Comments by "" (@foxmoongaze) on "Richard J Murphy" channel.

  1. It doesn't help understanding then when the HMRC web site quotes this on tax account home pages "View your tax and National Insurance contributions and find out how the government spends your taxes."
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  2. Gold and silver were money for thousands of years, and in the American constitution declared as the only money allowed, because the founding fathers were looking to avoid the financial abuse that has now been playing out for the last 90 years. Internationally gold is considered a tier 1 asset with a zero risk weighting, so the gold a country holds can't be sanctioned. Compared to the ever devaluing fiat currencies we are forced to use, gold seems like an attractive alternative. Many economists, bankers and officials hate the idea of gold as it is outside the system and can't be easily manipulated or corrupted.
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  3. These days Tories and Labour seem to be two halves of one uni-party with barely any core differences - both appear ill equipped, and lacking what's needed to put the "Great" back in front of Britain.
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  4. I'm worried because government will try to use it - what could possibly go wrong.......
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  5. It's also about forcing people to have and earn GBP, as taxes can only be paid in GBP.
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  6. The government spends, but the public pays the bill. History shows all fiat currencies eventually become worthless or nearly worthless. Governments and fiat currency are a bad combination as politicians can't resist spending more and more, borrowing currency into existence and inflating the supply. Inflation is debasement of a currency and we rarely to never see deflation with the GBP has losing about 98% of it's purchasing power since the early 1970s.
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  7. People save so they, or their family, can spend at a later date. People don't want the "saving" they want things. but. put aside current excess to guard against future deficit or towards a large purchase. The crime of Keynesian policies is that saving in any fiat currency (GBP, USD....) nearly always results in a loss of purchasing power over time. So, everyone (and pension companies) have to scramble around trying to find something that has higher or equal returns to the real inflation rate caused by creating more and more currency out of nothing. Keynesian policy has brought the boom and bust financial roller coaster of the last 80 years that siphons money to the rich elite and has brought us to the debt based financial catastrophe we are in now.
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  8. No, it's value will have been stolen away.
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  9.  @Ghengiskhansmum  We never get the deflation needed to bring back the original value of the currency. Inflation is a stealth tax.
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  10. As Margaret Thatcher said : “The problem with socialism is that you eventually run out of other people's money.”
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  11. We have not had a worthy prime minister for over 30 years.
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  12. Was that not in response to people waiting years for treatment while having 1000s of free beds? At the time minor surgery like tonsil removal might have a wait of 6-7 years, it did for me!
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  13.  @onlyfflyff  I wonder why we have so many sick people nowadays? I don't think it's just people living longer and needing more care. I don't remember so many people of all ages being so ill, or having so many mental health issues, in the 60s, 70s, or 80s.
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  14. Not anymore - it was nationalised by the government in 1946, and now wholly owned by government - who ultimately pulls the strings is another matter......
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  15. It's all just words, and they thinks it sounds better to say "we need taxes so we can spend" than "we need taxes to cancel what's already been spent". In the end it makes no difference to the public, so what's the big deal?
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  16.  @Wulfuswulferson  Indeed, tax, tax and more tax. Inflation is a tax on anyone holding fiat currency, and conveniently a way to effectively reduce a debt burden.
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  17. The black hole is where all the endlessly printed currency pours. It matters not how ignorant politicians are, or who runs the country when the remuneration given to people for their time is becoming worth less and less due to currency debasement. We did not escape the consequences of the financial crisis of 2008, it was just kicked down the road so that the big banks and financial businesses could be saved, at the expense of the currency and the value your savings. Some of those consequences are becoming too big to kick any further.
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  18.  @legionofswine  I think there will be change, just not for the better. The best change might be Starmer, Reeves and Rayner going on a very long holiday for 4 or 5 years without a phone.
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  19. "The state alone is responsible for inflation: inflation without government, or indeed against government, is impossible." Felix Somary, The Raven of Zurich
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  20. The primary reason people will stop caring (for a while at least) is due to the systematic destruction of their money. People work hard all their lives for worthless scraps of paper or some numbers on a computer? All constantly and deliberately devalued by the banks and politicians. It forces people to think greedily in order to maintain any wealth as they have to constantly achieve ever more profitable work and investment as savings just lose purchasing power. The gold price indicates that we need to earn 500 times more GBP today compared to 100 years ago............. Roughly, a salary of £200 ( 200 gold sovereigns) then = £100,000 today - what has government done with our money?!!
