Comments by "" (@blackbulldog4897) on "Economics can be defined as a noun and a verb – and right now they are very different" video.

  1. Imagine thinking there's such a thing as "free markets" and government doesn't control and regulate markets.
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  2. Gary would be more useful if he understood how the money system works; he still thinks taxes fund government.
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  3. Tax revenues (from the French "return") aren't redistributed, taxation drains previously issued £s from the economy.
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  4.  @enjoyyourclassicbyrg2319  please explain how it's totally incorrect, reference any legislation you believe supports your argument, be specific.
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  5.  @enjoyyourclassicbyrg2319  ok, so you can't explain how it's incorrect or provide any supporting legislation. Fair enough. To address your points: 1. The point of taxation is to drain demand from the economy. 2. Only the BofE, under instruction from HMT, can issue the currency into existence (retail banks are licensed to issue credit denominated in £s) 3. It means when govt buys something/spends it issues £s via it's own bank into existence (an injection of £s into the economy), when it taxes it drains £s from the economy. If you don't understand what injections and drains are then I don't know what to say to you. 4. The Supply and Appropriation Acts (Main Estimates), Supply and Appropriation Act (Anticipation and Adjustments), Exchequer and Audit Departments Act 1866. Honestly, please stop digging yourself into a silly place.
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  6.  @enjoyyourclassicbyrg2319  1. No, taxation isn't redistributed. It's paid into the Consolidated Fund where it offsets govt spending. 2. The BofE issues £s under direction from HMT. 3. Economics 101, govt spending injects, taxation drains. If you don't understand what that means you shouldn't be in discussions like this. 4. Legislative architecture is the Supply process (2 Acts of Parliament) and the Exchequer and Audit Departments Act 1866. Honestly, please stop digging yourself in a silly place.
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  7. Absolutely! Markets are controlled and regulated by government, "free markets" my a*se!
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  8. It does work, in fact it works perfectly but only for those it's intended to work for.
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