Comments by "Edward McLaughlin" (@edwardmclaughlin7935) on "Richard J Murphy" channel.

  1. More importantly, why are young people dying in greater number than prior to 2021? It's a real puzzle.
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  2. Every time the term 'inflation' is used here, what is actually being referred to is a rise in the price of things. Why is the phenomenon of monetary inflation totally left out of this account? Our current bout of state-sponsored extortion has in the main been due to the fact that the pool of our currency has been drastically diluted, weakened in its buying power by the hundreds of billions of promissory pound notes newly injected into the system, chasing pretty much the same amount of goods and services. The general sentiment of this video is of the 'calm down and put the kettle on' variety. All things must pass, fair enough; but what we are now being subjected to is of such huge proportion that it will damage so many in the process; and who is to say what the people who did this might have made ready to unleash on the populace?
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  3. If the BofE told the public what they do and why they do it, they would be banged-up for a very long time.
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  4. Some rich people will leave, some will stay. Some less rich people will similarly make their choice. One thing is for sure: everyone who chooses to live in UK in the next few years, will see their wages/savings/pensions denuded in incremental stages by the conscious programme of the increase in the amount of currency made available and the inevitable consequence of the pound having its buying power diminished. It's the favourite trick in fiat currency's book; and one that never, ever gets mentioned by Richard J Murphy.
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  5. It's actually time to grow up, Richard.
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  6. 1. Control. 2. War. 3. Control. 4. War. 5. Control. 6. War.
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  7. We have been travelling wilfully away from the nurture of creativity, for many decades. The way that English and Maths are taught is pitiful. Pupils are confronted with a mass of mechanical abstractions, tick-box diktats, that seem perfectly designed to alienate subjects from the sensibilities of young minds.
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  8. Very strong argument. We penalise production while we complain that we don't produce enough.
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  9. In what sense does the UK Government actually own the Bank of England? If it is owned by the Government, then how is the Bank of England in any way independent?
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  10. Labour's story is the WEF's story, as was the Tories' story. Vote whichever way you want - you've got WEF.
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  11. I think that in truth, more than 22% are unhappy, but they just don't want to appear to have that so-unattractive trait: a negative disposition. Actually, British youth have the edge over their 'more contented' European counterparts, in that so many of them have seen/are seeing the truth of the dire prospects they are faced with. The truth is that the UK government is solidly not on the side of any of its people, and this is the case with most of the other European governments, run as they are by globalists, to whom the whole notion of 'our people' is alien and to be extinguished, at any cost. Our rulers have come to revile humans. British youth are increasingly aware that they are being ruled by people who despise them. Young Germans, French, Italians etc, need to wise-up to their reality.
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  12. What a grip the pantomime retains on some people.
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  13. That Government promise. Everyone can rest assured that if you go to the Government and present a piece of paper that has lost over 93% of its value since 1971, they will give you a fresh piece of paper that has been degraded to exactly the same degree.
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  14. It's not so much that I don't like paying tax; I just prefer to use my cash to pay for stuff I like to own, stuff I like to do, places I like to go. My reluctance is made stronger when I witness what the various governments do with my money. I'm not keen on bunging £billions of weaponry to the likes of Zelensky, to give just one example. The Bank of England has been leeching from the product of our labours since its inception - that leeching was the reason for its imposition. Just like its offspring, the Federal Reserve, it is the means by which usury is practised in order to extort the maximum wealth it can from those who do the work, and to shunt that wealth to a tiny clique. It has been this way for so long now as to appear the natural way of things. It is nothing of the sort and we could and should do away with it. Within five years we would see huge improvements to not only our living standards, but our whole way of life.
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  15. I have never agreed to comply with any tax law. My agreement was not needed - the law was passed without my say. If the law demands that I 'manage' their money until I have to hand it over - for their having done nothing in return - then I am forced to do so. Not any part of this is by agreement.
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  16. plerpplerp Thank goodness Labour are here to put things right eh?
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  17.  @tyronebraithwaite6157  An independence that's in name only then.
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  18. £895 billion, injected into the currency pool, diluting every prior-existing £. So my wages in 2008 and any savings I had, were reduced in buying power by this action; and the money-printing goes on to this day. The stealthiest tax ever devised.
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  19. Superb. It is way overdue that the people were given the truth of how the banks work. Thank you for providing this.
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  20. How did the money-printing gambit go for the people who lived under the Weimar government? Did they run out of things to buy?
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  21. It's becoming a bit of a mantra isn't it? Of course the government can print itself any number of new pound notes. But when it does, how many of these newly crafted pounds will I need to earn to buy a loaf of bread?
