Comments by "" (@blackbulldog4897) on "The Bank of England is driving the UK economy into recession" video.

@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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@paulsmith8693 They already have, they explained in their Quarterly Bulletin in Q1 2014 "Money creation in the modern economy".
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We can't vote ourselves out of this.
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@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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@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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@alexjeffrey3981 I've tried to reply four times now, each one has been delete. Seems like I'm hitting some kind of filter. I'll try again later.
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@piccadillyvision3761 No-one can be seen to overrule the BofE, it would give the game away. Even the PM wasn't allowed to do it, even though all the necessary legislation is in place.
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@alexjeffrey3981 Austerity doesn't necessarily mean spending cuts in the aggregate; it's primary purpose is to discipline the workforce.
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@alexjeffrey3981 It doesn't seem to like my comments as yt has deleted them three time now I think. try again in shorter form ... The UK govt is the sole issuer of it's own fiat, floating currency - Sterling, the £. It can never run out of £s, it issued them into existence every time it spends.
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@danielpye7738 Because it's not about money, it's about stuff people mostly.
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@rabmcnair4488 Hello rab, try to think of things in a different way; the UK govt neither has nor doesn't have £s, it issues them (brand new £s) into existence via it's own Bank whenever it wants to buy something from the private sector (spending). It can never run out of £s. So, all govt spending is via the creation of new £s, these £s circulate in the economy and they all (except those which are saved) return to the issuer via taxation. QE is an asset swap, Gilts for reserves. IT reverses the original transaction which swapped reserves for Gilts. The money did enter the economy but it primarily went into inflating asset prices.
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The last DMO auction was oversubscribed by a factor of 2.75.
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The private sector does want them. The last Gilts auction was oversubscribed by a factor of 2.75.
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@kiuk_kiks He has his own version of MMT which isn't MMT. He even suggests the founders of MMT are wrong about MMT!
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@alexjeffrey3981 oh, right. The reality is the UK govt is the sole issuer of it's own fiat, floating currency; it can never run out of £s. The TINA, neoliberal narratives and supporters expend every effort to prevent the working class from understanding the above. Recent examples of the capacity of the currency issuing state being revealed are the GFC and COVID but WWI was probably the first.
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@alexjeffrey3981 Oh, right. (my last comment seems to have been deleted, let's see if this gets through) Well, the UK government is the sole issuer (via it's own bank) of it's own fiat, floating currency - the £. It can never run out of £s, it issues them into existence every time it buys something/spends. The cultural hegemony expends every effort to make sure the above information is, at least, obscured and supports and promotes the Thatcherite "there's no such thing as public money, there's only taxpayers money" which is clearly nonsense. Every now and again, normally during a major event like, say, the GFC, COVID, WWI, the state reveals it's currency issuing capacity. Austerity often follows. I hope that makes sense.
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@alexjeffrey3981 I think a short form comment of mine got through ☝️
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Anyone can buy Gilts in the secondary market. Take a step back. Once you understand what govt debt is and what Gilts are, things become clearer.
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@paulsoutham2454 Yes, that's a good analogy. Similar to the question: Does Tesco have to borrow Clubcard Points from the Clubcard Points Vigilantes before it can issue more Clubcard Points.
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