Comments by "" (@blackbulldog4897) on "Richard J Murphy" channel.

  1.  @antilunio  Austerity is always applied for the same purpose - to discipline the workforce. It's never necessary , it's always a purely political choice driven by ideology.
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  2. Their job depends on them not raising it.
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  3.  @faramir  Nonsense. Austerity is never necessary, its always a political choice. Regarding your tax/borrowing comment, I advise you to research how fiat money systems actually work.
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  4.  @davideyres955  Austerity is a dreadful policy for most of the electorate; it's never necessary, it's always a purely political choice based on ideology. It seems you fundamentally misunderstand how our govt fiscal ops (and our money system in general) actually works. The only borrowing the uk govt undertakes is via it's own bank, the BofE.
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  5. It's been this way since 1979. There's little prospect of anything material changing as long as neoliberalism is the dominant ideology.
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  6. MMT isn't something that's embraced or not embraced, it describes how our fiat money system works (particularly govt fiscal ops) now, today.
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  7. @andybrice2711  the Truss & LDI episode revealed how things work. She should have sacked Bailey but that would have given the game away so instead, she got the tap on the shoulder and was told "time to go". The legislation, Bank of England Act 1998, shows which is master and which is servant so the architecture is in place. All we need is a political system which will use it.
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  8. MMT doesn't "work" or "not work", it describes how fiat money systems work.
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  9.  @grolfe3210  MMT is not "adopted" or "applied"; if a nation has a fiat, floating currency then MMT describes how the money system works in that country.
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  10. We can't vote ourselves out of this.
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  11. No, not bankrupt, or anything like. The UK is a self-financing state.
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  12.  @hughwilliams5995  Fiscal health and fiscal sickness aren't the best way to look at things are they? Better to look at resources available to govt and how it's willing to use them (or not) for the public good.
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  13.  @paulsmith8693  They already have, they explained in their Quarterly Bulletin in Q1 2014 "Money creation in the modern economy".
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  14.  @nickbarton3191  Reality is the size of the national debt (the net financial assets in the private sector) isn't the most important thing about it, it's more important to ask who has it and why.
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  15.  @billrigg1324  You are confusing yourself, a currency user, with the government, the currency issuer.
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  16.  @krismacg5673  the "spreadsheet error" and "faulty analysis" leading to a mistaken conclusion, as promoted by Fry and others, is an attempt at excusing it. It's nonsense. Austerity is a political choice, it's never necessary. It's always used to discipline the workforce, normally after the capacity of the currency issuing state has been revealed.
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  17.  @carlosbtc999  interesting you think we have a socialist government. You don't seem to understand how our fiat money system works, maybe read the MMT core literature to bring yourself up to speed.
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  18. Same place all govt spending comes from: . Parliament authorises spending . HMT instructs the BofE to mark up accounts of recipients . New £s every time
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  19. @shauneden4229  it can't control inflation, it's almost exclusively a supply side issue. All the BofE can do is alter the price of money and that doesn't do anything at all to ameliorate supply side inflation. I could understand why people say "it's not owned and controlled by govt" etc. if there was any evidence to support that view but I haven't seen any, ever. I agree though, the BofE doesn't serve "our" purpose but that's because it's political masters ideology prevents it. This situation will continue unless and until we have a completey different political landscape to the current one dominated by neoliberalism.
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  20.  @rodpetrie1088  it seems you don't understand what the "debt mountain" you refer to actually is. It's the aggregate difference between the £s govt has injected into the economy via buying things/spending and the £s govt has drained from the economy via taxation etc. In other words, it's the net financial assets in the private sector. It's more important to ask who has it and why rather than lose sleep over its size.
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  21. Money is never the issue. The issue is always "what resources do we have and what do we want to do with them?" Money just moves them around.
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  22. Neoliberalism was arguably created by the Austrian bankers in the late 19thc but it was certainly coined by the WLC in 1939 and advanced by the likes of The Mount Pelerin Society et al since then. It isn't about a minimal role for the state, it's about a small state for thee but not for me.
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  23. @eightiesmusic1984  that's what I said 👍
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  24. The way out of it is to have a political entity which will use the resources available to it for the public good. Doesn't look likely at the moment .
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  25. We have a government which issues it's own fiat, floating currency; therefore it's self financing. Bonds are issued ex-post of spending and by political choice.
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  26. The idea of creditworthiness isn't applicable to a currency issuing govt with it's own fiat, floating currency. Yes, the £20bn "black hole" is a nonsense.
