Assets and Debts are simply a matter of marketing…

I’m influenced by some objections to my Positive Money (PoMo) accepts Modern Monetary Theory (MMT) article. Yes, sure, PoMo always accepted that money could be created, but it was supposed to be by a beefed-up, or entirely separate, Bank of England Monetary Policy Committee. That is not Direct Monetary Funding or Financing – that is… Read more

Spanish UBI may well be forthcoming

The Spanish (Socialist coalition) government is looking to roll out a Universal Basic Income (UBI) it seems. Although the British Prime Minister may be in intensive care, importantly, so too are the lives and livelihoods of many of the rest of the British. Radical measures are needed. So it seems entirely logical that the Spanish… Read more

PoMo endorses MMT

I have long been critical of Positive Money (PoMo)’s ideas on money (although I am a regular Positive Money member). At last! they seem in favour of ‘Direct Monetary Financing’ (DMF). This, it seems to me, is basic so-called ‘Modern Monetary Theory’ (MMT): a sovereign government alone issues its own money so, if anyone wishes… Read more

Debt is control

Nick Macpherson, former Permanent Secretary to the Treasury has tweeted: Writing off NHS trust debt only justifiable if correlated with high pressure areas, eg London. Otherwise an inefficient way of addressing resource constraints. Of course, it adds another 0.7% to national debt/national income ratio. This crisis is becoming expensive. #soundmoney Which comment is, as many… Read more