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  22. The first thing to do is to stop taking what the ONS says as a true indicator of this - in fact any - situation. It is a government organisation; its business is to supply information that will best assist government aims. Of course it cannot tell outright lies, but it can take advantage of the many ways that statistics can be manipulated (see the recent 'revision' of the ONS's treatment of data regarding excess deaths in England and Wales since 2021). The real rate at which prices are rising is much higher than is stated by the ONS because it simply chooses to cherry-pick which items to include in its calculations. It is a fact that since the year 2000, the £ has lost 90% of its purchasing power. The real way to look at this is to talk not of rising prices but of the fall in purchasing power of our currency. The £ is a fiat currency, backed by nothing more than a promise from the Bank of England that has printed out of thin air, hundreds of billions of new £s, thereby 'diluting' the spending power of every £ that existed prior to that 'printing'. That is the true meaning of inflation and it is recognised by bankers and politicians alike, as the stealthiest tax of all.
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  23. Why do we need the Bank of England to give money to the government? Why can't the government issue money of its own? Does the Bank of England charge a fee on the money it provides? Where does any fee end-up? If markets are not needed by the UK government or by any government that issues its own fiat currency; then why do they not just ignore market activity? How for instance, was the £, during John Major's tenure as PM, plunged into crisis by market activity? If the gold standard is and is to remain the 'barbarous relic' portrayed here, then what on earth are so many governments thinking of in recent years, in their avid stockpiling of the stuff? Why are countries choosing to repatriate their stocks of gold, held, up to now in vaults in London and other trusted Western countries?
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  24.  @andielines  Well no, not quite. According to the BofE website, it makes a profit, only half of which goes back to government. Where does the other half go? Additionally, why would it make any sense to resort to a central bank to borrow money on which interest is charged, when the treasury could print all it needed without incurring any interest? Go figure.
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  25.  @davecross4493  Do you believe that?
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  26. Why sub-categorise poverty? If people are poor, then their children are poor. Just plucking heart-strings demeans the task of sorting-out the poverty hole.
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  27.  @Damnthematrix  What's brought it on?
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  28.  @johnburns4017  My question was why do we need the Bank of England? Why does the government not just 'provide' its money itself? The ownership of the BofE is actually moot. On their website it is stated merely that it 'has to answer to' the government. My other questions are well worth investigation. Put bluntly: profit is made and half goes back to the treasury - so who or what gets the other half
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  29.  @downshift4503  The BofE is nowhere declared to be 'owned' fully by the government. Even if it were, why would the treasury need it instead of issuing currency units directly instead of incurring interest charges? What caused the ERM to be removed? Market forces. What caused the downfall of Truss? Market forces.
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  30. If there were 'no such thing as taxpayers' money' then how would the government's account be cleared?
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  31. The £3 billion in pensioners' heating allowance that Reeves has ended, is over two years. In that same period, she has left in place the £12.8 billion that is to be spent on keeping asylum seekers in hotel accommodation.
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  32. We have to say yes? Sounding more authoritarian by the week, Prof'.
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  33. The 'property' referred to here, is in fact the labour of workers. It is that property which creates wealth. Tax is a legalised theft of the wealth that workers have created through their effort. Workers put up with it up to a point. Go beyond that point and they simply stop putting-in the effort.
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  34.  @downshift4503  I appeal to no law in my objection to having my possessions/wealth taken from me. It is wrong to anyone who has an interest in having a just society. Leave me with what is mine. Nothing circular in any of that.
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  35. "We"? On whose authority do you speak for a 'we'? I certainly don't know that Trump is a fascist; and before you make such grandiose claims, you really should substantiate them. I can't say I'm over-bothered who becomes US President, on the simple basis that if Trump wins, the Neocon deep state stays in power; while on the other hand, if Harris wins, then the Neocon deep state stays in power. This is precisely the same set-up as operates in the UK and in most Western 'democracies'.
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  36. Quite apart from the fact that we are asked to look at a chart that is nowhere shown, there is so much muddle-headedness in this talk. We are told that people 'saved' during lockdown - that they simply couldn't spend money. Internet home shopping has been with us for some time now, and it burgeoned during lockdown. We are told that the inflation seen in the last few years happened not because of the creation of new money. Really? Are we seriously supposed to believe that when the state created 400 billion new £, that this had no effect on the buying power of all the money that pre-existed that move? The reality is that all our wealth was diminished, as it always is, when the money printers are run; and this diminution of our wealth stays with us now and into the future. The money in our wages/savings/pensions has not and will not be returned to its former value. Inflation actually consists in that very increase in currency supply. Once introduced its effect stays. Loaves of bread have not gone back to their pre-2020 level, nor has the cost of houses. This video needs a re-run, with that chart.
