If you accept resources are finite, they are very obviously not altogether false, but of course there is huge legitimate debate about what the responsible level of spend is, what should be spent on, and how the spend should be measured. (e.g. It is not automatically true that say, 1Bn spend on Health can be exactly equated or traded for say 1Bn spend on Defence or Education.)
Well, I'm interested to know more so shall read about it, sounds like a nice catchphrase......
MMT supports the purchase of public debt by central banks (aka printing money) in order to allow for an increase in public spending. MMT-ers do acknowledge the inflationary risk, but downplay it. My point is that the USA have far more leeway in this respect because the dollar is the reserve currency that the rest of the world trades with.Who is suggesting printing money without consequences?
MMT supports the purchase of public debt by central banks (aka printing money) in order to allow for an increase in public spending.
It doesn't? How do they propose to finance the extra spending? Raise taxes? Sell gilts on the international markets?Does it? Where?
It should be noted at this point that the present system has not been very good at prevented disasters, and in the case where politicians actually tried to balance the books caused a disaster, and in the case of Osbourne, prolonged it unnecessarily.
You made the proposition!It doesn't? How do they propose to finance the extra spending? Raise taxes? Sell gilts on the international markets?
You mention health again, and I think health might show where we might be coming at this from different angles. You seem to see Health as a cost that needs to be repaid whereas MMT sees Health as a benefit that we should see as a gift. Not all money has to be repaid....
If you’re genuinely interested the second clip above of Stephanie Kelton is good
(Not withstanding that we have a Government who make very wrong choices - HS2???????!!!!!!!.)
You made the proposition!
How MMT finance spending is the starting point of this thread. MMT describes what happens, that government spending does not need to the paid for up front.
This much is uncontroversial, the Bank of England itself does not challenge this idea
But that’s not all you said, the end of your sentence was, “(aka printing money) in order to allow for an increase in public spending.”.I just said "MMT supports the purchase of public debt by central banks", which is essentially what the theory says, what is more or less happening now, and what has happened at various points in history.
Was Liam Byrnes comment about there being no money just an ironic joke between two people who know the real truth?
Yes. I have to wonder why Osbourne broke protocol? Did he feel that Thatcher’s mantra that there is no government money, there is only taxpayer was under threat? Did he release that note to reinforce the lie safe in the knowledge that Labour, also being complicit in the lie, couldn’t expose it?Yes, it was. AIUI, the departing Chancellor often left a 'funny' for the incoming one as an 'inside joke'. Sadly, George Osborne broke the protocol of keeping it house and took it as an opportunity to justify a course of action and blame his predecessors.
I’m increasingly of the mindset that the UK Conservative and US Republican parties are criminal endeavours that only exist to siphon state assets into establishment, donor or oligarch hands, and will use any deception or smokescreen to achieve that aim. They are both entirely corrupt and anti-democratic. The UK Labour Party and to a lesser extent the Democrats are willing accomplices as they endorse and prop-up the failed system these crooks rely upon.
I’m increasingly of the mindset that the UK Conservative and US Republican parties are criminal endeavours that only exist to siphon state assets into establishment, donor or oligarch hands, and will use any deception or smokescreen to achieve that aim.
I’m increasingly of the mindset that the UK Conservative and US Republican parties are criminal endeavours that only exist to siphon state assets into establishment, donor or oligarch hands, and will use any deception or smokescreen to achieve that aim. They are both entirely corrupt and anti-democratic. The UK Labour Party and to a lesser extent the Democrats are willing accomplices as they endorse and prop-up the failed system these crooks rely upon.
I was listening to one podcast where the question was asked about how do we start to get the message out to challenge all these vested interests, and the contributor answered with ‘Mumsnet’. Much laughter from other contributors as if it was a joke but she said ‘No, I’m serious. Who is better placed to think about the next generation of human need and real world necessity….a bunch of accountants or a bunch of mothers?”
And they copy each other. Look at the Republican media currently banging the drum on hordes of poor converging on the Texas border. Just like the montage for the Brexit vote.