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  21. My parents put savings into premium bonds in the 1960s, which at the time could have bought a car instead. Today these bonds might buy a cheap pedal bike. There is zero sense in saving your pounds when they are constantly devalued by far more than the interest earned. I agree that government should spend wisely, but history shows they are unable to do so when there is no, or little, restraint on the supply of money to them. Inflating the money supply devalues savings and raises prices.
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  22. In a perfect world, with intelligent and selfless government that can't be swayed by the banks and big business, a fiat currency could work. A primary function of money is to be a store of wealth, that's the very reason money of any form was ever used, so we can defer one side of a trade - without losing the value of the trade. Unfortunately our fiat currency fails this need and history shows all fiat has always trended to zero value eventually. I'm really interested as to whether people believe the future of our fiat currencies will be any different, and what happens if/when the population realise the currency is toilet paper.
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  23. The fiat currencies of the world were adopted in early 1970's and all are in slow motion hyperinflation. All have lost at least 97% of their value, and the GBP has lost 99%. There is no sign that any fiat currency will stop losing value. Whatever the reasoning, this is not a good outlook for populations and deters saving, and promotes wild speculation in search of returns that will exceed the decay of the currency.
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  24.  @abody499  It's the name of the book from which the quote is taken. Felix Somary was a leading banker among other things and well respected.
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  25. Debt based economies need to find ever more businesses and people willing to take on ever more debt. This drives empire and war as newly acquired assets allow business, and the military, to expand. The businesses, and military, need funds to expand so take on debt with the banks/lenders. So, the banks/lenders endlessly encourage/fund war. This has been the way of the west. We are also seeing the wealth of the middle class siphoned to government, and probably it's destruction (for now). This is ideal for government that wants more control and socialism. Fiat currencies have always failed eventually because they have few restraints and allows easy abuse by weak, maybe corrupt, politicians - IMO.
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  26. It's probably actually worse than that as they changed the way they calculate the inflation (CPI) so it looks more favourable. There has been about 98% lost in value of the GBP since the early 1970s. Efficiencies in manufacturing, farming and supply have actually made many things cheaper to produce, but they have still soared in price because the currencies are devaluing.
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  27. All my replies to comments about my posts here have been deleted by youtube (or someone) - it seem alternative points of view are being actively suppressed.
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  28. More than 50% of people from their mid 30s upwards voted for Brexit and out of the EU. Picking solely on the pensioners seems unreasonable but probably easier and part of another agenda. The older population probably better remember that the EU was originally created as a union for trade, and not to govern member states from an unelected and unaccountable central parliament which is never going to work well - look at what happened with the USSR.
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  29. There is 0.04% CO2 in the atmosphere, and man's contribution to the 0.04% is less than 5%! CO2 is a trace gas and it's levels are an effect not a cause of changes in climate and temperature. The sea controls CO2 levels and holds 50 times more CO2 than the atmosphere. CO2 levels in the atmosphere are a result of warming and cooling of the seas, emitted in warm periods and absorbed by the cold seas such as those off Greenland - then released maybe 500-800 years later from the deep in other oceans. The CO2 we have today is an effect of the climate from 500-800 years ago. Don't fall for the fraud currently being acted out about climate - the Chinese haven't and built 40 coal fired power stations this year alone.
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  30.  @abody499  well, you seem to be very blinkered that the two have to be mutually exclusive. If you disagree with my post that's fine, but perhaps don't make observations based on assumption and saying nothing.
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  31.  @Redf322  You are not correct, I'm no fun at parties. btw - it's "you're" not "your".
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  32. The consequence is that money earned today, generally, will not be worth as much tomorrow because money printing nearly always outstrips growth.
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  33. I no longer care, it's all BS and never for the good of the public. We have all fallen for the fallacy of democracy. We have little choice of who to vote for, and when voted in politicians can make whatever laws and rules they want without agreement from the public, and even against the public. Western democracy is in fact rather evil and not a good thing. This is why the founding fathers of American chose a constitutional republic, which now sadly itself seems to be lost.