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  37. robert Where does PR work?
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  38. The word 'legal' is key here. Of course, all tax belongs to the state, legally; but who legislates to put the laws in place? The state, through government, sets the rate of tax and so legally compels those who work and create wealth, to give up some of that wealth. It knows that if it sets that rate too high, it risks receiving nothing; for who would bother working if there is insufficient reward? The legal argument is not really what matters, for the laws will be made to do whatever the tax-takers choose. However, the real nub is what people feel is just. Set taxes at a reasonable level and workers will comply by going out to work and paying tax. There is a point though, at which the act of working becomes simply not worth the effort. It's not about legality, it's about the sense of injustice felt by workers. Until of course, the totalitarian state is brought about, and people can be forced to work.
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  39. How is any of this a shock? We are in the grip of the money party and they will allow us to wave our little red flags and then our little blue flags, and sing our anthems and feel happy while we are being made into paupers. Get a grip Mr Murphy. "Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible. When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers. These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voters through the political party system, we can get them to expend their energies in fighting for questions of no importance. It is thus, by discrete action, we can ensure for ourselves that which has been so well planned and so successfully accomplished." Montagu Norman, Governor of the Bank of England, addressing the United States Bankers' Association, New York, 1924.
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  40.  @andielines  Well according to the video, the account is cleared at least in part on an ongoing basis by the use of tax. Am I not understanding this correctl?
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  41.  @iwantagoodnameplease  As I understand the video, with the Bank of England.
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  42.  @andielines  Agree.
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  43. Honestly, that opening question sets the virtue-signalling tone. Are you seriously contending that there are people - and we are to term these people 'right wing' - who insist that children should not be fed? Name one such person. Not for the first time here, you speak emotively of 'child poverty' . There is poverty and it should be dealt with responsibly and pragmatically. Please stop posturing and start dealing in real-world terms.
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  44. Major problems early doors then, if a basic requirement of the successful operation of MMT is to have a government that has popular support. Show me one of those around here. When are we going to have a look at the way our fiat currency has been denuded of buying power through money printing? Or is that a bit too vulgar a subject?
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  45. andielines The creation of fresh currency units does not cause inflation, it constitutes inflation. If those fresh units are not directed into productive channels, then subsequent, general price levels will rise.
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  46.  @andielines  Every additional unit of currency degrades the buying power of all the pre-existing units. Goods and services remain at the same volume and therefore are sought-after by more units. In effect, the goods and services command more currency to secure their purchase.
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  47.  @oneoflokis  I agree. It's just I think it's not good to slag-off the profit motive per se. Without that we starve.
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  48. Basically, yes, and soundly argued. The only flaw I can see is in the regard shown to Rachel Reeves, which seems to stem from the assumption that she and the government of which she is part, is in any way striving to make the people of this country better off. She is taking the economy down to the ground, skilfully in incremental moves so as not to reveal her purpose.
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  49. Really? You mean, we've not built new nuclear power stations, we've shut down all our coal-fired power stations, we've decided, against the laws of physics, that we can rely on wind and solar to provide our needs into the future; and we find ourselves with looming energy shortages? Wow no-one expected that!
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  50. Penury here we come. All part of the plan.
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  51.  @abody499  Poverty is poverty. To use the term 'child poverty' is to create a sub category of poverty.
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  52. Labour will shag our brains out leading up to the big day; do its matrimonial duty on wedding night, then kick us out of bed next morning, call us slags and tell us to get back to work. Same as the Tories did. Same as they all ever will do. Voting for them is way worse than not partaking in their game.
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  53. Inflation has not gone away though has it? The pound, since 1913, has been unsteadily eroded until today it has 2% of its buying power. The only sense in which people are put at the centre of MMT's concerns, seems to be as targets for increasing taxation.
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  54. plerplerp How big should the state get?
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  55.  @downshift4503  I don't like being taxed at all. I have, all my life, paid taxes, for the most part at around 20% - not by agreement but because that has been taken from my wages prior to my having been paid. I can do nothing about that. How about if the government, next week, tell people like me that the tax rate is to be 40%? 60%? Are we supposed to just keep on paying?
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  56.  @foxmoongaze  Indeed. The increases in productivity have, in some economies at various times, arisen from QE, through the simple act of targeted lending - only to fund projects that look likely to make a worthwhile return. This is best explained by the man who actually coined the term "Quantitative Easing" - Professor Richard Werner - and who first proposed its application in 90s Japan.
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  57. Very worthwhile statement.