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  27.  @SlowhandGreg  Our problem isn't the rich not paying tax (of course they should, but not because we need their tax £s to pay for things - we don't), it's finding a political entity that will use the resources available to it for the public good.
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  28. @John-qd5of  that's the only way it works; govt buying things/spending injects new £s, taxation drains existing £s.
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  29.  @inthegutterstaringathestars  Richard often seems confused as to how our fiat money system works, particularly govt fiscal ops so I've no idea what his "ideology" is. We have a currency issuing govt which has never, except for the brief period after WWII, used it's currency issuing capacity to organise the resources available to it for the public good. Since that brief period, the entire political landscape of the UK has been utterly corrupted and the only available "ideology" is neoliberalism. As the old saying goes " if voting could change anything we wouldn't be allowed to do it".
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  30.  @grantbeerling4396  the BofE is subservient to govt. It's all political choice.
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  31. I'd rather see the government use the usual process when it wants to do something; include the spending in a Supply & Appropriation Bill and get cracking.
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  32. Even if it were possible it wouldn't make any difference to the amount of £s govt has to spend.
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  33.  @alexjeffrey3981  yes, austerity is generally three-pronged; fiscal, monetary and labour relations. We often see it after the capacity of the currency issuing state has been revealed. It's class war.
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  34. The UK govt is the sole issuer of the currency, it can never run out of £s.
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  35. Austerity has always worked, it does exactly what it says on the tin. It's purpose is to keep the workforce disciplined, it works every time.
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  36. They may educate kids about "household economics" but they will never educate kids about the capacity of the currency issuing state.
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  37.  @grolfe3210  You seem confused by the concept of fiat currencies. See if this can clear your confusion: Nixon took the USA off the gold standard in 1971 and effectively brought Bretton Woods to an end. Since then, every major economy has been running a fiat currency system. The descriptive portion of MMT describes how these fiat money systems work.
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  38.  @grolfe3210  it's clear one of of doesn't understand how our fiat money system, particularly govt fiscal ops, actually work today in the UK. Again, for the hard of understanding, MMT is not something you do or don't do, it's how things are in our fiat money system now, today, in the UK. "Just printing more money" as you put it is how govt spends every single day; whenever govt buys something/spends HMT instructs it's bank to mark up the reserve accounts of the retail banks of recipients of any spending, the BofE must by law comply with the instruction therefore new £s are created via balance sheet expansion. Govt spending injects, taxation drains. That's how it works now, today; that's what MMT describes. What's so difficult for you to understand about that?
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  39. As well as reading the core literature, I'd say the best and most accessibe way to understand that JG is in fact central to MMT and how it works is to read Bill Mitchell's "Essence of MMT"; it's a three part series.
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  40.  @physiocrat7143  Oh, right. To be clear, MMT isn't a theory. It's core is a description of how fiat money systems, including ours, work. It describes how govt has to exhale via injecting it's currency before it can inhale by collecting taxes. What do you mean by "non destructive tax system"?
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  41. As Minsky said "anyone can create money, getting it accepted is the difficult part".
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  42. MMT (the descriptive part) describes how fiat money systems work. Govt spending injects, taxation drains.
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  43. ​ @Tensquaremetreworkshop Every country with a floating fiat currency?
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  44.  @colsylvester639  I was asking him if he thought the collapse he's banging on about has happened to every country with its own fiat, floating currency; of course, it hasn't. These people have zero idea how fiat money systems work.
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  45.  @inthegutterstaringathestars  he often gets confused about tax too. Taxation can be used to redistribute wealth but it's not it's primary function. Tax isn't a funding mechanism for our currency issuing govt; our government is self financing. QE is a simple asset swap, reserves for Gilts; it simply reverses the initial transaction which swapped Gilts for reserves. My ideology is our currency issuing govt should use the resources at it's disposal for the public good. When was the last time you saw a Heterodox economist on MSM espousing the capacity of our currency issuing state?
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  46. Everyone close to HMT and the BofE understands how the money system works. Many others in power do too.
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  47.  @davideyres955  it's apparent you have no idea what MMT actually is so I suggest you read the core MMT literature before putting forward your incorrect ideas about what it is and isn't.
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  48. Our government doesn't "borrow" in the same way you or I do. It's the currency issuer so every time it spends/buys something it issues new £s (via instructing it's own bank to mark up accounts of recipients) into existence. Agree about the tax system.
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  49.  @leejohnson3209  I'd disagree. They know exactly how to make it work for themselves and their donors.
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  50.  @archvaldor  Except for the fact our currency issuing govt doesn't need to "balance the books".
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