Comments by "" (@blackbulldog4897) on "The national debt is something to be celebrated" video.

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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@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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When govt pays interest on its debt then the Gilt holders receive the payment. If the Gilt holder happens to be the govt own bank, the BofE, then it's the BofE receives the payment. It's a wash as the BofE has to submit all profits to HMT.
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@theolddog5129 It addresses your statement regarding interest payments "going out of the UK"; truth is, £s can never leave the Sterling Area. Yes, we import more from China than we export to them, that's true. However, for a Chinese company to be able to sell it's products to the UK market it must accept £s and it must have a sterling account at a retail bank to be able to accept these £s. There's no "borrowing" from China going on here, all that's happening is Chinese companies are swapping their real resources for our digital tokens i.e £s.
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Maybe ask yourself what the difference is between a Gilt and a bank deposit?
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@Baxwell. Well, all spending is potentially inflationary. Govt interest payments are no exception, particularly when you consider the forward pricing channel. Gilts are sold to people who have money they don't want to spend. Gilts are also very liquid so, when the Gilt holder decides they want to spend their money they can sell it to someone else who wants to save their money via Gilts. I suppose the point I'm making is £s in a bank deposit, or your pocket, and Gilts are all forms of money.
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@Baxwell. Ok. I'm always happy to help but first I need to understand exactly where you are in terms of understanding govt fiscal ops in a fiat money system such as we have in the UK. So where would you say your knowledge is?
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@Baxwell. So you understand fiat and govt fiscal ops, great! I'm not sure what you mean by "behaviour of banks" maybe you could explain more? You understand that banks will continue to lend until the last person willing to pay the current price of money"walks through the door ", yes? You understand that govt spends via it's bank marking up reserve accounts (which leads to retail banks marking up deposit accounts) then, as a matter of policy, any excess reserves are drained via issuing Gilts to Gemms which they then sell on, yes? The money only stays in bank deposit accounts unless it's spent, at which time it will attract taxation and eventually return to the issuer. Does that make sense?
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Pating interest on govt "debt" is a political choice. Refinancing govt debt via issuing HMT securities is itself a political choice.
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Issuing HMT securities and paying interest on them are both purely political choices. Gilts etc. are a refinancing operation, not a funding operation. The only "borrowing" the UK govt undertakes is via it's own bank, the BofE.
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Only if you don't understand what it is.
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Nonsense. We paid for it by changing the variance allowed in the Contingencies Fund Act. Keep up!
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Not really. Try to think of the "national debt" as the difference between the £s the govt has spent into the economy and the £s it's taken out of the economy via taxes; it's the total £s left in the economy. Banks don't lend out savings. Bank loans create deposits via the act of making loans.
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The so-called "national debt" is simply the difference between the £s the government has spent and the £s it's taxed back. That's it! The interest payments don't and can't ever leave the Sterling Area.
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@theolddog5129 You are welcome. What do you remain unconvinced about? The digital tokens being given to Chinese companies are the same ones we have, i.e. £s. Greece's problems were wholly caused by the EU and the ECB, Varoufakis book is a good explanation of what happened; Greece should have left the EU, but .... The UK govt doesn't "borrow" from it's own population, it's the sole issuer of the currency (no-one and nothing else is legally allowed to issue the currency). Govt debt held by foreign entities is no more problematic than the £s in your bank account.
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Until he later changed his mind.
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@jeff__w Sorry, but point 1) above is incorrect. All Eurozone countries have their own Central Bank and can indeed issue Euros.
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@jeff__w Sure, probably the best source on the Euro and Eurozone is a man called Dirk Ehnts. He's written extensively on the subjects.
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