They are only in a job because they won't do either.
November 24, 2025 at 6:03 PM
They are only in a job because they won't do either.
Tell me you don't understand what MMT is without telling me ...
November 24, 2025 at 6:02 PM
Tell me you don't understand what MMT is without telling me ...
That article is terrible tripe.
If the author ever took the time to study MMT, which they clearly haven't, they would know my first sentence is true.
If the author ever took the time to study MMT, which they clearly haven't, they would know my first sentence is true.
November 24, 2025 at 1:06 PM
That article is terrible tripe.
If the author ever took the time to study MMT, which they clearly haven't, they would know my first sentence is true.
If the author ever took the time to study MMT, which they clearly haven't, they would know my first sentence is true.
QE isn't "printing money", it's an asset swap.
November 24, 2025 at 1:02 PM
QE isn't "printing money", it's an asset swap.
The first sentence shows he's economically illiterate.
November 24, 2025 at 1:00 PM
The first sentence shows he's economically illiterate.
The BoE cannot create £s without instruction from HMT to do so.
The only borrowing the UK govt undertakes is via its own bank, the BoE.
The only borrowing the UK govt undertakes is via its own bank, the BoE.
November 24, 2025 at 1:00 PM
The BoE cannot create £s without instruction from HMT to do so.
The only borrowing the UK govt undertakes is via its own bank, the BoE.
The only borrowing the UK govt undertakes is via its own bank, the BoE.
You are getting close to the reality 👍
It's not £s that matter, the UK govt can never run out of them.
It's not £s that matter, the UK govt can never run out of them.
November 24, 2025 at 12:58 PM
You are getting close to the reality 👍
It's not £s that matter, the UK govt can never run out of them.
It's not £s that matter, the UK govt can never run out of them.
You are saying the UK govt, the only entity legally allowed to issue £s, has to ask the private sector for £s?
Talk us through it.
Talk us through it.
November 24, 2025 at 12:55 PM
You are saying the UK govt, the only entity legally allowed to issue £s, has to ask the private sector for £s?
Talk us through it.
Talk us through it.
I'll defer to others on the institutional arrangements in the US.
UK govt chooses to issue debt for any deficit, it's a policy choice to make sure govt fiscal ops have no effect on the level of reserves in the banking system; it's monpol.
UK govt chooses to issue debt for any deficit, it's a policy choice to make sure govt fiscal ops have no effect on the level of reserves in the banking system; it's monpol.
November 23, 2025 at 8:49 PM
I'll defer to others on the institutional arrangements in the US.
UK govt chooses to issue debt for any deficit, it's a policy choice to make sure govt fiscal ops have no effect on the level of reserves in the banking system; it's monpol.
UK govt chooses to issue debt for any deficit, it's a policy choice to make sure govt fiscal ops have no effect on the level of reserves in the banking system; it's monpol.
Sure, the UK normally has a deficit, it's the difference between the amount of £s govt has injected and the amount it's drained aka the net financial assets in the private sector.
All, that's all, UK govt spending is via the issuance of new £s.
All, that's all, UK govt spending is via the issuance of new £s.
November 23, 2025 at 8:17 PM
Sure, the UK normally has a deficit, it's the difference between the amount of £s govt has injected and the amount it's drained aka the net financial assets in the private sector.
All, that's all, UK govt spending is via the issuance of new £s.
All, that's all, UK govt spending is via the issuance of new £s.
Don't hold your breath 👍
November 23, 2025 at 8:00 PM
Don't hold your breath 👍
Well, in the UK, issuing debt is a purely political choice and GEMMS are expected to buy any debt issued.
Gilts aren't a funding operation, they are a refinancing operation.
Gilts aren't a funding operation, they are a refinancing operation.
November 23, 2025 at 8:00 PM
Well, in the UK, issuing debt is a purely political choice and GEMMS are expected to buy any debt issued.
Gilts aren't a funding operation, they are a refinancing operation.
