Harvesting other people’s debts should not be a business model

Crises tend to reveal unacknowledged truths. In 2008, we learned that the majority of the financial wizards we had been taught to treat with awe for the previous two decades were, in fact, little more than scam artists — and rather clumsy ones, at that. The coronavirus, and resulting lockdowns, is teaching us an even… Read more

We may be on the money – towards a common outlook

I have been contributing to a ‘Positive Money’ paper on the Covid-19 consequences. I have no idea if it will be accepted but I thought it would be interesting to discover how they are becoming much more ‘government money creation’ friendly! Indeed I think they suggest that they probably always have been (and, actually who… Read more

Bus companies might end up teaching us something…

I am conscious that the live performing arts sector, which is a great export earner for Britain, has, with social distancing, a major difficulty in trying to survive, and that is a sadness for all of us. Government help will certainly be needed before live performances finally become possible. But of course that is not… Read more

If the rich knew what tax was for they might actually appreciate it…

This shortish piece (below in quotation marks) arrived in my inbox a couple of days ago after somebody had viewed the excellent ‘Money for Nothing’ video. “Three questions: Why doesn’t the Labour Party explicitly adopt this approach [that money is created out of thin air and we spend and tax in fact] to tax and… Read more

Rebuilding the tax base – but for fairness not finance

The New Economics Foundation (NEF) has written about rebuilding the tax base – after the pandemic. Here we have, unfortunately, a basically progressive organisation, which thinks we have to renew the tax base, because Covid- 19 suggests we’ve spent it all, and got nothing left. They mention that tax take is likely to be reduced… Read more

Solidarity

This is a word that Labour Party members often seem to use as a substitute for goodbye – or even hi! Quite why I don’t understand. But I wish they wouldn’t… It is certainly true that we need more solidarity in our communities – but in English it is unusual for an abstract noun to… Read more

Practical problems for universal income

My recent encounters with the New Economics Foundation lectures lead me to highlight some more of the ideas of Eric Lonergan. For he is, unsurprisingly in the country’s current predicament, in favour of a monthly cash handout (as I understand it as long as the lockdown lasts) to everyone to ensure the economy doesn’t collapse… Read more