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  34. The government can always repay it's debts, but what isn't guaranteed is the value of currency when the repayment is made. Many times, in many countries, the safety of "saving" with a treasury/government has had a high cost, when the currency became worth very little. Hopefully that will never happen in the UK 🤞
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  35.  @markwelch3564  So are you saying we should not save to buy something, or save for times when we can't earn? The whole idea of money is that we can trade, but defer our purchase until what we want/need becomes available at a price we can accept. Making money not worth saving is contrary to why money was used in the first place, which is why fiat currencies have always failed in the past.
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  36.  @antonyjh1234  ..... and yet you seem happy to act like one - you know, the arseholes who think anyone who disagrees with them should be bad mouthed and put down rather than considered.......
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  37.  @MentalLentil-ev9jr  but he has history on his side.......
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  38. But, creating more money devalues what already exists - would your solution not tip us into huge inflation (increase in money supply) and possibly hyper-inflation, and devalue the GBP against other currencies?
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  39.  @marcopolotimetraveller  Indeed. Also, during the 19th century the UK had almost no inflation and at times deflation, and it was the most prosperous time of all. There was a central bank, but very small government compared to today.
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  40. Is government in a spending and debt trap that they will never get out of without complete reform and down sizing? We are not longer the country that survived WWII and stoically accepted the harsh taxation and restrictions required to get us back on our feet then. If you squeeze the economy too hard many people will give up, or leave, and productivity will plummet .......
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  41.  @downshift4503  Yes, and zero rates will mean more money creation and thus assets prices rise because the GBP is devaluing. This will probably be the same story in the USA, EU etc, so the exchange rates won't change too much and keep the public thinking their currency is ok while they all continue to go down the drain in value. Comparing currency value to real assets is a much better measure. E.G.: House prices have risen over the last 50 years, in a small part because of supply demands, but mostly because of currency debasement.
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  42. My understanding is that MMT developed as an idea in the mid 90s and was perhaps adopted by the UK 20-25 years ago. If this is true, on the face of it, things have not gone well.
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  43.  @helenheenan3447  Your comment is rather patronising, MMT is one way an economy with a fiat currency can work, and is easily abused as shown by the deep financial doo-doo the UK and other countries are in. Of course MMT should be debated, all theories and ideas should.
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  44. Currency is not money, it is a credit from the government that has been constantly devalued/defaulted.
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  45.  @davidthompson797  A devaluation of debt is effectively a default. Successive governments have constantly debased the GBP, devaluing the currency, which is therefore a default on the value of the credit or promise made when the currency was originally issued. In the same way, the UK defaulted on the 1917 war loan bonds, and in 1932 to the USA.
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  46.  @Tensquaremetreworkshop  We can call anything we like money. Money needs to store and retain wealth, be stable, and be fungible. In modern times, since WWI, the UK government has consistently debased it's "money" by overspending, and since moving completely to paper and electronic currency has had nothing to restrain it except how much it can borrow.
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  47.  @Tensquaremetreworkshop  Inflation can only be created by increasing the money/currency supply. If the production of the country does not equal or exceed the money supply we have devaluation of the currency and rising prices. Therefore there should not be any target inflation, only that based on production, positive or negative. The GBP has lost 98-99% of it's value since decimalisation in 1971. All currencies are tending to worthlessness due to overspending, over borrowing and unrepayable debts. The whole financial system is corrupt, failing and needs replacing.
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  48.  @Tensquaremetreworkshop  Well, the market should decide. If we get rid of legal tender laws and let people trade with what they want and choose what they want to save with then governments won't be free to print "money" out of thin air and inflate. We are currently forced to use government money - fiat currency. Historically all fiat currencies have failed.
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  49. All inflation does this unless there is constant matching increases in productivity, which rarely happens, and deflation is never allowed.
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  50. My understanding is, this could be done, but the QE may not work very well (i.e.: find buyers) as the QT is also selling into the market and the rate of return for the QT bonds may be higher and more attractive.
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