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  58. The economic system in the West is broken, no doubt. As bad as it has become though, those who are lucky enough to be housed, clothed and fed by that system, will want to know what to replace it with before throwing in their lot with changes. It follows that the way to make them a bit less picky, would be to take away the privileges mentioned by engineering constraints and plying them with adversity - a project managed in recent years by team blue flag, and soon to be carried-on by team red flag. As the pea-lover once declared "If it isn't hurting, it isn't working". Little did we know what was afoot even then. All for the Greater Good don'tcha know.
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  59.  @clogs4956  'Leveraging the statistics'? As in the Office for National Statistics 'leveraging' ie reducing the number by changing its collation criteria? Is it your contention that young people are in fact dying in the same numbers as prior to 2021 and that people are using bogus calculations to make it look like there is an increase?
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  60. MrLph427 Exactly. I think the hope is that we won't realise that until the shackles are firmly locked.
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  61. The Bank of England does not print money, it prints currency - fiat currency. Why is that distinction important? Because all fiat currencies are worth what their respective governments decide they are worth, and as we all know, governments always tell the truth and always act in the interests of the common populace. Fiat currencies can be and are, routinely manipulated, the usual result being to transfer the wealth of working people into the hands of others. In fact, the operation of fiat currency is a vessel ideally designed for use by those who seek to take from one pool of wealth and pour into another in a manner that is easily concealed. Every fiat currency in history has suffered degradation in buying power due to the practice of inflation through the issuance of additional units of currency that are backed by no effort. To note just one instance, no-one had laboured to create the hundreds of billions of Pounds that were 'created' as part of the response to the lockdown catastrophe. Consequently, all the wages that have been earned since that creation have been, and remain for all time, weakened in buying power; and there is no other reason to bother getting up each morning to go and earn wages, than to gain the ability to buy things. We happen to live at a time when our fiat currency, linked as it is to the fortunes of the dollar/debt system, is in severe decline. In fact the whole of our banking system is in a very perilous state. In this we are not alone; governments across the globe know that a new way of international trading will have to be found. In anticipation of this, some governments have, over the past few years, been busy - very quietly busy - procuring and stockpiling gold. China, Russia and India are foremost in this trend but many less powerful nations are following suit. Why are they all failing to see the sense in Richard J Murphy's proclamation regarding the 'barbarous relic'?
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  62.  @adenwellsmith6908  Your initial question is very much in line with my assertion. Are you sure you've read and understood what I stated?
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  63. It's too late now to halt the bleed-out process that was enabled by the protracted lockdowns started in March 2020. What an exceedingly clever little virus it has turned-out to have been.
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  64.  @piccalillipit9211  Why do you introduce the term 'conspiracy'? WEF exists and operates openly, and Labour and the Tories work with them openly. Conspiracies operate in secret. Are you ready to have nothing and be happy?
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  65. FarmerGwyn You want it at cost?
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  66. borderlands Very perceptive. Why can't we all just do as Mr Murphy tells us?
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  67. How do we know that a privatised health service would not be an improvement?
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  68. user We departed from the sane world in three stages: partially in 1913, a bit more in 1944 and then fully on August the 15th 1971 (temporarily, you understand).
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  69. So, going with the collectivist flow, how much of my stuff should I give away? My car? My house? My hi-fi and vinyl collection?
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  70. GDP is neither our national income, nor a reliable indicator of economic growth.
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  71.  @l3eatalphal3eatalpha  See Dominic Frisby for the 90% figure. What matters is what the £ buys compared with what it could have bought had it not been debased by the Bank of England.
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  72.  @l3eatalphal3eatalpha  One ounce of gold in 2000 - £173 One ounce of gold today - £1913
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  73.  @marialee-smith6772  You seem to assume that I voted.
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  74.  @ThatGuyMontag  I don't have an employer. Unions are successful in ensuring that people are paid what they are worth? Awww bless.
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  75. "If we're going to survive climate change..." Really? We're all going to burn if we don't destroy our economy while China builds new coal-fired power stations for fun?
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  76. Is there a national deficit?
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  77. kariker Does that actually mean anything?
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  78.  @eightiesmusic1984  So there are in fact choices - two in your estimation. Thankfully there are more than the two you state.
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  79. So this 'savings account' would be paying for the NHS, on top of the money taken out of my taxes? Another hosepipe to feed into a bucket with holes in it? Everyone who thinks they are doing the best thing with their money by starting an ISA, is not paying attention to what the real inflation rate is doing to the currency. This 'safe' government continues to print £££billions with the express intention of debasing the wealth of everyone. The numbers look OK while the buying power just carries-on downward.
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  80.  @fburton8  Germany is being flown into the ground by the government it secured through PR. NZ was one of the most vicious countries to put down its people during the lockdowns. Sweden has just been railroaded into giving up its long-held neutral status, against the will of the people.
