Linked Article: The Government Has Enough Money To End Poverty In Sheffield

[ECCOnoob]

23 minutes ago, Delbow said:

I think it was one of Richard Murphy's. To be honest, I think Richard Murphy knows a lot more about economics than ecconoob

Ha! The person who gave inspiration for Corbynomics.  I think we can do without such expertise.

 

Yes, apparently the books 'inspiring' in the article are The Deficit Myth and The Joy of Tax.  Both publication's authors raised criticism of their commentary and supposed over simplistic if not childish solutions.   

 

For the former book by Stephanie Kelton it got panned not only from economists at Stanford and New York universities but even the chief economist of the European Central Bank gave a negative review. 

 

On the latter book by the aforementioned Richard Murphy even the shadow chancellor at the time described it as '...left a lot to be desired on macroeconomic policy'.

[Delbow]

4 minutes ago, ECCOnoob said:

Ha! The person who gave inspiration for Corbynomics.  I think we can do without such expertise.

 

Yes, apparently the books 'inspiring' in the article are The Deficit Myth and The Joy of Tax.  Both publication's authors raised criticism of their commentary and supposed over simplistic if not childish solutions.   

 

For the former book by Stephanie Kelton it got panned not only from economists at Stanford and New York universities but even the chief economist of the European Central Bank gave a negative review. 

 

On the latter book by the aforementioned Richard Murphy even the shadow chancellor at the time described it as '...left a lot to be desired on macroeconomic policy'.

Well I'm sure his theories are open to criticism - any economist is. It bears repeating that the type of classical economists you reference were confident that securitization mitigated risk and that loads of financial products like CDOs were AAA rated, right up until the moment that they were in fact total junk and full of risk. 

 

Money isn't real and it's a barrier to getting things done. We have the raw materials to build the housing we need but we can't 'afford' it; we know what we need to save ourselves from environmental meltdown but we can't 'afford' it; we know we should train more doctors but we can't 'afford' them.

 

A great example is fuel prices before and after the Russian invasion of Ukraine - imagine trying to explain it to a more advanced species. "Well, there was this gas and I used it to heat my home, and then some people from over there attacked some other people over there and down a bit, and then some other people (called commodities brokers) decided that I couldn't use the gas to heat my home anymore"

 

'Had you run out of gas then?'

 

"No, no, the gas was still there but I couldn't use it to heat my home anymore"

 

'Why not?'

 

"Because the commodities brokers said I couldn't, because of the completely made up stuff called money"

 

'Well why have you organised things like that instead of just using the resources you have in a way that's sustainable'

 

"I don't know, it just sort of happened. Or a small number of people made it happen and the rest of us just went 'uh ok' and just accepted that we couldn't use the gas or eat the food that we used to"

 

You'd sound like an idiot.

[El Cid]

Would giving people more benefits cure poverty? 

The people of this country need better health and health care, that wouldn't cost a great deal. Better public transport would help people financially and they would get more exercise and breath cleaner air.

More help to get people off drugs, higher taxes on fuel and lower income tax. 

[Baron99]

5 hours ago, Draggletail said:

Taken from Nowthen magazine  - full article linked below.

 

"The government has enough money to end absolute poverty in Sheffield if it wanted to. They could also end poverty in every other part of the UK in a matter of months, if the political will was there. They can afford it."

 

https://nowthenmagazine.com/articles/government-has-enough-money-to-end-poverty-in-sheffield-mmt-modern-monetary-theory

 

 

I doubt it.  You don't know how much I'd be asking for? 

[spilldig]

19 hours ago, m williamson said:

The Government doesn't have any money. It's our money, they are the ones who get to decide whether or not they'll let us have some of it back.

C'est la vie.

That and the fact they don't give a monkeys about anything North of Watford.