We only paid off the debt for the Napoleonic Wars in 2012. Most of what politicians tell you about economics is bollocks. www.bbc.co.uk/news/article... - ThreadSky

sirnorman.bsky.social • 69 days ago

We only paid off the debt for the Napoleonic Wars in 2012.
Most of what politicians tell you about economics is bollocks.

https://www.bbc.co.uk/news/articles/cwy85edy0nxo

Comments

steve-wood.bsky.social•68 days ago

2015 when we paid off the debt for compensating the rich, who bought & sold people, for their loss, by making slavery illegal.

trispw.bsky.social•68 days ago

So why did his party support that before the elections?

forwhatitisworth.bsky.social•68 days ago

If you can't afford to pay your debts, you're bankrupt. Is Britain bankrupt?

baldockboro.bsky.social•68 days ago

Morally?

asparagusnextleft.bsky.social•68 days ago

No, it cannot go bankrupt as an issuer of its own currency.

forwhatitisworth.bsky.social•68 days ago

Exactly.

sirnorman.bsky.social•68 days ago

Morally, yes.

richardicrawford.bsky.social•68 days ago

Pity they aren't Ukrainian politicians.

grantybot.bsky.social•68 days ago

Found the money to bail out the bankers , but no dough for pensioners, children or WASPI women 🤷

keri1244.bsky.social•68 days ago

That’s why we should ban all wars. The money goes to armaments companies and political parties!

simona62.bsky.social•68 days ago

I guess labour haven’t learnt about fiat currencies or Modern Monetary Theory…

paulcwgb.bsky.social•68 days ago

When did the UK stop paying US for WWII?

The last payment was made on 29 December 2006 for the sum of about $83m USD (£45.5m) to the United States, and about $23.6m USD (£12m) to Canada; the 29th was chosen as it was the last working day of the year.

sixesalltheway.bsky.social•68 days ago

1/2 Central government does not fund its expenditure using tax reveneues. The primary role of taxation is to control inflation. Our CG is currency sovereign and the pound is a fiat currency. The upshot is that CG can issue new money at will with the only real limit being imposed by inflation.

sixesalltheway.bsky.social•68 days ago

2/2 This means that CG can afford to purchase whatever resources are necesary to implement their policies by spending money into existence.

Subsequent inflation from spending is reduced via tax & using progressive taxes means the burden falls to the wealthiest helping to shrink wealth inequality.

kittycritter.bsky.social•68 days ago

If we had progressive taxation

cillacat.bsky.social•68 days ago

We need a wealth tax to sort out all the outstanding compensation issues:
Grenfell
Post office
Contaminated Blood
WASPI
Then this government can get on with managing this country.

baldockboro.bsky.social•68 days ago

You don't think there'll be plenty more public enquiries resulting in recommendations for a lot of compensation?

Optimistic...

cillacat.bsky.social•68 days ago

Probably but somehow this government has to move on. Losing support after excuses not paying compensation to WASPI women. When agreed as Opposition add to this WFA and NI hike it’s not doing too well. Which right wing media jumping on.

baldockboro.bsky.social•68 days ago

Front loading painful bits now, knowing the GE is a long way off... gambling on delivering good news by 2027/28.

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