Comments by "MeTube - tacticalvote co uk" (@OneAndOnlyMe) on "Why doesn’t the Bank of England tell the truth?" video.

  1. I think Richard has got it slightly wrong, here's why: Government is NOT saying it has to tax to pay for things. Government is saying it has to manage the debt to the Bank of England. Govern will borrow to spend but alongside that it has to pay ongoing repayments for previous borrowing, and THAT is what tax is being used for. So, when government says it doesn't have the money to spend, what it is actually saying is that it doesn't have the money to pay back existing borrowing. It's like this: - You go to your bank and borrow £1,200 - You put that money to use - You repay it month by month for 12 months - £100/month - Midway through the year, you want to borrow another £1,200 for another 12 months - Now you have to repay £200/month for six months - The £200 has to be affordable from your income, and in Treasury terms, that's coming from the tax revenue So it's about managing the affordability, i.e. can the electorate afford to service the repayments without too much hardship.
    9
  2.  @garethhumphries4039  Interest is irrelevant. Even if the borrwing is 0%, it's about the management of the cancelling out through taxes. You can't just tax and tax people.
    2
  3.  @garethhumphries4039  The government cannot simply order the bank to cancel its debt. If it could do that every country would do that, and the electorate would demand that to be done, net effect being no one will want to work or be productive. It's not about keeping people in service of work, it's the fact that people need something to do, to feel valued.
    1
  4.  @evildrome  You're so wrong I don't even know where to begin. Perhaps watch Richard's series of videos on this.
    1