Malcolm Reavell @auchentrachle.bsky.social
@malcolm_reavell
Aircraft engineer, helicopter operations, IT and business process and projects. Internationally renowned composer. @auchentrachle.bsky.social
My humble advice is that to break with neoliberalism for good this party should be strongly rooted in the realities of our monetary system. Make the rentier the main antagonist, and untangle ordinary people from their stake on predatory capitalism.
It's time for a new kind of political party - one that belongs to you. Sign up at yourparty.uk.
I love how he says this as if it wasn’t the same thing every single anti-public purpose MP has been saying for decades. And just as in the case of the many who came before him, he is wrong.
Britain needs brutal, brutal cuts - right across the board. It is the ONLY way to avoid absolute economic catastrophe. We are BROKE. It won’t win many votes, but it’s the grim truth. Afuera on olympic-busting steroids.
Taxation is not the only means of extracting surplus. Profits and rents are too.
Then he’d be better off making it about the direct societal harms of skewed wealth distribution (which are many) rather than about the presumed indirect harms through imagined government budget contraints.
100%. To be fair to Gary, he's trying to bridge a different gap than you. His point is about the societal harms of extremely skewed wealth distribution. At this moment in history, mixing any MMT into his message would probably only muddy the waters and discredit him as a crank.
Austrian economists, pointing to “malinvestments” after a recession. Yet, they never identify them before the downturn. Aka retrospective prediction: fails both the prediction test and the falsification test.
To be fair to every UK citizen, Gary is making alleviation of societal harm hostage to the tax-resistance of the rich and powerful. If he wasn’t a dogged adherent to Thatcherite money theory (to avoid being called a crank) he wouldn’t be doing this damage.
A wise man once told me that trying to learn about political economy and economic history in an economics department is like trying to learn about atheism in the Catholic church.
Beautiful intentions and ideals made politically useless under the framing of misleading neoliberal mythologies about public budgets and government money. A story as old as time
If the government keeps losing its wealth the welfare state is over. On @LBC just now.
Stephen Moore: Always wrong, never embarrassed.
Jerome Powell’s performance speaks for itself. Under his watch, we hit 9% inflation during the Biden years. If results matter (and they should), it’s time for Powell to go.
Thank you for reminding people that MMT is a lens to view how money works, not a prescription. MMT only forces us (through our electeds) to own up to, or possibly be proud of, our own moral choices as a society.
MMT just describes the money system. You can use that understanding for public good or personal gain. At present we have govts that do the latter. If more of the electorate understood MMT, govt would not be able to get away with this.
How can a currency creating sovereign country go bankrupt? I like Gary, but the motives of this are questionable. x.com/malcolm_reavel…
For over 100 years fools have been predicting financial ruin. It will never happen. The UK is a monetary sovereign that issues its own fiat currency. It can never run out or go bust. It doesn’t use taxes to fund itself, it doesn’t “borrow” that which it alone creates.
Churchill also understood that if we want to have secure and cheap energy the UK Government must own it. He was talking about oil, but this still holds true for renewable energy.
He’s right. We need better politicians. Ones that understand the money system correctly. Even Churchill understood we can’t cut and tax our way to growth. The public should know that a govt deficit is a private sector surplus. Cutting spending bleeds money out of the economy
They can pay. Anything else is just lies. Neither of my parents lived to collect their pensions, so I want mine assured at 65 thanks. I've paid in & they had bloody well better pay out on time. Isn't it really time to wake up from this scapegoating? x.com/malcolm_reavel…
For over 100 years fools have been predicting financial ruin. It will never happen. The UK is a monetary sovereign that issues its own fiat currency. It can never run out or go bust. It doesn’t use taxes to fund itself, it doesn’t “borrow” that which it alone creates.
A clear, succinct, and precise explanation of current political and economic thought. I agree with Steve. 'It must end.' No ifs or buts!!!
As well as being wrong about Argentina - the problem is the dollar-debt trap, it owes its debts in US$ - this reply is classic. The poster, possibly an anonymous bot account, is telling us that nations with supposedly democratic governments are subjugated by global financial…
As well as being wrong about Argentina - the problem is the dollar-debt trap, it owes its debts in US$ - this reply is classic. The poster, possibly an anonymous bot account, is telling us that nations with supposedly democratic governments are subjugated by global financial…
Total public sector borrowing for 24/25 was £151.9bn. Borrowing so far for 25/26 is on a trajectory to get nowhere near the annual requirement, plus the 24/25 deficit. People need to understand that austerity is just a policy choice.
This is not correct. The main point that I hope people take away is that we need to tax the wealthy to remove their power. If we don't do this, we have a faltering democracy. But with the resources the government can secure, it will NEVER go bankrupt.
If the government keeps losing its wealth the welfare state is over. On @LBC just now.