Gilts aren't a funding operation, they are a refinancing operation.
It seems you fundamentally misunderstand what MMT is; it's a framework for understanding and explaining the capacity of a currency issuing state with its own fiat floating currency.
November 23, 2025 at 7:57 PM
It seems you fundamentally misunderstand what MMT is; it's a framework for understanding and explaining the capacity of a currency issuing state with its own fiat floating currency.
MMT describes how things have worked since the end of Bretton Woods.
November 23, 2025 at 7:56 PM
MMT describes how things have worked since the end of Bretton Woods.
Govt does indeed set the bank rate.
November 23, 2025 at 7:54 PM
Govt does indeed set the bank rate.
It does. It reveals that once we reach full employment it's good old tax and spend.
November 23, 2025 at 7:53 PM
It does. It reveals that once we reach full employment it's good old tax and spend.
Taxes don't pay for anything at all at national level.
We have a self financing govt which issues £s into existence every time it spends; it can never run out of £s.
We have a self financing govt which issues £s into existence every time it spends; it can never run out of £s.
November 22, 2025 at 8:47 AM
Taxes don't pay for anything at all at national level.
We have a self financing govt which issues £s into existence every time it spends; it can never run out of £s.
We have a self financing govt which issues £s into existence every time it spends; it can never run out of £s.
Lol, yeah it is.
I've just been out with the dog and nipped in the pub for a pint on the way back.
I've just been out with the dog and nipped in the pub for a pint on the way back.
November 21, 2025 at 6:02 PM
Lol, yeah it is.
I've just been out with the dog and nipped in the pub for a pint on the way back.
I've just been out with the dog and nipped in the pub for a pint on the way back.
*Useful, not useless
November 21, 2025 at 5:58 PM
*Useful, not useless
MMT is useless for understanding and explaining the capacity of a currency issuing govt with its own fiat floating currency - like the UK.
November 21, 2025 at 5:43 PM
MMT is useless for understanding and explaining the capacity of a currency issuing govt with its own fiat floating currency - like the UK.
Nonsense!
Truss was done for the LDI debacle and inaction of the BoE.
She should have sacked Bailey but, of course, she couldn't so she got the tap on the shoulder.
It was as much a setup as the IMF nonsense in 1976.
Truss was done for the LDI debacle and inaction of the BoE.
She should have sacked Bailey but, of course, she couldn't so she got the tap on the shoulder.
It was as much a setup as the IMF nonsense in 1976.
November 21, 2025 at 5:42 PM
Nonsense!
Truss was done for the LDI debacle and inaction of the BoE.
She should have sacked Bailey but, of course, she couldn't so she got the tap on the shoulder.
It was as much a setup as the IMF nonsense in 1976.
Truss was done for the LDI debacle and inaction of the BoE.
She should have sacked Bailey but, of course, she couldn't so she got the tap on the shoulder.
It was as much a setup as the IMF nonsense in 1976.
There's a few things in there:
. Firstly, the UK has been "under MMT", your words not mine, since 1971 when it adopted a fiat floating currency
. I often propose ns&I instead of Gilts. Why? Because there's no corporate deposit insurance.
. Why won't govt invest? Political ideology.
. Firstly, the UK has been "under MMT", your words not mine, since 1971 when it adopted a fiat floating currency
. I often propose ns&I instead of Gilts. Why? Because there's no corporate deposit insurance.
. Why won't govt invest? Political ideology.
November 20, 2025 at 11:15 AM
There's a few things in there:
. Firstly, the UK has been "under MMT", your words not mine, since 1971 when it adopted a fiat floating currency
. I often propose ns&I instead of Gilts. Why? Because there's no corporate deposit insurance.
. Why won't govt invest? Political ideology.
. Firstly, the UK has been "under MMT", your words not mine, since 1971 when it adopted a fiat floating currency
. I often propose ns&I instead of Gilts. Why? Because there's no corporate deposit insurance.
. Why won't govt invest? Political ideology.