The point is that poverty in the UK is a political choice that has been made by every government for the last 45 years. Poverty is never an economic necessity. #MMT

When the government fails to address poverty and inequality, everyone loses.

'Born into poverty, stay in poverty' is not just a tragedy for the individual – it's a loss for everyone. When you scale that lost potential up over the entire country - and the government does nothing about it - that's self-harm. Eradicate poverty, reduce inequality and everyone wins.

MMT101 Podcast: Economists John Harvey on the Job Guarantee and inflation.

Economist John Harvey reflecting on what he was taught at the University of Tennessee.

John Harvey reveals and explains the business cycle on the MMT101 Podcast.

New on the MMT101 Podcast: John T. Harvey on Business Cycles and How to Reduce the Damage of Recessions tinyurl.com/2wp3cxkb

Indypodcasters Fiona and Marlene windswept on #Prestwick beach where @believeinscotland.bsky.social are taking part in a Day of Action including delivering thousands of #leaflets followed by a beach #litterpick - well done to all who took part and look out for our video coming soon!

1. Let's learn some very basic ideas relating to currency sovereignty. Some countries are currency creators and some countries are currency users. A country that can supply or remove money from the economy - is said to have currency sovereignty.

1. Let's learn some very basic ideas relating to currency sovereignty. Some countries are currency creators and some countries are currency users. A country that can supply or remove money from the economy - is said to have currency sovereignty.

1. The 2020 expansion of the Ways and Means Facility during Covid is the ultimate empirical proof of MMT’s insights into how government spending works. It proves that when the ‘borrowing’ conventions are inconvenient, the state can bypass them instantly.

President Claudia Sheinbaum is rolling out Universal Healthcare for 120 Million Mexican residents. Now that is leadership, I’m both jealous and very happy for the people of Mexico.

"The climate crisis cannot be addressed within capitalism. It is vital that we understand this fact and develop our strategies accordingly, otherwise we are headed for certain failure. And failure is not an option." jasonhickel.substack.com/p/climate-so...

The UK Government cannot run out of UK pounds. If you think otherwise you are being gaslit by the media and politicians.

1. I’ve been chatting to post-Keynesian and institutionalist economist John T. Harvey - on the MMT101 Podcast - about his new book, US Business Cycles 1954-2020. Subscribe to my MMT101 Substack to hear our chat on Sunday at 2pm UK time.

State money is an idea not a thing.

1. The legal architecture of the UK governments financial machinery is unambiguous. It is designed to ensure that when the government makes a spending decision, there is nothing that can stop that spending being carried out

Vital stuff. This bit in particular stood out: "That is, reserves are issued into commercial bank reserve accounts held at the central bank; they are not backed by anything other than the ability to make numbers appear in commercial bank reserve accounts." A *literal* magic money machine!...

New on MMT101: The Bond Market Doesn’t Fund the UK Government – Here Is the Legal Proof Following on from last week’s piece: in this week’s article I continue my examination of the financial machinery of the UK Government. mmt101.substack.com/p/the-bond-m...

New on MMT101: The Bond Market Doesn’t Fund the UK Government – Here Is the Legal Proof Following on from last week’s piece: in this week’s article I continue my examination of the financial machinery of the UK Government. mmt101.substack.com/p/the-bond-m...

1. What are central bank reserves for? How do central banks use reserves: i.e. what functions do they serve. I have summarised their main functions in the following bullet points: * They allow banks to settle payments with each other.

1. New on MMT101: Introduction To Central Bank Reserve Accounts In preparation for my workshop on central bank reserves, I thought it would be useful to cover that topic in this week’s article.

Solidarity with Wales and NI.

I’ve just sent out a reminder of my next MMT Workshop for my paid subscribers - which is next Tuesday 23rd June. Workshop 2 — Central Bank Reserves: In this workshop I provide an introduction to central bank reserves mmt101.substack.com

1. MMT101: What do MMT and Post Keynesian Economists disagree on? I’ve already listed ideas that are considered unique to each discipline and those shared between the two schools.

New on MMT101: MMT versus Post Keynesian Economics (PKE) - Which One’s Elvis? Read on: mmt101.substack.com/p/mmt-versus...

