bean-counters
Government economists exist for exactly this reason: to work out the bigger-picture benefit to society of Doing The Thing, not just the financial cost to the taxpayer.
Of course, government economists are civil servants; they can advise, but not decide. So those samplers for Ministers would work!
I should note there are concrete benefits from such things, too. They attract tourists. The provide jobs, both directly and in the tourist-serving industries. And perhaps most importantly, they draw "the best and brightest" young adults, to be artists, innovators, and entrepreneurs.
All true but it’s a slippery slope to economically justify everything, leads quickly to quantifying everything that way. Has also happened re habitat and species diversity, where the question becomes “how does this pay for itself”.
Oh for the S&D railway. Bridgwater also has a very nice theatre, attached to the College. Good range of things on, though only 13 of us went to the screening of Dr. Strangelove - the theatre production - on Sunday.
There is one enterprise that the current Labour government does not believe requires justification in terms of shillings and pounds – unfortunately, that enterprise is called 'racism' and they seem to be willing to sacrifice any number of pounds to appeal to that odious little goal.
Comments
The fed gov’t is issuer of money; it’s created when Congress spends. It’s not a user like a household or business.
Fed deficit = money spent into the economy that was not taxed back = surplus in economy.
They chose the modernist who created the world's 1st national health service vs an old-school Pax-Brittanica colonialist who was the nation's inspirational hero in "its finest hour"
Also we have seen what such isolated individualism breeds.
I’m American (sorry, world, it’s only about 1/3 of us) so I’m experiencing this first hand.
every one of you that sat on your hands and didnt vote bear responsibility for this
I’m just saying that he has the positive support of about 1/3 maybe close to 40% of voters.
He’ll be gone when the ignorant (and uninformed / ill informed/ credulous) and apathetic are awakened. I hope.
Remind me, how many times was Keynes elected to parliament?
Of course, government economists are civil servants; they can advise, but not decide. So those samplers for Ministers would work!
So much richness lost.
And so spot on — we are rich beyond history’s dreams, but have become short-sighted and parsimonious.
To quote from The Little Prince: what is essential is invisible to the eye.
Better?