Andy Lloyd
@andyjlloyd.bsky.social
Funny how comforting it is that, in the long run, we’re all dead. In the meantime, walking the Malvern hills with Pablo.
Brilliant, love this
October 21, 2025 at 6:05 PM
Brilliant, love this
7. Real resources matter.
The government is constrained by the availability of real resources and its ability to mobilise them. “Anything we can do, we can afford.” JM Keynes. #MMT
The government is constrained by the availability of real resources and its ability to mobilise them. “Anything we can do, we can afford.” JM Keynes. #MMT
October 21, 2025 at 7:42 AM
7. Real resources matter.
The government is constrained by the availability of real resources and its ability to mobilise them. “Anything we can do, we can afford.” JM Keynes. #MMT
The government is constrained by the availability of real resources and its ability to mobilise them. “Anything we can do, we can afford.” JM Keynes. #MMT
6. The effect: depoliticising economics.
By framing the state as a household, questions about distribution, power, and ownership sound like questions about accounting. Instead of “what kind of economy do we want?” people are encouraged to ask “how can we afford it?” #MMT
By framing the state as a household, questions about distribution, power, and ownership sound like questions about accounting. Instead of “what kind of economy do we want?” people are encouraged to ask “how can we afford it?” #MMT
October 21, 2025 at 7:42 AM
6. The effect: depoliticising economics.
By framing the state as a household, questions about distribution, power, and ownership sound like questions about accounting. Instead of “what kind of economy do we want?” people are encouraged to ask “how can we afford it?” #MMT
By framing the state as a household, questions about distribution, power, and ownership sound like questions about accounting. Instead of “what kind of economy do we want?” people are encouraged to ask “how can we afford it?” #MMT
5. It separated monetary and fiscal power.
The 1970s inflation crisis was used to justify giving central banks “independence.” Entrenching the idea that the BoE must be neutral and technocratic, while politicians must “find the money” through taxes or borrowing. #MMT
The 1970s inflation crisis was used to justify giving central banks “independence.” Entrenching the idea that the BoE must be neutral and technocratic, while politicians must “find the money” through taxes or borrowing. #MMT
October 21, 2025 at 7:42 AM
5. It separated monetary and fiscal power.
The 1970s inflation crisis was used to justify giving central banks “independence.” Entrenching the idea that the BoE must be neutral and technocratic, while politicians must “find the money” through taxes or borrowing. #MMT
The 1970s inflation crisis was used to justify giving central banks “independence.” Entrenching the idea that the BoE must be neutral and technocratic, while politicians must “find the money” through taxes or borrowing. #MMT
4. And prioritises the interests of financial markets.
From the ‘80s onward, the Treasury and BoE were reorganised to make bond markets the apparent source of public finance.
In reality, markets depend on the government’s money creation. The illusion of dependence shifts power toward finance. #MMT
From the ‘80s onward, the Treasury and BoE were reorganised to make bond markets the apparent source of public finance.
In reality, markets depend on the government’s money creation. The illusion of dependence shifts power toward finance. #MMT
October 21, 2025 at 7:42 AM
4. And prioritises the interests of financial markets.
From the ‘80s onward, the Treasury and BoE were reorganised to make bond markets the apparent source of public finance.
In reality, markets depend on the government’s money creation. The illusion of dependence shifts power toward finance. #MMT
From the ‘80s onward, the Treasury and BoE were reorganised to make bond markets the apparent source of public finance.
In reality, markets depend on the government’s money creation. The illusion of dependence shifts power toward finance. #MMT
3. It legitimises austerity and privatisation.
Once the state is said to be financially constrained it justifies cutting services and welfare, paving the way for private capital to take over state functions and allowing politicians to claim prudence for shrinking the state. #MMT
Once the state is said to be financially constrained it justifies cutting services and welfare, paving the way for private capital to take over state functions and allowing politicians to claim prudence for shrinking the state. #MMT
October 21, 2025 at 7:42 AM
3. It legitimises austerity and privatisation.
Once the state is said to be financially constrained it justifies cutting services and welfare, paving the way for private capital to take over state functions and allowing politicians to claim prudence for shrinking the state. #MMT
Once the state is said to be financially constrained it justifies cutting services and welfare, paving the way for private capital to take over state functions and allowing politicians to claim prudence for shrinking the state. #MMT
2. It imposes artificial scarcity on the public sector.
By insisting that the government must first collect taxes or borrow before it can spend, policymakers created a narrative of constraint. That narrative limits public spending. #MMT
By insisting that the government must first collect taxes or borrow before it can spend, policymakers created a narrative of constraint. That narrative limits public spending. #MMT
October 21, 2025 at 7:42 AM
2. It imposes artificial scarcity on the public sector.
By insisting that the government must first collect taxes or borrow before it can spend, policymakers created a narrative of constraint. That narrative limits public spending. #MMT
By insisting that the government must first collect taxes or borrow before it can spend, policymakers created a narrative of constraint. That narrative limits public spending. #MMT
3.Scare stories keep rentier monopolies safe. The lesson from Truss isn’t “never upset markets,” it’s: design policy coherently, anchor it in real resources, and stop giving finance a veto over democracy.
www.cliffordchance.com/content/dam/...
www.cliffordchance.com/content/dam/...
www.cliffordchance.com
September 30, 2025 at 6:23 AM
3.Scare stories keep rentier monopolies safe. The lesson from Truss isn’t “never upset markets,” it’s: design policy coherently, anchor it in real resources, and stop giving finance a veto over democracy.
www.cliffordchance.com/content/dam/...
www.cliffordchance.com/content/dam/...
2.She also waves the Truss fiasco like a ghost story: “don’t upset the markets.” This is how the soft left narrows debate — markets as weather, government as powerless. In truth, the state creates & backstops markets.
September 30, 2025 at 6:23 AM
2.She also waves the Truss fiasco like a ghost story: “don’t upset the markets.” This is how the soft left narrows debate — markets as weather, government as powerless. In truth, the state creates & backstops markets.
Oddly @theguardian.com seems to think the coincidence excusable. Odd for such a liberal minded paper.
May 12, 2025 at 3:12 PM
Oddly @theguardian.com seems to think the coincidence excusable. Odd for such a liberal minded paper.