New on MMT101: MMT versus Post Keynesian Economics (PKE) - Which One’s Elvis? Read on: mmt101.substack.com/p/mmt-versus...

New on MMT101: MMT versus Post Keynesian Economics (PKE) - Which One’s Elvis? Read on: mmt101.substack.com/p/mmt-versus...

On MMT and inflation.

1. I’m reading John Harvey’s book, US Business Cycles 1954-2020. I highly recommend it. It’s a cracker. Despite what orthodox economists tell us - economies are not naturally stable until some outside event gives it an unexpected dunt from the side, knocking it off balance

1. New on MMT101: How are interest rates set in the UK? In relation to the UK there are three UK specific pieces of jargon we need to know: * The Bank Rate: In the UK the Bank of England sets the Bank Rate. In practice it is the same as the rate it pays on reserves.

New on MMT101: How Central Banks Set Interest Rates In The UK And US - Myths versus Reality Read on: mmt101.substack.com/p/mmt-basics...

Sign the petition: Don't Let Them Block Our Indyref Mandate www.believeinscotland.org/indyref_peti... Please share.

1. The Visible Hand — An Economics Parable in Three Acts The Setting: A newly independent fictional country called Scotlandish, whose government has just discovered the true extent of its vast reserves of renewable energy, skilled workers, idle factories and fertile land.

Nicola described to LauraK the parking layout at her parents-in-law house: Motorhome was parked out of sight on space shared with neighbours. BBC Scotland edited that out just saying she says she didn’t notice the motorhome parked at her in-laws. Bastards. Illigitimi non carborundum, Nicola.

1. Here’s a note I posted - in response to a Facebook thread - about UK government bonds sales, to point out that the government does not earn spending money from bond sales. And also to point out that no money is removed from the economy/private sector.

New on MMT101: The Visible Hand — An Economics Parable in Three Acts This is something a bit different, that I hope you find entertaining. Is this the world's first play about MMT? :-) tinyurl.com/4ay5342b

On a daily basis, Scotland produces, on average, 85% of its energy requirements from Wind, Hydro & Nuclear. 15% from fossil fuels. Obviously on good days, that 85% is exceeded. That's a higher % than Spain, which has some of the cheapest electricity in Europe.

With Scottish independence, we can right a lot of wrongs the country has suffered under Westminster rule. Looking after the elderly, disabled, the worse off. Let's get it done. 🏴󠁧󠁢󠁳󠁣󠁴󠁿 You Yes Yet Scotland? 🏴󠁧󠁢󠁳󠁣󠁴󠁿 #SaorAlba #IndyClan #Salvo #LiberationScotland

People across Scotland will be deeply worried by another rise in energy bills announced today. We produce enormous amounts of energy, yet despite Labour’s promises to cut them, bills keep soaring. It’s time Scotland had control of Scotland’s energy.

⚡Another energy bill rise from Labour. 🙄 Scotland needs independence.

Scotland is being held captive by an English parliament. Free Scotland.

Its that time when Scotland gets flooded with adverts featuring England team players. Never seeing them again is definitely another independence benefit.

Or any other small nation for that matter. You've just got to take a step back & ask the reasons as to why Westminster continually denies us the democracy & holds on to us like they're last shite. #AreYouYesYet #DissolveTheUnion #EnglishDemocracyDeniers

Who could have guessed that the the obsession of successive British governments with elitist further education and dismissive attitude to vocational education could lead to one of the highest levels of youth unemployment in Europe. Westminster is full of public school boys who learn nothing.

The language shift matters. Community, wellbeing, elimination of poverty: not utopian fantasies but policy choices requiring different politicians with different priorities. The current ones do not believe in community because their donors profit from its absence. Change the politicians.

Three Things Warren Mosler Taught Me About Economics New on MMT101: What a bond trader saw that economists missed: lessons from Modern Monetary Theory (MMT) tinyurl.com/2nkbma9e

Economists James K. Galbraith on the topic of orthodox economics.

MMT101 Workshop 2: Understanding Central Bank Reserves. Register as a paid subscriber to join these workshops (cost is equivalent to one coffee a month): tinyurl.com/yw6tmntp