by Summary:
Richard Murphy is the guest this week and is a chartered accountant and a political economist. Rachel Reeves is planning £3bn welfare cuts in Budget, so we will drill down into that and much more this week! https://www.taxresearch.org.uk/Blog/ https://businessfilmbooth.podia.com/
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Richard Murphy is the guest this week and is a chartered accountant and a political economist. Rachel Reeves is planning £3bn welfare cuts in Budget, so we will drill down into that and much more this week! https://www.taxresearch.org.uk/Blog/ https://businessfilmbooth.podia.com/
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Steve Keen considers the following as important:
This could be interesting, too:
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| Richard Murphy is the guest this week and is a chartered accountant and a political economist. Rachel Reeves is planning £3bn welfare cuts in Budget, so we will drill down into that and much more this week! https://www.taxresearch.org.uk/Blog/ https://businessfilmbooth.podia.com/ |
A very big thank you to Richard for joining us this weekend.
Thanks for asking me Steve
You guys should be the Statler and Waldorf of the Muppet Show in the parliaments of the west
@@RichardJMurphy It was truly a pleasure mate.
The only downside for you is that it gives me pestering rights to get you to try Ravel out! 😉https://www.patreon.com/ravelation
Echo chamber. It's socialist politics that are the problem in the UK
We now have a international health service
We are having to pay for anyone from the world who can get into the country and also causing wage deflation
As for climate crisis 😅😅😅😂
Well blow me down with a feather that you're a climate change denier as well.
Ah normal blanket insults and turning off replies 😮 not
Why oh why do all alleged problems need the poor to suffer but the rich carrying on as normal. There is no climate crisis and no evidence to prove it. Only words for people who profit from a fake crisis
@@isildursbane2758I'd insult you too for your arrogance on human caused global warming.
Funny how these socialist policies are always implemented by capitalist stooges, isn't it? 😂
Money creation, yeah. The problem is government spending
Since the public money supply and government debt is created and destroyed, practically at will, through the use of baroque accounting tricks, that all rather depends what "our" government is "spending" on, doesn't it?
@@fredfredrickson5436 you know the MP's and deep state
Ok whatever nakes you feel good 😂
25'000 dead pensioners and the reassuring sound of mosquitoes fizzing on the grid.
Is it worth pointing out that you can reset the entire banking & economic system without changing anything physical. Just saying. Climate, the ecosystem & actual resources are less flexible as they're tied to reality.
The only practical action the little people can do, is put their wealth in anything that will hold its value!
It’s a question of pick your poison:
1- we have to live within our means, tighten our belts and be as self sufficient as possible with a finite amount of money. This leads to hoarding and elites with concentrations of wealth as money gets more & more valuable
OR
2- accept that a public monopoly on money is an agreed & necessary fiction that we can create at will to manage complex economies but can also be abused or captured by elites with ideological or property interests so the money get funneled through their agendas
Either way you can always get elites who demand more say (and real resources). The answer is always more sophisticated democracy but currently we are failing to update it to the fast moving digital age
Doesn’t money creation leads to currency debasement and inflation?
It's possible, but not a certainty. ALL money is created.
@@bz-mz5hm Yes of course but at the current speed it is undermining trust and fueling political turmoil
@@MH7919 You could read The Deficit Myth which goes a bit into this. The key is not to find the $, but the real resources needed. For example, if you want Medicare for all, you need to 1st determine if you have enough doctors, hospitals, etc before you start spending $ to do the work. Having the real resources available before spending $ reduces the chance of inflation. And of course the lousy politicians we keep electing aren't interested in helping voters, only in helping their donors.
It depends on how much money is created and how much stuff is purchasable. So creation of money to say build infrastructure is ok but printing money to pay debt and general additional things like the stimulus cheques is going to create inflation. The problem is it’s an easy button to press and we are relying on politicians to press the button responsibly. Like that’s going to happen.
Suggestion. Get James O’Brien on board!
Spot on that good stories are needed. Need to keep it simple too:
Tax is destruction of money.
Ask where does all the money in existence come from – do you have a money printing press at home ? If you do that's called counterfeit***ing.
Talk about system accounting rather than double entry book keeping.
Say you won't vote for anyone unless they read for example The Deficit Myth – that I've found really grabs a politician attention when they call at my door
Is there a podcast for these shows
Richard has the right idea about popularizing the message, although he's rather missed the boat mentioning social media as an afterthought to phoning in to radio stations. Of course the vehicle won't be long-form talking-head discussion panels, but something more compact and easily digested. Although the full dynamics of the system are complex, the backbone fundamentals have to be communicated succinctly in plain language.
The archetype of lost parents is the story of parental economic abandonment of new generations. Boomers have arranged to hoard all of their wealth until death, rather than investing in their progeny's long-term welfare. Even worse, they have arranged to profit from the economic plight of their children with education debt traps regardless if they succeed or fail.
if there is a wormhole on one side of the balance sheet, there must be a worm on the other side that made the hole 😉
Steve with the one-finger salute 😀
While I agree with MMT, it describes the way an economy works with a FIAT currency, we do not want an economy that grows faster and, in doing so, uses more resources and energy accelerating the destruction of the planet. MMT allows us to better manage resources and preserve the planet. Just saying.
That's precisely my perspective. When climate change starts to destroy our productive systems, the private financial system will implode, and only government money creation will give us a chance of harnessing the resources that might enable us to attenuate the damage to both our societies and the ecology. But that slim possibility of survival depends on having leaders who aren't hamstrung by the belief that the government has to borrow in order to spend.
You don't understand what they're doing. It doesn't matter what's happening centre stage, look at how they're repainting the scenery mid performance.
Even better, sneak backstage. The whole economic narrative is a sham, finding fault with it at a surface level doesn't actually achieve very much.
Get over yourselves 😂. You're a social science.
Maybe a start for a short story. I love the simple quote from the Ayn Rand-worshipping, Milton Friedman-following, right-winger Alan Greenspan: "There is nothing to prevent the federal government from creating as much money as it wants and paying it to somebody." Of course the response will "hyperinflation", for which I have a twist on Friedman: "Inflation is always and everywhere a supply-side phenomenon." [not 100% correct, but essentially correct, which is necessary for a short story]. There are other ways to create inflation, but if you take care of the supply side it's almost impossible to occur.