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  81. Who gives a toss? Vote red and the bankers run the country; vote blue and the bankers run the country. Wave whatever little childish flag you want, the bankers are taking the British people into inescapable digital penury.
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  82. Let's do it.
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  83. Yes, very puzzling isn't it? What with the economy doing so well and with wages so high, rents so low, credit so cheap? With the country being run by people who have vowed to just keep sending £££billions to fund war in places we can't pronounce? With a Labour Party doing its finest Tory impersonation by telling us at every verse-end that things must get worse so that things can improve? Yes why is it that people seem to be averse to letting go of what little money they are left by globalist tyranny?
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  84. jango Until it doesn't.
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  85. lightweightben But it is not an either/or situation.
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  86. Modern Monetary Theory is just one more way of destroying the economy so that it can be.....ahem......'re-imagined'.
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  87. "Economics is not alchemy" is an oddly chosen title for a video that then goes on to assert that governments can print as much "money" (actually, currency) as they like, out of nothing. They can of course do that very thing, courtesy of the fiat system that is the very embodiment of the belief that gold can be brought out of wishes. Governments have created greater volumes of their respective currencies out of thin air, and will do it some more as they see fit. However, the operation does not stop there; the consequences of such conjuring acts, are that the currencies are diluted - denuded in their buying power; and the ability to buy what we need is all we actually want from our use of money. The fiat system might be got-up to look nice and shiny but it is fools' gold.
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  88.  @Vroomfondle1066  Britain has had a central bank since 1694. Are you trying to make the case that the period since then has been one of financial stability, and that there have been no crises due to its operation? Imperialism? There has been no British Empire and there is no US Empire?
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  89.  @miahr3  Increasingly, fiat currencies are failing to work. Based on a trust that we are learning is ill-founded. Fiat is in its death-throes.
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  90.  @richyphillips  In your opinion, is there such a thing as taxpayers' money?
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  91. Entering? We've been on the receiving end of economic aggression since 2008.
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  92.  @M2Mil7er  Why does it not matter to you, that adults are in poverty?
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  93.  @therealrobertbirchall  Same charge. All about us is an instability that looks increasingly to be not a glitch, rather a feature of, and utilised by, administrations of either stripe.
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  94.  @blackbulldog4897  Could you inform as to the 'modern' bit of MMT? Modern as in, not been tried previously?
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  95.  @indricotherium4802  Who actually owns the Bank of England?
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  96.  @davecross4493  Dearie me - the 'conspiracy theorist' blanket got whipped-out so early there. Can't you survive without your safety net and just address the issue?
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  97.  @davecross4493  No it's not a 'conspiracy theory' it's simply a scam. The governor and his colleagues do what their superiors require them to do; and those superiors are not the government.
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  98.  @richyphillips  Thank you for that. Would you have a link to proof of that please?
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  99.  @downshift4503  There is not explicit statement of that fact. It is stated that the BofE "must answer to the people of the UK through Parliament." Further, the BofE confirms that it makes some profit from the printing of banknotes (which constitutes 3% of the total volume) and hands over half of the profits generated from the 97%, to the Treasury. Who gets the other half?
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  100. mark In our benighted case, the Bank of England. Remember, 'if it isn't hurting, it isn't working.'? Different decade, same psychopaths.
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  101.  @demandbetterworld  You want businesses that don't make a profit, yes?
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  102.  @WarrenPeaceOG  Which services?
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  103.  @WarrenPeaceOG  So speed up the process with more money, so that more people are looking for permanent homes, of which there are none to spare. More money to build them?
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  104. If the UK Government already has a bank for itself to use, then how is that bank independent?
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  105.  @mypointofview1111  My 'this' or other?
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  106. At the time this video was made, the supply of UK currency was being increased on an unprecedented scale. Hundreds of billions of pounds were invented out of nothing. With that, the spectre of large price increases was set upon us. Housing, food, energy now cost much more because our currency was made weaker, diluted in its buying power. Looking around and speaking to people, I don't see any evidence of this being considered in any way beneficial. No-one feels good about this. Despite the best efforts of government and the media, in trying to damp-down the level of price rises, we literally have the receipts that tell us the reality of what is happening.
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  107.  @downshift4503  The currency supply has grown massively since March 2020. The economy has gone tits up.
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  108.  @RichardBergson  Money, or more correctly, currency, is commonly believed to be what makes prosperity happen. It is not, it is merely one tool that can be used. Unfortunately we are mired in a series of events in which governments use their respective currencies not with the aim of increasing prosperity, but in order to dilute their buying power. This way wealth is taken by stealth away from workers, savers and pensioners and funnelled to the state.
