Comments by "Aden Wellsmith" (@adenwellsmith6908) on "Richard J Murphy" channel.

  1. We are. But Richard covers it up. Namely where are the trillions the workers have paid the welfare state? Why are the pension debts hidden off the books?
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  2. It's the fiddling of debts off the balance sheet that's the issue.
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  3. And when it doesn't we revoke the increase. We cut pay, and use that money to employ and train more staff.
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  4. Money with resources. The bit you can't distiquish Richard. The magic money tree doesn't produce resources.
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  5. It's interesting that the General Records Office [now the passport office] runs a breeding book of the serfs. Just like the plantation owners used to do with their property, people and horses.
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  6.  @Geokinkladze  Depends. If it results in the bankruptcy, its an issue. For those who think they can get the assets for zero, as many here are, it won't work. The assets will have been pledged against the debts.
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  7. The government taxes Joe £10. The government spends that £10. Where's the money creation? There is none. The £10 spend hasn't created any new money as you claim.
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  8. And why? 1. It's been imported. 2. The welfare state has asset stripped the workers.
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  9.  @brendanlea3605  Look there's rampant fraud. That really harms the poor because that means they don't get the support they need. The money's going to the fraudsters. Why would you want to protect fraudsters and harm the poor?
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  10.  @brendanlea3605  So pensions. Richard doesn't want the pension liabiltiies on the books. It's an accounting fraud. He knows that. But imagine you get the bill as a personal annual statement with your share of those debts? £600,000 rising at 10% a year. What's your reaction to the debt? What's your reaction to those that hide the debt? What's your reaction to those that spent your wealth?
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  11.  @BlueInk912  UK state takes 45-50% and the services are crap. Lithuania takes 20%, and the services aren't. The public sector and the politicians are the problem. More of the problem isn't the solution. So lets start by axing Murphy's pension. Zero. Zilch. 100% taxation on that wealth.
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  12.  @barrydwyer2039  Stop importing poverty. The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 The PM, a Labour PM, has his own personallised tax evasion law.
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  13.  @michaelmayo3127  How big's the problem you are trying to 'solve'? The state has already taxed the wealth. All those pension contributions from the workers have been spent. Now what?
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  14.  @michaelmayo3127  I'll ask you. How big is the problem you want to sovle. For example unfunded public sector pensions. How big are those debts?
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  15.  @rfrisbee1  Public sector workers. That's all of them punished. Not including their pensions.
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  16. More tax. More Tax. Roll on up and get your economic snake oil here. Tax is the cost of state services. Why is inflation in state services a good thing? In reality its people like Murphy who have massive hidden wealth who created the mess, now demand more tax so their hidden wealth is paid who are the problem
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  17. Make the whole of the UK a freeport.
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  18. So lets put forward a change. An article zero of the Human Rights Act. Everyone has the right of explicit informed consent. What's not to like? Well if you are Richard, a lot. Informed consent? His pension debt isn't reported so there's no informed at all. Explicit? Where's the signature saying we agree to hand over trillions?
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  19. Pass a law. Problems magically solved. More laws, more taxes solve everything.
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  20.  @nickbarton3191  Look there are lots of people who have come to the UK, who are great to have here. The problem is that they aren't a large percentage. If we take the Manchester airport thugs. Turns out one has been claiming disability from the UK, but living in Pakistan for the past 2 years. For every one like your consultant, there are huge numbers of the other sort. That's the symptoms. What's the solution? In my view its easy. 1. No criminals. 2. No discrimination 3. Net contributors only - a simple minimum tax code solves that combined with a zero welfare policy.
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  21.  @oneoflokis  There are two definitions of austerity. 1. Cuts to public services 2. Cuts to your take home pay. 30% of taxes goes on the debts. Hence public austerity and low take home pay.
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  22. Change from an inflation target to a price target. Rebase the price index to 100. The target is 100 +- 5 Fail, you are sacked.
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  23. Evidence?
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  24.  @helenheenan3447  The term used is the research is native.
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  25. The DMO [Debt Management Office] does government debt,.
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  26. It's here already.
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  27.  @downshift4503  Because its clear you don't understand the process. Having you try explain it will for you be an interesting process. You will see the flaws in what people are pushing. Another good example, and remember this is an accounting based channel, is to account for the receipt of a state pension payment. Now Richard won't do that because it exposes the big flaw in his ideas.
