Comments by "Aden Wellsmith" (@adenwellsmith6908) on "Modern monetary theory is not a policy" video.

Exactly. They have impoverished people with their pension ponzi.
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@MaRi-Br1984 What is the big change that's needed? In the Human Rights Act we need one more right. People have the right of explicit informed consent without the state being able to retaliate.
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The DMO [Debt Management Office] does government debt,.
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@pauldandurandboots Equation of exchange. If you double the money supply, you double prices. Pure and simple. The velocity of money won't change, and printing money doesn't increase economic activity.
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@RebeccaTurner-ny1xx The problem with Richard is that he doesn't distiquish between money and resources [value]. He does that when it suits him.
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@RebeccaTurner-ny1xx They aren't advocating MMT. MMT is just about what happens when you print money etc. What's happened is they have latched onto it to use it as excuse to justify the disaster of socialism. So lets look at your inequality bit. The workers have paid the socialist welfare state trillions for their old age. No capitalism involved, there's no capital. All the money redistribtued which is a core socialist tenet. So the wealth inequality, austerity, high taxes, low take home pay cost of living crisis, lack of investment, all caused by those socialist debts. So now the need an excuse to screw people even more and they have latched onto MMT. For example, governments can print to spend without taxation. That's not the whole story. Governments with fiat can print, but ultimately its about taxation. That's needed to give currency value, and the reason for spending is resources. That's why having a second currency, the voucher where you pay them all in vouchers shows the mess. ie. spend/tax, which comes first is irrevant. You must do both. They regularly switch between money and resources when it suits them, to con people that printing money is the same as creating resources. But the hell is socialist. How are you going to pay your £600,000 share of those debts?
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Why does government printing cause inflation? We have historical evidence. Weimar, Zimbabwe all couldn't fund the state so they resorted to printing, causing inflation. We have QE where the printing via the private company owed by the BoE has caused inflation. Same across the west as they did the same. The Equation of Exchange is clear proof. Double the money supply and prices double.
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MMT states you cannot use printing as a means of funding government because you get inflation. That doesn't cure the inflation linked debts.
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@blackbulldog4897 I have. Your reply contains no content other than you don't like the point. So for your education read up on the equation of exchange. Ask the question, what happens to prices when you double the money supply?
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@blackbulldog4897 Looks like the explanation has been deleted. Did you get it?
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@blackbulldog4897 That's the algorithm for you. Check out the asset purchase facility limited. That's how the money can be created. You did know it was a private company?
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@blackbulldog4897 equation of exchange. If you double the money supply you double prices. Economics 101.
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@blackbulldog4897 All deleted. So you are going to have to be ignorant. Try the equation of exchange for starters. Richard's been busy.
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@blackbulldog4897 Have you looked at the APF company and how it creates money?
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@blackbulldog4897 Money creation can be done via QE and the Asset Purchase Facility.
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@blackbulldog4897 Equation of Exchange applies. Double the money supply, and prices double. Asset purchase facility can be used to create cash. Private company owned by the Bank of England. ============= Now is the winter of our discontent Made glorious summer by this sun of York; And all the clouds that lour'd upon our house In the deep bosom of the ocean buried. Now are our brows bound with victorious wreaths; Our bruised arms hung up for monuments; Our stern alarums changed to merry meetings, Our dreadful marches to delightful measures. Grim-visaged war hath smooth'd his wrinkled front;
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@blackbulldog4897 All deleted. Why don't you step up to the mark and post your reasons why its wrong?
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@blackbulldog4897 Posted a new thread start, if you sort by newest you will get it.
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@blackbulldog4897 I've posted a new thread start. It's gone up. I'm sure you can find it and respond there. But you're not posting any rebutals are you?
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@physiocrat7143 Exactly.
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@clementattlee6984 No its not. Here's a simple thought experiment to show the flaw in your interpretation. Introduce a new fiat currency. Call it the voucher. Pay public sector workers in vouchers. No need for taxation fines etc to be paid in vouchers. So that PS worker goes to the shop to spend the vouchers. The shops laugh. Why would they accept the vouchers? They won't. You need the taxation to turn the vouchers into something that has value. That comes with limits. You cannot tax more than UK GDP, in practice no where near that. When it comes to value, its just like a household. The number of zeros on the vouchers doesn't matter.
