James Meadway, former advisor to shadow chancellor, John McDonnell, has written an article in Tribune entitled ‘Against MMT’. At least we know where he is coming from…. Actually, it is, I suggest, fairly well argued, and certainly concentrates on the ideas and not the people, which for MMT – particularly bearing in mind recent experiences,… Read more
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Peter May
Is the Euro China’s secret weapon?
It seems to have received little attention but, last week, Portugal successfully raised finance by issuing so called Panda bonds in Chinese currency. This is a country in the Euro issuing bonds in a foreign currency and in a Chinese one at that. According to the Madrid based EU affairs news website ‘South EU Summit’:… Read more
At least one Tory gets why the WTO and zero tariff conditions would be disastrous
At least one Tory leadership candidate understands No Deal would be a disaster for all our futures… Good on you @RoryStewartUK pic.twitter.com/QQpEBHnysn — Our Future, Our Choice (@OFOCBrexit) May 30, 2019 What he doesn’t mention in that under WTO rules, having instituted zero tariffs, even if food might, initially, be cheaper to import it is… Read more
The social contract is not what it seems
There is a notable piece from the New Economics Foundation (NEF) ‘Imagining a New Social Contract’, on the desirability of having both a Universal Basic Income and Universal Basic Services. Indeed, I come more and more to the conclusion that this style of scheme is likely to be the only real way to offer a… Read more
Capturing democratic thought
Farage has intimated numerous times that he thinks ‘our’ democracy is broken, without, as usual, ever outlining what to do about it – except of course getting the ‘Brexit Party’ to fight the next election. Farage’s solutions are much as Macbeth thought about life – full of sound and fury, signifying nothing. Even so, let… Read more
The Tin Can Cook
This is short – but I think I should simply highlight the crowdfunder for the ‘Tin Can Cook’ where any excess – over and above funds required to publish the actual book, which now seems to be funded, will go to help foodbanks. But she tells you all about it! Although I’ve long respected Jack… Read more
Either Britain’s word is its bond or impoverished chaos beckons…
I see that the Professor of Economic History at All Souls College, Oxford, Kevin O’Rourke, has pointed out that under the extension agreement published by the EU under “LEGAL ACTS: EUROPEAN COUNCIL DECISION taken in agreement with the United Kingdom extending the period under Article 50(3)TEU” In item (12) This extension excludes any re–opening of… Read more
Money as public software, rather than private hardware
There is a wonderful article that I’ve encountered on this European Election Day that – for me at least – envigorates the ideas contained within the concepts of Modern Money (MMT). This is excellent ammunition in political arguments because it is both so concise and also itself incisive: As elites literally claim human survival is… Read more
Mutuality Versus Banking – which to prefer?
In this article the City Editor of the FT, no less, says that Labour is right “Britain’s private utility model is broken.” Here is a riddle that is not so difficult to unpick. Between their privatisation in 1989 and last year, English water companies were permitted by their regulator to generate operating cash flows totalling… Read more
Marxist ideas seem to have assisted Mrs Thatcher with her purpose
At least that is the conclusion I’ve pretty much come to since the idea that the government has no money seems to be shared, not only by the obscurely financed Taxpayers’ Alliance, but also by Marxists. In this linked ‘Medium’ article, which though undeclared, seems to be heavily reliant on Paul Mason’s thinking, it is… Read more