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Gower Initiative for Modern Money Studies @GowerInitiative
, 4 tweets, 2 min read Read on Twitter
Please note, this research is economic garbage.
The U.K. government doesn’t collect anyone’s tax to put aside for the future whether that’s for pensions or social care.
There will be no funding black hole for social care in 2031.
#MMT
It is a government choice not to fund it today and it will be a government choice whoever is in power to fund it or not in 2031.
The only constraint to the provision of social care services that any future government will face will be a resource one not a financial one.
#MMT
“Research carried out by pensions and risk consultancy Hymans Robertson suggested a German-style system could raise half of the money needed to plug the £30b-a-year gap in social care funding the U.K. is facing by 2031”
independent.co.uk/news/uk/politi…
#SocialCare #FantasyEconomics
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“The monetary system is a tool to move resources to the government: the government imposes a tax on its citizens, payable only by a token which only comes from the government.”
“In order to get the token (money) to pay the tax, the citizens must work for the government, or must work for someone else who already has the tokens.
A government deficit is when the government spends (gives out tokens) more than it taxes (takes tokens back)”
“The extra tokens that the government gives out but does not take back ends up as savings in private hands.
If private citizens don’t want these extra tokens, then they will try to buy things with them instead of holding on to them.”
Read 6 tweets
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Today we launch our new blog space: MMT Long Read

Our aim is to bring to attention the published academic papers and articles on Modern Monetary Theory, and related subjects for a more in-depth commentary aimed at those wishing to expand their understanding.
For our opening publication we are delighted to present an article by @PhilArmstrong58
Philip, a teacher of business, economics and engineering for 34 years, is currently studying for a PhD in Modern Monetary Theory & Heterodox Alternative approaches.
gimms.org.uk/2018/12/26/mmt…
In the New Year, we shall be expanding the Resources page on our website to include key research papers and including a link to the accessible database of published papers and articles, which we are currently developing.
Read 4 tweets
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#MMTLens #Armistice100
A weekend of quiet reflection.
gimms.org.uk/2018/11/09/a-w…
Today’s blog comes just before the weekend commemorating 100 years since the end of the First World War, the ‘war to end war’.
When it started people thought it would be over in a matter of months
but it turned into a fight to the bitter end. It is regarded as the first “total war” in which military and industrial resources and people were mobilised on a scale never before thought possible. Trench warfare created an endless demand for men, munitions and supplies
with often no apparent gains or victories. But by the beginning of 1918 those resources had been drained too much.
Demoralised German workers, suffering from food and fuel shortages, threatened revolution at home.
Read 20 tweets

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I’m afraid this is right: it’s hopelessly unrealistic (to put it gently) to suppose that a U.K./EU customs union could involve any form of joint decision-making.
Note too that while a single market arrangement could give the U.K. various rights to refuse, or adapt, new single market measures (the EEA has various mechanisms for this) it’s hard to see how that could work for a customs union.
A customs union requires full consistency of tariffs, rules of origin, and classification: it’s a common wall, and if treatment of goods is more favourable than it should be at one part of the wall, that’s where goods will flood in.
Read 6 tweets
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#Brexit #thread
1/ If you don’t follow Brexit every day, here’s some advice. Let go of any illusions that this drama is about trade protocols, residency rights or the status of the Irish border. Brexit is the story of a proud former imperial power undergoing a mid-life crisis
2/ The rest of the world is left listening to Britain’s therapy session as they drone on about their ex-spouse, unable to see, admit or address their own flaws.
3/ The promise of Brexit was that it would make Britain feel big again. “Britain is special,” the Brexiteers assured British voters, who cast their ballots accordingly. But Brexit has proven that for the first time in modern history, Britain is small.
Read 22 tweets
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1) In debate about renegotiating the text of the UK’s withdrawal agreement from EU it’s important to remember it’s a draft text not a final one but it’s been agreed by the cabinet and is result of 19 months of EU-U.K. negotiations. No appetite in EU to make fundamental changes
2) Merkel said to Bundestag: “We have a text agreed already between EU and U.K. That’s why for me, at the moment, there’s no question about whether we should continue to negotiate something.”
3) Note that she said “for now” . What I’m hearing is that EU intends to stick to this text till vote in Commons. If text is voted down, then EU open to “tweaks” but source close to Macron says “nothing fundamental”
Read 6 tweets
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1) Again and again I’m struck by the chasm in thinking between leading MP’s on #Brexit and the viewpoint of EU leaders - and remember, if you want a deal, it takes two to tango
2) There is ZERO appetite or intention in EU circles to renegotiate this withdrawal deal
3) The EU would love the U.K. to remain a member of the club but if we’re leaving - then this is the divorce deal
Read 14 tweets
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1/Children & young people with autism and learning disabilities who could be living in the community with specialist support are languishing for years in Assessment & Treatment Units, some of them locked up 24/7 in isolation rooms, bec of severe financial pressure on Local Auths
2/ At the same time, private providers running these ATUs are raking in profits, being paid £452m per yr in what has become a market driven provision where autistic and LD people are little more than commodities
3/ This in spite of the fact that caring for them in the community would be far less expensive not to mention far better for the individuals concerned, their quality of life, their security and safety and their wellbeing
Read 20 tweets
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“Then why does the military budget keep going up as social programs keep getting cut?"

Now that’s a good question.

#LearnMMT

[thread – version 2]

You and I require income (a paycheck) before we can spend. We must choose and prioritize what each dollar is spent on. Food or medicine? Can’t afford both this week. Or... gotta chop that pill in half so we can buy food for our kids. Hard choices. One or the other. Either/or.
Before Nixon took the US dollar off the gold standard in 1971, the federal gov't was the same way: they needed income (i.e. taxes) before they could spend. Now that the US dollar is a "fiat" currency, "a budget" to me and you is

**NOTHING**

like "a budget" to the federal gov't.
Read 34 tweets

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