Dear @AnnelieseDodds @RLong_Bailey @AngelaRayner
This is a milestone in economic thought - the crisis has forced the state to admit that it does not always need to issue 'debt' for spending.
100's of good economists have said this for years.
Please engage with this. Thanks
This is a milestone in economic thought - the crisis has forced the state to admit that it does not always need to issue 'debt' for spending.
100's of good economists have said this for years.
Please engage with this. Thanks
This article by Bill Mitchell explains further.
Also note that Ann Pettifor has done articles explaining that 'taxation revenue does not pay for governement spending' although she herself does not engage with MMT
2/x
bilbo.economicoutlook.net/blog/?p=31715
Also note that Ann Pettifor has done articles explaining that 'taxation revenue does not pay for governement spending' although she herself does not engage with MMT
2/x
bilbo.economicoutlook.net/blog/?p=31715
3/x In 2014
The Bank of England released two articles explaining the money creation process – “Money in the modern economy: An Introduction” and “Money creation in the Modern Economy” – in their flagship Quarterly Bulletin
bankofengland.co.uk/quarterly-bull…
The Bank of England released two articles explaining the money creation process – “Money in the modern economy: An Introduction” and “Money creation in the Modern Economy” – in their flagship Quarterly Bulletin
bankofengland.co.uk/quarterly-bull…
4/ Again in 2014 Parliament debated 'Money Creation' (was first time in 170 YEARS!)
There are opportunities and threats to Labour here.
If the 'right' can fund Outsourced NHS and Schools etc. to their donors - literally off balance sheet.
There are opportunities and threats to Labour here.
If the 'right' can fund Outsourced NHS and Schools etc. to their donors - literally off balance sheet.
5/
There is a real threat to democracy - because as the Parliament debate in 2014 recognised the Banking System was already broken before #Covid19 and there will be moves to stop banks as being the source of NEW MONEY.
So the left need to get there act together or...
There is a real threat to democracy - because as the Parliament debate in 2014 recognised the Banking System was already broken before #Covid19 and there will be moves to stop banks as being the source of NEW MONEY.
So the left need to get there act together or...
6/x
... the options being floated by the right will take hold.
You will have on the one hand STATE FUNDED OLIGARCHY where public services are paid for by the state but to welthy corporations
Then you'll also see peer to peer lending replacing BANK LENDING. Massive danger.
... the options being floated by the right will take hold.
You will have on the one hand STATE FUNDED OLIGARCHY where public services are paid for by the state but to welthy corporations
Then you'll also see peer to peer lending replacing BANK LENDING. Massive danger.
7/
Peer to peer lending will give power to all those that have already hoarded untaxed wealth to profit further - they will be the new 'banks' it will be a form of feudalism.
ENDS
Peer to peer lending will give power to all those that have already hoarded untaxed wealth to profit further - they will be the new 'banks' it will be a form of feudalism.
ENDS
@threadreaderapp please unroll
