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The question of how it can be paid for doesn’t arise if we understand how the government spends. It would be paid for in the same way the government always pays for things; by creating the money out of nowhere. A simple transfer with a few computer keystrokes authorised by the Treasury and carried out by the Central Bank. We need to knock on the head the idea that a portion of our tax is being collected somewhere in a savings pot to be divvied out at retirement or indeed that taxes serve to pay for public services....The Gower Initiative for Modern Money StudiesThe deceitful image of money scarcity has no place in our society.See alsoTax Research UKWhy is the left so hung up about modern monetary theory?Richard Murphy | Professor of Practice in International Political Economy at City
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The question of how it can be paid for doesn’t arise if we understand how the government spends. It would be paid for in the same way the government always pays for things; by creating the money out of nowhere. A simple transfer with a few computer keystrokes authorised by the Treasury and carried out by the Central Bank. We need to knock on the head the idea that a portion of our tax is being collected somewhere in a savings pot to be divvied out at retirement or indeed that taxes serve to pay for public services....The Gower Initiative for Modern Money StudiesThe deceitful image of money scarcity has no place in our society.See alsoTax Research UKWhy is the left so hung up about modern monetary theory?Richard Murphy | Professor of Practice in International Political Economy at City
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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The question of how it can be paid for doesn’t arise if we understand how the government spends. It would be paid for in the same way the government always pays for things; by creating the money out of nowhere. A simple transfer with a few computer keystrokes authorised by the Treasury and carried out by the Central Bank. We need to knock on the head the idea that a portion of our tax is being collected somewhere in a savings pot to be divvied out at retirement or indeed that taxes serve to pay for public services....The Gower Initiative for Modern Money Studies
The deceitful image of money scarcity has no place in our society.
See also
Why is the left so hung up about modern monetary theory?
Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum