Comments by "Dr. Ricco Lindner" (@Dr.RiccoMastermind) on "Richard J Murphy" channel.

Spot on, Richard! I will take this point into my party basis. However you also have to consider that such a training e.g. in economics might not help our cause if it likely is a mainstream neoliberal training🤷‍♂️
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@andyinsuffolk very true! Also my life experience is, if basically 2 main streams battle over the truth on a topic, than usually both have their fair points. For economics, ofc people and companies like the economic freedom but this will not come without basic social nets and a state caring for all public serves without being such money-constraint. Hope we find a way to let both streams participate instead of ebdlessly batteling and struggeling. Maybe this will be a kind of SOCIAL LIBERALISM where a government works complementarily together with the private sector and did learn how to let flow money into the economy ans households just the right way and speed and where the state and the private economy have rather separated fields of responsibility🤷‍♂️
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@RichardJMurphy I hope you find some common understanding in most points 😊🙏
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Prof. Murphy, since you didn't mention it, isn't the employer the "tax payer" either? Or does he just pass on the tax? So the employer never really pays the full gross salary himself?
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@stephfoxwell4620 Sorry, what is "PAYE"?
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@BOZ_11 aaah, thank you. I was not aware being from Germany 🇩🇪👍🏻
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Oh dear, Keir 🙈 I only can repeat this. Some thoughts: "Keir, now the biggest tier, likely enjoyed some beer to have no fear of mumbling to his dear fellows, reading words from the rear side of his hand, having no idea what they mean. Please, hear out true economists, let them steer Great Britain once and for all! Cheers Keir!" Seems we are a bit better of in Germany 😅🙈🙏🇩🇪
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Again, very true and concise. One could say that finacial market interest hijacked or abused the governement currency and bond issuing capacities to their will and goals, evil or good. Why is that possible? Well, if all official positions and politics are occupied by members or friend of the Top 1% of our comunities, then they were designed to serve them
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@cliffhughes6010 agree, there are some really important aspects with socialism. People must stop thinking that Socialism is what we had in the former German Democratic Republic. It's not like this, should not be like this
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This is a really perverse game they play! 😡
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How can privately earned USD by an US foreigner can help its home country paying back USD debts? I mean, wont these Dollars just be "stuck" with the private bank the worker uses to change his USD into the home currency for his family? Will the bank spend or somehow tranfer the Dollars to the government or only maybe to importing companies or other customers?🤔
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@branduusituuli you are right, I meant to also include other forms of income. The problem is indeed, that the focus is mostly on wages, like in wage-price-spirals or tariff negotiations. So that is why politicians like to to politics for workers, which I find bad
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@branduusituuli but what exactly is the cause of that? I believe it's neoliberal politics and neoclassical thing in favour of an as small as possible state with barely any money to spend. And if so, then spend it on the rich (or allow them to pay less taxes) than on the poor and vulnerable and powerless parts of our society. This is disgusting! And MMT and other related heterodox ways of economic thinking try to get back some fairness and equality
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I would slightly disagree, since there is some important nuance to your correct net destruction of loan loney by repaying: The money lent out was already and did create deposits in some other accounts. The loan is repaid by some other money (also from bank loans or the government). Therefore this "other"money gets destroyed and not the originally lent money which now serve as deposits somewhere else until it is destroyed by either some tax redemption or some other loan repay. Am I technically right?
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@maria8809ttt sorry, but I can't believe that NHS was best till 2021. Here in Germany we are much better of, at as much I could compare with friends living in UK for several years
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@blackbulldog4897 no, I have to disagree. Since MMT just describes the working of the monetary system, you could use it for any kind of political agenda. You don't need to care about full employment in order for MMT to actually work. But if you want an optimal running economy you better try to aim at high employment rates. You still could just pay unemployed people for doing nothing, it's just not wise or efficient. MMTer just rightfully incorporate JG since they claim it's one of the few policies that can be derived from MMT as obviously helpful
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@mojonojo3 that for sure, I just thought that the so-called national debt just reflects money that is already spent or maybe is to be spend the next few years but not in about 50 years
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@mojonojo3 yeah ok, this mechanism should bring debt down 👍🏻
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@IMBlakeley let's see then if you get some more diversity, hopefully not with more struggles and debates blocking progress
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Dear Richard, I really hope you'll be right, eventually. Yet, in all times the people had to fight narcissistic leaders again and again. Not sure if this will ever end, even nowadays in times of election, when I would have expected no single lunatic could ever be elected again..
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Loved all of this great summary of what you have to say on the really necessary programs, our governments should pursue. 😎🙏🇩🇪
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@RichardJMurphy Ok, I'm sorry, I try to put It differently. The excess/surplus money spent by the government is not going directly into bonds to be saved again, correct? Technically, bonds issued are issued on parallel to government spending, because they like to let it look as if government needs to borrow the money. But truly we would not need bonds to cover or match the size of the anual deficit (it seems to be done in Germany). So the total public debt is a private surplus at first, that will be spent for consumption not put back into some bonds right away. But maybe I misunderstood the message of your video 😅 Please, enjoy your weekend!
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@adenwellsmith6908 but Gilts are not Bonds, right?
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@adenwellsmith6908 Right. I just wonder because technically bonds/gilts are not needed to perform public spending, if I'm informed correctly. If the government pays their civil servants or any supplier or construction companies, they don't issue bonds before paying, right? Maybe the system in England us even weirder than in Germany
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@CuriousCrow-mp4cx yeah, I'm aware of that. I didn't mean to go that far back in history 😉
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I believe, most importantly Richard wanted to hint at the fact that you finally will get inflation if far to much money is not only created but used to buy stuff. You likely will not get much inflation (on consume goods or assets) of created money is spent (1) into productive means, (2) gradually, in a dosed manner and (3) as long as ressources are still available or get increased properly tmby thus money. Besonders that, to much available money for consumption or investments might directly drive prices upon demand (if it really increase!). But since people want buy hundreds of apples a day, just because they have the money, other asset classes will face price increase - like Stocks, Real estate, luxury goods, Bitcoin ... At the moment I don't even see, how a too great money flow from the simple people to the rich can be prevented at all, even if government spending very carefully and targeted and only support simple people who spend all their income. Because finally, there will never be enough money be taxed out of the system, since (rich) people don't like to pay proper taxes much and since margins and profits will always be great for the most successful market competitors
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@marijo1951 Germany, sorry, this info was supposed to appear in my comment 🙈
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Schockingly true 🙈🙏🇩🇪
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Very true! In those times its hard to distinguish between regulations that rwally shiuld be cut, due to redundancie and lacking uniformity of local regulations - and between regulations that are actually useful bit shall just get victim of the money-savin chain saw. But yeah, I miss the debate for the associated risk delegation or mitigation
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@mikeb7379 yeah, one could either not care of taxing it back and just leaders it in the system (to the rich, saved and unspent) and just issue new money for further expenses, not caring of the actual value of the public debt. One could at least prevent it from being spent too quickly (by the rich into the economic) by leaving interest rates and asset yields high (which will not solve the problem. Or I hoped to slow down the money flow from.the poorest the state is spending on, to the rich. At least they should use more of their saved money productively to reinvest in publicly valuable projects (philanthropic?) - but I don't see that coming either. Last, the state could force the rich to choose between much higher (and easier to gain) income taxes or wallah taxes - which might only work if most major countries participate (even if only to raise their "tax revenues: altogether. But I don't see any of this happening until the final crisis. So we might be fucked up if not some pressure occurs from the global south countries
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@william_marshal Instead of diagnosing me a short memory, which is not the case, you should ask yourself if you understand sources of inflation properly, and that raising basic interest rates is NO proper tool to fight the recent supply shock inflation! That is why you observed what you described. If any effect at all, high interest rated might benefit more private entities with partly risk free income, which they could spent. And higher interest rated on mortgages or consumer and company credits basically just raise their costs and thus wages and product prices have to rise. Thus, raising interest rates might ever only work for a "hot" economy with too much consumer spending above the essentials because you encourage saving vs. spending or prevent further investments. Both is toxic in economic crises. Right?
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@Vroomfondle1066 that is true. Turkey needed to try to get people back from USD into Turkish Lira to partly de-dollarize the country again
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So the bit of koney banks need to earn their employees salaries and the big buildings etc. Should rather come from fees than from inteest? In principile, I'm with you, the central interest rate should be as low as zero. But they will never loan money for zero interest. Elso they will try to earn their money with more loans to themselves at financial asset markets. And yeah, they want some comoetitin between banks. So, schould it be enough for the centeal banks to leave interest rates at (as MMT suggests) and let the banks try to earn a bit on top to cover their costs?
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Thank you for this video now, since I had, but still have question marks about this bond hype. I understood that financial markets love risk-free bonds also as security for further bank credit, repos or whatever. But no matter if either government or private entities think they need to save money in bonds to cover other expenditures or credits it still binds money (but which type?) that cannot be invested. Are bonds during QT being sold directly to banks, in exchange for central bank money, or to secondary financial markets for giral money? 🤔 To me it makes a difference
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@maria8809ttt don't know what you meant to tell me? Besides, The Guardian is not the best source for economic science
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@chrishart8548 it would if enough money and ressources would have been spent to fulfill all the functions and services UK citizens expect the NHS to fulfill. It will not work if no money is invested or an return of investment for health issue service is expected, no matter if privately run or run by government with keeping deficit low and no good management. It runs somewhat better in Germany, but our system has the same disease
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@edwardpreston3663 no, he is clearly not. Go away and look for someone other to bother
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I don't see that prices will come down somewhat close to previous levels, since all institutions try everything to keep overall inflation rate at above 0. So we don't get any compensation for the price increases only slower inflation. This seems not healthy but maybe even necessary since also wages got higher and want to stay there.
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What a wonderful dream: an equal and simple tax system! 🙃 If only there weren't so many different (conflicts of) interests 🙈🇩🇪
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