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A fairy story. There's a 16 trillion pound pension debt.
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@katiecannon8186 For fixed rate debts, I agree with you. You can print to pay, cause inflation, screw the creditors. However for inflaiton linked debt, its exactly like a household finance. You cannot inflate your way out of inflation linked debt. it's default [austerity for the creditors] or taxes [austerity for tax payers], or spending cuts [austerity]. You cannot extrapolate from fixed rate debts to inflation linked debts. Why do you think there's a golden goose, catching leprechauns, a magic money tree and other fairy stories.
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@katiecannon8186 So come on. How do you pay off inflation linked debt by printing? Inflation linked debt means purchasing power. Real resources. Printing money doesn't create real resources. So how do you pay a £16 trillion pound socialist pension debt that's inflation linked?
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@katiecannon8186 I said inflation linked debt. Not debt linked. Banks are not involved in the welfare state and its pension debts. So how is the state going to pay those pension debts? Zero assets. No capital.
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@katiecannon8186 How without government permission?
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@katiecannon8186 If our government paid for 100% of healthcare, then that extra government spending just replaces bank lending. ======== Has to come from taxes. You have to replace that spending with higher taxes pure and simple. ======== And, if you’re saying that your government owes citizens money for, eg, their retirement. ======== Correct. Do you disagree? If so say why. If not how big is the debt? If you can't say, aren't you ignorant?
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@katiecannon8186 Capital. Assets put aside to pay the pension debts. Investments. So how much big are those pension debts or are you ignorant as to the size of the problem? PS I don't blame you, its the plan to take your money, and defraud you.
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@katiecannon8186 I'm not. You can use lots of currencies. So the core question. How much pension debt? If you can't state the number, you are clearly ignorant of the state of affairs. All part of the plan.
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@katiecannon8186 You not talking about the debt. Talk about the debt and then we can talk about the printing. How big are those debts? That's the core issue, and the question that follows is can you print to pay. But you need to get the debt numbers first. I bet you can't find them
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@katiecannon8186 By the way you can pay tax with things other than money.
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@katiecannon8186 The Arts Council England has revealed that pieces of art worth £58.6 million were handed over in lieu of tax in 2018-19. ======== So come on, what's that debt number? You evasive and ignorant.
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@katiecannon8186 What happens with regard to the equation of exchange? You're evading that debt number. Evasive or ignorant? Post the number,
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@katiecannon8186 No seizure. Where's the court case? Just the evidence you were wrong. Now come on, what's the size of those pension debts. Evasive to the point of lying.
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@katiecannon8186 Just one number. If you knew what you were talking about you would post it.
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@katiecannon8186 So what's the debt number for Social Security. Just as good. Assets we know are zero, since you can't owe money to yourself.
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@katiecannon8186 So the equation of exchange. Do some research on that whilst you fail to find the number for SS debts. You might want to look at TIPS as well.
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@katiecannon8186 So you only care about the money owed to bankers. How big are the pension debts?
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Rating agencies only rate the money the banks are owed. They don't care about the money owed to the peasants.
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@MaRi-Br1984 Agreed but there's another factor. The welfare states, including the US and Europe run PAYG pensions. They hide the debts off the books. That's not legal. It's a ponzi. The effects are disasterous. But politicians have a problem. They are the offenders That's why you need regime change, a fast audit and send everyone the bill with their share. The icing is the loss on top. The what if your wealth had been invested. That prevents those criminals ever getting back in.
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@davidmcculloch8490 The lack of investment. Where are the trillions the workers have paid the socialist welfare state for their old age? Austerity. Why is the state running at a 30% gross profit margin.
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@malcolmbarnett8470 It's taxation and fines that are paid in fiat currency. That gives the currency value. Think about this. Lets have a new currency. Call it the voucher. We pay all public sector workers in vouchers. They just get printed. Heck we can even multiply their £ salary by 10. So if they were on £50K a year, they get 500K vouchers. More vouchers must be better. But when they try and spend them, what happens?
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No its not. MMT just says if you print to pay on scale you get inflation.
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