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  109. What growth?
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  110. "Putin's invasion..."? Dear oh dear. The Bank of England's performance over the past century, and more, has been dire. It has led us to the point today, at which the pound is worth 2% of what it was in 1913. The inflation it has indulged in, has reduced the wages/savings/pensions of all working people. This is not a natural phenomenon. The Bank of England should not be reformed, it should be disbanded.
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  111. Quite apart from the Bitcoin discussion, there seems to be an inordinate faith in, and a slavish - quite literally - devotion to the operation of fiat currencies here. 'Stick with fiat currency because it will be of value, come what may'? OK. Let's look at how our hallowed Pound has kept its value over the past 25 years. One ounce of gold bought on this date in 2000, would have required handing over £189. Imagine then, if you had bought that one ounce and simply held on to it until today. To buy an ounce of gold today would require payment of £2232. Other investments might have proved more lucrative but that is how gold and the Pound have fared. Alternatively, we could have taken Professor Murphy's advice and stuck with the fiat currency, dutifully leaving it in our bank. During that time our £189 would have earned interest so that it now stands at the princely sum of £324. So fiat currency has performed dreadfully. In a quarter of a century, our deposit in the bank has been effectively whittled away. Our trusty fiat currency has done what fiat currencies will always do: been used as a tool to rob people of the buying power of their wages, their savings and their pensions. Please explain, Professor, the basis of your enthusiasm for staying in a scheme which performs so poorly.
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  112. charlie Alas Black Rock is very much alive and killing. Northern Rock?
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  113. Not quite thin air. What actually changes hands is the promise of future energy and sweat. Tomorrow's work will get done so that the repayments are made.
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  114. edbop Who are the 'they'?
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  115. We 'end up with climate change' because we live on Planet Earth, the climate of which has always and will always be changing. It appears that economists are not alone in their susceptibility to fallacy.
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  116. "Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of Society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." Taken from John Maynard Keynes' "The Economic Consequences of the Peace" (1919)
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  117.  @abody499  Are we all supposed to agree with everything then?
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  118.  @abody499  The fact I stated is that if people are poor then their children are poor - the urge to emote should be controlled.
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  119.  @abody499  Acknowledge that I haven't seen the other videos? I've seen this one and commented on it, in my view pertinently. Why are you insisting that what is said elsewhere should be taken into account? Do I have to acquaint myself with all other videos and form an aggregate?
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  120. It's actually way past time to get rid of the Bank of England. Why does Britain need a central bank?
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  121.  @markwelch3564  Why? We had a currency prior to 1694. The US had a currency prior to 1913.
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  122.  @markwelch3564  The government can issue currency. No need whatsoever for an intermediary. Furthermore, the government apparatus set-up for the task would not be compelled to operate in the same way as does the BofE.
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  123.  @mortelski5814  "Dacia level money"? We have the highest taxation for 70 years; higher than all our counterparts. You want us to pay more?
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  124.  @fburton8  You're including National Insurance are you? VAT? Along with so many other taxes? Go ahead, tell us: how much tax should people pay? On what hour of what day every week should people get to keep the money they earn?
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  125.  @davidkay7201  So get having babies then. We've got the technology.
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  126.  @keithalfred5308  If someone steals from me, then that is theft. The law might be invoked in an attempt to bring justice, but the initial act of taking my property constitutes an infringement on my well-being that is perfectly denoted by the term 'theft'.
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  127.  @downshift4503  My position is that we don't need to, and we shouldn't wait around to see of any 'Theft Act' applies - we all know within ourselves what is wrong and what is right. Just live by that.
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  128.  @downshift4503  If we keep on paying, then that becomes further than short term. What comes beyond that? There is no limit to the amount that the government would like to take from me and all other workers. By the sounds of it, Starmer is just about to take even more than we are paying now. How much of this would you like to be subjected to?
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  129.  @downshift4503  The popular revolt thing is how it used to work. I recall the response in UK to the Poll Tax riots: they just repackaged the same product. Then the millions of protestors in the streets, against the Gulf War: the war happened all the same.
