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General Election 2024

Is there something in the UK's 'oral' constitiution about debt?
Can a government borrow or issue more currency as it pleases?
 
Linear said:
In my memory (1960's onward) the Blair years were probably the best for working classes. Whether he was right or wrong to run the economy in deficit is open to debate. I could even be a Blair supporter if it were not for the war.
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The economy is always in deficit. It has to be. The government defect is the money going into the economy. Cutting to government deficit is to decrease the private (our) surplus.
 
tuga said:
Can the bank lend money it doesn't have? (imaginary money?)
How's that possible? Is money infinite? I can see a National Bank issuing more money (perhaps agains a devaluation of its currency) but a private bank?
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It used to be said that banks lend money from reserves, indeed, some still do, but the link above shows that the Bank of England itself debunked that myth in 2014.

Money is not a commodity, it has had no commodity value since the collapse of Bretton Woods in the early 70’s. Money os an IOU, a unit of account if you like.
 
tuga said:
Is there something in the UK's 'oral' constitiution about debt?
Can a government borrow or issue more currency as it pleases?
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Our modern economy is built on turning debt into an asset.

Remember that The Bank of England was created when a group of investors got together to buy the war debts of William III. They didn’t do that out of kindness?
 
tuga said:
Can cutting debt not be balanced by a tax increase?
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Yes. But our government debt is someone else’s savings. Cutting government debt tends to increase private debt. Increasing private debt was behind major economic turbulence from the South Sea Bubble to the Wall St Crash and 2008.
 
ks.234 said:
Yes. But our government debt is someone else’s savings. Cutting government debt tends to increase private debt. Increasing private debt was behind major economic turbulence from the South Sea Bubble to the Wall St Crash and 2008.
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But surely not if you increase corporation tax?
 
ks.234 said:
Our modern economy is built on turning debt into an asset.

Remember that The Bank of England was created when a group of investors got together to buy the war debts of William III. They didn’t do that out of kindness?
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Is there nothing modern about this country? No wonder things are this bad.
 
I think this video, in long form so be patient, contains the most significant working out of what has gone wrong with the Conservative Party. Maybe some here have already found it, but I think it is worth an hour plus of anybody's time, considering the importance to balance that we have healthy parties of the right, centre and left, each of which must necessarily have complete respect for the processes of democracy.


In posting this link, I am not indicating support for the Tories or Labour. I have been volunteering for the Greens in this general election, but for all that I think this is an important video.

Best wishes from George
 
paulfromcamden said:
Farage is so upset with The Mail calling him a Putin stooge he's bringing legal action for defamation.

He then immediately and very wisely tweeted that The Mail are "actively collaborating with the Kremlin."
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ks.234 said:
Except that is not what you are “just sayin” because you also say that I am “in bed” with Farage.

FWIW I also agree with the plans to raise the personal allowance, but I will still not be voting for him.

What is amusing is that for all of the people trumpeting the war against Russia on one thread, they are largely absent on the Gaza thread. The right to self defence as valid as it is in Ukraine, is equally valid in Gaza.

Unfortunately your beloved Labour party sees the Gaza situation differently.

I do not support Reform, but you do support Starmer and Labour, which in your language puts you cosying up in bed with the perpetrators of genocide. Spooning with Starmer for war crimes
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Okay if you dont fancy being in bed with The Frog, and I can well understand your aversion to waking up to his unique odour of fags, stale sweat and last nights Ruddles County, how about the idea of you two are walking the same road together. For sure, the two of you came from different directions but regardless you ended up on the same carriageway travelling in the same direction.
 
Spraggons Den said:
Okay if you dont fancy being in bed with The Frog, and I can well understand your aversion to waking up to his unique odour of fags, stale sweat and last nights Ruddles County, how about the idea of you two are walking the same road together. For sure, the two of you came from different directions but regardless you ended up on the same carriageway travelling in the same direction
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No. I am walking in a much different direction

You however are a supporter of more genocide and more Farage-like neoliberalism. And as far as Ukraine goes, all the best bits are already being sold off to US multinationals, while “large scale” privatisation is underway, a direction of travel you no doubt welcome

 
ks.234 said:
No. I am walking in a much different direction

You however are a supporter of more genocide and more Farage-like neoliberalism. And as far as Ukraine goes, all the best bits are already being sold off to US multinationals, while “large scale” privatisation is underway, a direction of travel you no doubt welcome

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I think you might be hanging yourself with your own whatabouttery petard.

Without recourse to Gaza, Starmer, Callaghans speech to the TUC in 76 or neoliberalism - please explain how your position on the cause of the Ukraine war is different from The Frog’s as quoted from the Guardian in my earlier post because I am curious to know how you have ended up at the same T-junction as Farage albeit having arrived there from different directions or modes of transport perhaps (he came in a gas guzzling 60s Jag, you on a environment-friendly bike).
 
Spraggons Den said:
I think you might be hanging yourself with your own whatabouttery petard.

Without recourse to Gaza, Starmer or neoliberalism - please explain how your position on the cause of the Ukraine war is different from The Frog’s as quoted from the Guardian in my earlier post.
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No. You are doing the whataboutery. It is clear that your objectives habe nothing to do with any actual issues as demonstrated by your snark where you said that I was “in bed” with Farage and that now that I’m walking in his direction.

Neither is true.

I have already explained how my position is different to Farage. As I’ve said many times before, the West did not cause the war in Ukraine. What the West has done, again as I have said many times, is exploit the collapse of communism and in Ukraine pursued it’s own agenda, as evidenced by the seizure of assets and large scale privatisation, something Farage has not mentioned for obvious reasons. He supports asset seizure by multinationals and large scale privatisation

But this is a thread about the UK election, not Ukraine.

So while I do not agree that the West caused the Russian invasion, it is undeniable that you plan on giving a massive mandate to the ideology of Farage. Over the next few years Labour will moving even further right because of that mandate. It is you who are walking in Farage’s direction.

And supporting genocide.
 
Causes aside, is it fair to say that among the major beneficiaries of the war are
US arms companies, UK power companies, International investors, Ukrainian oligarchs etc. ?
 
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