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  28.  @downshift4503  Let me example more on inflation linked debts. Fixed rate debts, you print money. That causes inflation, you pay off the debt with the printed money. Creditors lose of course, but you haven't defaulted. For inflation linked debt. You print lots of money to service the inflation linked debts. Inflation happens. Prices double. That £16 trillion pension debt is now £32 trillion. You've just increased the debt. MMT and the equation of exchange are very clear as to what happens. To give value to money, you have to fine and tax in that money. MMT again. To pay the inflation linked debt you have to tax, and used that tax to pay the debts, not services. The very definition of austerity. Or you default. Just austerity for a differenet section of society.
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  29.  @Baxwell.  Yes he is. He's saying very clearly that the debt won't be paid. ===== The government can always afford to pay pensions so long as those pensioners have enough stuff to buy with that pension money. ======= No it can't. It can only pay if it can extract the value from other tax payers.
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  30.  @Mulberry2000  QE is printing. It's inflating the money supply. The big error is leaving off the big debts. Put those into the analysis and its clear, its a disaster. Why would an accountant want to hide the balance sheet debts/liabilities?
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  31.  @tancreddehauteville764  Which makes it a debt. It was paid for up front.
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  32.  @downshift4503  From time to time, the government changes what the rules are Exactly. They have to change the law to default on the full promises. That means it is a debt. Even the accountants say obligation. That's far weaker than a contract, and contracts rank below the law. If you have to change the law to get out of paying in full what was promised its a default
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  33.  @stephfoxwell4620  That's the borrowing. What about the other debts like pensions? That's on top of the borrowing. So 30% of tax goes on the debts - plural. Austerity - caused by the debts Low take home pay - caused by the debts Wealth inequality - caused by the debts Pensioner poverty - caused by the debts Lack of investment - caused by the debts ....
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  34. Richard, you are in denial about the welfare state's balance sheet. You know the pensions are a liability/debt. You're an accountant. Well you claim to be an accountant. Here's your homework. Post the book keeping for 1. Receipt of a contribution 2. Payment out of a pension Lets see if you can get the basic book keeping correct.
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  35. SO the pension debts. How does not paying public sector workers their pensions work?
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  36.  @Redf322  No its not. Now if Richard was honest, he would list the debts and how big they are. Borrowing is known, but the pension debts? Not mentioned because there isn't the money to pay them. Can you afford 600K at 10% per year?
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  37.  @tobymaltby6036  But Richard is saying you can print money and get real resources. That's baloney.
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  38. Austerity is a consequence of the 16 trillion pound socialist pension debt that's hidden off the books. So is wealth inequality, low take home pay, cost of living crisis, lack of investment, ....
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  39. So lets see Croydon council 'nationalised' lots of properties. How did that work out for the tax payers now on the hook for the debts?
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  40.  @marcopolotimetraveller  Look at el Loco. Well the left won't mention him because its working. That's what reform should do as one of the items on the list. A list of quangos. Mark off which go. Now that takes changes to the law. But changes to funding can be done with a sheet of A4 and a minister signing it. Change the funding to £1 a year. The law changes can come latter. So which ones to go? Such a long list. Perhaps a list of those that don't.
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  41. Or MP's heating bills.
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  42. 1. Asset strip the workers 2. Get them into debt by borrowing lots of money. Debt is negative wealth. Tomorrow. Keir Starmer wants to change black to white
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  43. Ford gave him a pardon.
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  44. They can't afford a decent pension because they have spaffed away all the contributions. What makes you think they can afford more for everyone.
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  45.  @julianshepherd2038  Other evidence. If you look at local government accounts, pensions are a debt. If you look at company accounts, pensions are a debt. If you ask civil servants, are you owed a pension, they say yes. It's a debt. It passes the tests that state its a debt. Only people like Bernie Maddoff or Enron would say no.
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  46. So why has the last 25 years of massive deficit spending not worked?
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  47. I don't use them for search. Where's the monopoly?
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  48. And with the SNP how has that worked?
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  49. Nah. With a CBDC no need for banks. Complete control over all money, all spending. ID cards. Social credit score. ie. Vote for Reform, you lose all your money.
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  50. Instead of redistributing 20% of the workers income, have them invest it, and own it. They then accumulate the wealth.
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