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  130. All schools should make sure that young people are made aware of the legal status of bank balances. In the interest of making that an aim, I am fully on-board with the general line in this video. I would take issue with the statement toward the end, that "...there is no such thing as money in the world these days." There actually is money in this world, and it is gold. That is why it does us no good at all when we talk of money, to fail to distinguish between the notes and coins we use daily - which are actually units of currency - and money, which is gold. Because our pounds have existed in the form they have - as fiat currency (backed with nothing tangible and only of value because the authorities deem it to be so) - for all of our lives and those of our parents, we have formed the mistaken idea that this is how it has always been and there are no alternatives. Up until 1913 there was an alternative system which was backed by tangible wealth: gold. This subject is especially crucial at this juncture, as the fiat, debt-driven system we know, is coming to the end of its usefulness and will be replaced by another way of doing things, the details of which we don't yet know. We can only look on what is happening in the world and surmise the possibilities. When we watch the flailings of so many central banks in the West, presiding over their, at best moribund economies; and we compare that with the steady progress of those countries outside the West, this would suggest that the levers of power are changing hands. Given that so many of the latter have been assiduously acquiring and laying-down stores of gold for some time now, it would be prudent to assume that any new system will be based at least in part, on a return to the use of gold as a tangible basis for measuring wealth and trading exchange.
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  131. The central banks' boom and bust cycle has been with us long enough now for us to be able to know what is going on. Instability might not be to Richard Murphy's liking, but to bankers it provides them with the opportunity to maximise their profits and to stiff the workers by bamboozling them with technical jargon and cowering them with punitive measures while they crack-on with their scheme of insidious agglomeration of wealth. After all these years of our being held back by the gross manipulation of the central bankers, it is surely not good enough for economists to assert that no-one knows what is happening - yet again.
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  132. To what extent though?
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  133.  @johnmarkrobinson2924  31 yr old pro footballer, George Baldock just died of drowning in his pool. What made him incapacitated is not mentioned.
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  134.  @KatieBarnes-nz2hz  Show me yours.
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  135.  @deniserowley8549  Deep fried mRNA perhaps?
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  136.  @jmseipp  The significance of that is?
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  137. Cut Stürmer some slack. His aim is to restrict our movements to 15 minutes walk from our home. He's got to start somewhere.
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  138. Not the old "...could be underwater in the next 30 years" line again? Could be, why? Due to what precisely? It's always the same with these people, it's become their religious guiding light: they issue their periodic dread forecasts that somehow get forgotten so that new dread warnings can be put in their place when the old ones don't show up. Meanwhile, anyone can go to the place on the coast that they visited fifty years ago, to find that everything is just as it was. Rivers flood, as they always have, onto predictable places, flat, low plains - that's why they were named in history: "flood plains". This can be exacerbated if waterways are no longer dredged due to either regulations or budget cuts; both of which have been a factor in recent flooding episodes. The 'climate change' movement is a political move to hamper certain countries while others are left to do as they see fit. Why, for instance, if carbon emissions were the catastrophic factor they are made out to be, is the UK so harried to restrict output when it produces less than 1% of the global output; at the same time as China produces a new coal-fired power station every week? India shows a similar disregard for the concerns that have the UK's industries in tethers. Would it not make sense to focus on the most egregious offenders? Our entire economy is being torn down, made ineffective, on no more evidence than the aggregated "could be" ism of so many who are not looking at the hard evidence.
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  139. jenifer Rachel Reeves will do what the bankers tell her to do.
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  140. "We should not be punished for the interests of bankers" It was the bankers who created our current episode of inflation, when they pulled the hundreds of billions of £££ out of the magician's hat to pay people not to go to work. They continue to pull tens of billions of £££ to supply weapons to Ukraine. All of these 'creations' are out of nothing. Every one of those £££ dilutes, diminishes the strength, the buying power of every £££ in our pockets. THAT is how inflation works, or more accurately, how it is made, and has throughout history been made, to do its work on people's standing wealth and on their ability to work to accrue wealth.
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  141. That's exactly how banks create currency, not money. Gold is money, and to insist there are no distinctive qualities that separate the two, is to play the fiat game that is robbing people blind. One of the fundamental qualities of a viable system of trading is that it is rested on a means of exchange which provides in addition, facility as a store of wealth. Fiat currency can be a reliable store of wealth in certain conditions - we happen to be living during a stage of our fiat currency in which it has lost its ability to store wealth. It is being steadily debauched such that every pound in our wages/savings/pensions can no longer buy what it could last year; in another year's time it will buy even less. The stealthiest tax of all. Put another way, the ordinary person is being relieved of his wealth by immaculately-suited pirates while he/she stands dutifully to attention, pipes them on board and hands them the key to the ship's safe. If gold has no inherent value, why are the treasury departments of so many countries buying it by the ton? Well, because it is indeed security that a debt will be paid; and the countries buying gold look at a global reserve currency system that severed all ties to such security on August 15th 1971 and, since being unleashed, has gone through its debauchery phases, as the man said, 'slowly at first...' and now we are approaching its '...and then all at once' phase.
