Not all money is equal

As many will know I’m an ‘amateur economist’. And happy to be amateur as I think that if the economy is important, then anyone interested should be able to understand it. Yet I’ve long been mystified by some of the terms used with regard to money. In particular ‘Exogenous’ and ‘Endogenous’ money….. And these turn… Read more

The Innocence Tax and how Democracy is undermined

There has been a series of articles on Channel Four News on the experiences of ‘The Secret Barrister’ – and of course there is a book of the same name. This illustrates the straight injustice for potentially any one of us when the state refuses to fund adequately our defence – not to mention the… Read more

The Deficit Myth criticism – second try

Julian Jessop was previously Chief Economist at the Institute of Economic Affairs, which he describes as “the [we ought to know – Koch Brothers funded] educational charity and free-market think tank” – and, remarkably, he is also of ‘Capital Economics’, one of whose members has already had a first try (commented on yesterday). He has… Read more

Taxpayers’ money doesn’t exist and is in the hands of the receivers

Ministers, government and mainstream media, insist on calling government money taxpayers’ money. Indeed everyone ‘knows’ it is taxpayers’ money and that is exactly why the government has to be so careful with it – because it’s not really theirs. So indeed did one Neil Mendoza, who is in charge of distributing the £1.57 billion in… Read more

Difference between PoMo and MMT may principally be just Strategy

Having contributed to a paper which may even appear on the Positive Money (PoMo) website in due course, I wonder if I may at last be able to shed further light on where Sovereign Money Reform (SMR) differs from Modern Monetary Theory (MMT), (which I’d love to rename Sustainable Government Finance – I can hope!)… Read more