A really clear explanation of what Government 'debt' actually is and why it's nothing at all to be concerned about. From @auchentrachle.bsky.social, Modern Money Scotland: www.thenational.scot/news/2564668... #MMT

We don't need to "tax the rich". We don't need "a wealth tax". We need to tax wealth. There's a difference. Excess wealth permits a distortion of political power and command of earth's natural resources. We don't need taxes of the rich to pay for anything. We just don't need or want the rich.

These are self imposed fiscal rules. Self imposed. Labour are choosing to push 50,000 children into poverty to signal to wealth & capital that they're on their side. Disgusting. Sick. Broken.

That's how I'm going to start my article for Labour Briefing

A reminder that Thatcher's "government as household" analogy traps us in a degenrate narrative that will always end in austerity.

These quotes keep surfacing. The creator and issuer of the "greenback", he apparently didn't like paying interest to private banks. This is from a speech made after the civil war, and shortly before he was assassinated.

There is no need for ‘fiscal’ rules - just resource/inflationary rules. The UK Govt never need worry about the money. It should focus instead on two questions: Do we have the resources, skills and labour to do it? Will it be inflationary?

Every brain creates its own reality. There are consequences to creating false realities. Austerity kills economies and people.

In other words “fiscal rules” are put in place to make sure we keep believing that the gov’t needs us to pay it tax, or lend it money, before it can spend. But how does that work for pensioners, teachers, nurses, weapons manufacturers etc, who are paid by gov’t and only then can pay tax or lend £s?

Streeting is a monster like the rest of Starmer's mob. How many people, especially children, do you know who are suffering some form of mental disability? It wasn't like this before - when was it?

There’s no “National credit card”, there no such thing as “taxpayer money”. Taxes are not a funding mechanism. There’s no operational dependency on what government taxes to what it can spend. It can never run out of £, or go bust. Ever. And “fiscal rules” are complete nonsense.

SNP MP calls for Trump state visit to be scrapped. Others should support. Unhinged felon must not be honoured. 34 felony convictions in New York alone. Dodged prison because his billionaire pals helped him win election. Risk of mass social disorder, if the visit goes ahead.

@russincheshire.bsky.social could learn how our monetary system operates - as could all. Byline Times contributors. The UK is a fiat currency issuing state. It spends money into existence and taxes some of that money out of existence. Ergo - taxes do not, and cannot, ‘fund’ spending. #LearnMMT

No it wouldn’t. It would destroy £30billion of the wealthiest’s money and give them £30bn less to bribe politicians. That’s it. The money deleted does not affect our govt’s ability to create £s. While you spread the tax-payer myth, you hand Reeves the wiggle-room to plead poverty. #LearnMMT

Un the context of endogenous money, it is far more likely that the money supply responds to inflation. And not vice-versa.

👇🏻😳👇🏻 Did you know that the UK Govt hands bankers and financiers £100bn of newly created money every, single year for having enough spare money to buy bonds. This process has zero benefits for us. By 2050 it will be close to 2.5 £trillion. Just handed to the rich for nowt. #LearnMMT

"For those who want a 5 minute explanation"

Stephanie Kelton - "We can, and must, tax the rich. But not because we can't afford to do anything without them. We should tax billionaires to rebalance the distributions of wealth and income and to protect the health of our democracy" France to introduce a 2% wealth tax on those worth over €100m.

It’s not true what the grocer’s daughter said. This may be a shock, but there’s no such thing as “taxpayer money”. She lied. There’s only government money, and if government doesn’t spend enough money into the economy, taxpayers don’t have money to pay taxes. Or live on.🧵👇

New Essay! 🗣️ ✨ Money is Not a Medium of Exchange ✨ Contra the "exchange" paradigm linked to myths of barter, Jens Martignoni argues that we must reconceive money as an inherently collective project and rethink monetary functions as resulting from political design. Please read & share! 👩‍💻 🙌

Thank's Muskrat.

Well, that's me screwed on Twitter. I suggested a Trump supporter espousing his racist and extreme right wing views should try drinking bleach if he thought Trump was such a genius. Maybe because American sense of humour doesn't do irony maybe. I can no longer post or comment or like.

Reeves Eyes Spending Cuts If UK Bond Slump Eats Up Headroom. Wrong choice. Govt can create money -found £895bn of QE for speculators. Can levy windfall taxes on banks, levy wealth tax, tax capital gains and dividends at the same rate as wages. Must rebuild social infrastructure. archive.ph/NIgoo

#BoE Another Financial Disaster coming to your bank account soon...

The best form of money is that which has no intrinsic/ commodity value. When banknotes became acceptable currency it stabilised the price of gold and therefore other prices. But with no forex facilities, gold was still required for foreign trade.

1/2 Some might say this is communism by today's standards of mainstream political criticism.

“Brexit-optimist economist Julian Jessop, a fellow at the Institute of Economic Affairs, admitted that Brexit has made it harder or “impossible” for small businesses to adjust.” Finally.

How could someone with 34 felonies become president?

Farage is a grifter…always has been and always will be. People who vote for him are not critical thinkers unfortunately.

If, like me, you have even a basic understanding of the economy, a skeptical view of mass media, or even wonder why extreme right wing views get so much airtime, then you’ll know why #BBCR4 is losing listeners. 30 seconds of it and I’m ready to boak.

The birks

Poverty is not a lifestyle choice. Poverty is a policy choice.

My Christmas card for this year. Enjoy.

Seeing sooo many tweets about “costing the taxpayer…”, “taxpayer’s money…” it really rips ma knittin’. When govt spends it ADDS to the private sector. What it is spent on and who benefits is another matter, but it’s NOT a cost to taxpayers. Learn to reframe the argument.

"The resources that are the most scarce are not money. The resources that are scarce are our very particular bodily existence and the meaning and beauty and joy that we can get from that." -Martha McCluskey moneyontheleft.org/2024/12/01/l...

What’s the difference between Keir Starmer and a kipper? 👇

Starmer, Streeting, Reeves, Kendall, Rayner, Thornberry, Nandy… lying, duplicitous, treacherous, scum.

Taxes fund government spending. Government finances are like a household, and government must balance the books or it could go bust. We have to repay the national debt eventually. Inflation is caused by too much money chasing too few goods. Cutting government spending is good for the economy.

#Securonomics #RachelReeves So, what exactly is this? It all relys on giving bungs to the private sector to do infrastructure type stuff - that Government use to do - from the much vaunted #NationalInvestmentFund which was complete missing from her budget last month. dwfgroup.com/en/news-and-...

And remains undetected in the other two thirds! It is how the City has always worked bit.ly/3BoCzfA and the Financial Canute Authority can’t stop the tide.

Capitalism literally means a system where capital (those with big money) decide how to invest society's resources -- and benefit from the returns. People who are not wealthy do not benefit from the capitalist system. So capitalism requires a propaganda system to prop it up. It's ALL "trickle down."

Good news When Fish Begin To Crawl has just been selected as a semi finalist at Kyoto film festival is in competition this week at the London lift off festival. Our Live Orchestral premiere, Inverness and Glasgow, featuring the RSNO. Inverness shorturl.at/OXTJj Glasgow - shorturl.at/lEk0z

Thursday's blog post (05/12) is now posted (17:42 EAST) - The concept of degrowth remains underspecified - reform or revolution? - billmitchell.org/blog/?p=62231 #mmt

Vulture auction of Thames Water. Covalis offers £1bn to buy TW, flog assets to generate £4bn. Buyers counting on mega hike in customer bills, asset-stripping. Sewage dumping, cash extraction will continue. Only nationalisation can safeguard water services. morningstaronline.co.uk/article/tham...