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  142. Government promises? We're supposed to put our trust in the word of people who have demonstrably and repeatedly told us lies about our monetary system and how it works? No thanks. UK governments of both stripes have routinely deployed the stealth tax of inflation for decades - the last Tory administration raised the bar, printing over £400 billion of currency out of nothing, just since 2020. Labour will carry the process along, so that our wages, our pensions and our savings are stolen by slight of hand - our accounts will show us that we still have the same number of £s, while the buying power of each of them is drastically reduced. I share the scepticism shown here toward crypto; it is not anybody's currency, nor is it a store of wealth due to its wildly ranging swings in value. However, to refer to these swings as 'inflation and deflation' is - once again - to use those terms in a way that simply confuses what is happening.
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  143. Left of centre? As in communist.
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  144. What is the point of our blue flag party and our red flag party? Same as in the US: to provide a semblance of democracy by which the populace can be deceived and made to believe that there is a viable representative legislative body working in their interest. All this, while the real power is welded by The Fed' and The BofE.
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  145. I heard recently that the words 'satoshi' and 'nakamoto' could be translated fairly into English as 'central' and 'intelligence'. Having no Japanese whatever, I must remain cautious as to whether this is reliable. If true though, it would provoke some thought on the part of existing and potential holders; and perhaps invite a little prudence.
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  146.  @martineyles  You don't understand how inflation works do you?
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  147.  @WarrenPeaceOG  My argument is not to constrain the supply of currency, merely to be prudent. The mere act of issuing £billions does not in itself guarantee economic growth, as can be seen right now. Targeting is key.
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  148. michaelmayo What does that mean?
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  149. The question asked at the end is highly pertinent. I would argue that our politicians - those who are allowed anywhere near executive power levers - are oblivious to any other needs than the ones of their masters. The evidence of the last four years and more - but more sharply over these four years, has shown clearly that these people regard 'the commoners' as so much dross who must be made to re-learn their true status.
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  150.  @countryman5329  So no Labour MPs visit Davos and attend WEF meetings then? Ditto Tories? You appear to be averse to any questioning regarding this matter. Why is that?
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  151.  @zetectic7968  I know nothing of that. Please elucidate.
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  152.  @countryman5329  Thanks for the explanation and sorry I mis-construed. The comments here are hard to track.
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  153. When is Mr Murphy going to include in his missives, some account of the way that the Bank of England, in cahoots with HM Government, habitually steal the wealth of even poor people, by the mechanism of the inflation of the currency?
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  154.  @stumac869  If they work for nothing, then what do they live on?
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  155.  @stumac869  Sorry mate, I didn't catch your sarcasm there.
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  156. In the eyes of all the Sunaks who hold positions of power, Mr Murphy is indeed a purveyor of extremist views. When Starmer assumes power, he will regard Mr Murphy in exactly the same way. This is not a Left v Right thing these days. This is about the destruction of democracy and the re-installation of feudalism.
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  157.  @markwelch3564  Telling that you focus only on public services.
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  158. The thing we need now then, given the stage we have reached, is a bank that sets out to compete on this basis. All the other banks would have to follow suit, or die. So is such a bank being held back by the establishment?
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  159.  @adenwellsmith6908  Thank you for your reply; I had suspected as much. Same old same old.
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  160. According to you, the government can just print as much as it needs. So just print it.
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  161. Once again, the subject of inflation is discussed, without ever a mention of its actual cause and its true meaning. The Bank of England made our current price increases inevitable when they inflated the currency to the tune of more that £400 billions since March 2020. Every one of those pounds weakened the buying power of all pre-existing pounds.That is what inflation does and it is a tried and tested ploy used to steal existing wealth held in savings and pensions, and prospective wealth in the form of all future wages. Why is this fundamental truth unrecognised in any of Richard Murphy's observations? "...fuel the increase of the wealth of those who are holding bank balances..."? How many people do not have bank balances? It's undesirable for people to earn interest on their bank balance? The Bank of England is not masochistic, for it feels no pain from its actions. Rather, it is sadistic: it inflicts pain, knowingly, in full control and to its pleasure. Didn't some grey man once pronounce that "If it isn't hurting it isn't working"?
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  162. "...the calamity that might be created..." That word 'might' tells us a lot about those who proclaim a climate crisis. What is the CCC anyway, if not a body set up to find what the climate crisis lobby want to hear? It is simply not true that we are in any kind of a crisis due to climate change. The climate has always changed and it is changing now in ways that we can handle without the need to think in terms of any crisis. This is alarmism, plain and simple. The only question to be asked is, why are certain bodies generating such alarm, and to what end?
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  163. The only thing that creates money is work. Governments don't work and so can't create money. Governments create currency, which is not money, it is the promise of money, declared on paper. Don't let this prick fool you.
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