Recent Posts on Modern Money Theory
Posts from Richard Murphy at Tax Research UK
- The Brexiteers have sold out the UKon 1 April 2023 by Richard Murphy
The hypocrisy of the Brexiteers in government is revealed in the new agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). We Read the full article...
- If we want to live for a reasonable time in the UK we can’t go down the US healthcare routeon 1 April 2023 by Richard Murphy
The Tories have been trying to undermine the NHS in a bid to deliver private healthcare for the benefit of those who own companies in Read the full article...
- The lies over Brexit have undermined the UK’s body politickon 1 April 2023 by Richard Murphy
A damp Saturday morning has changed my plans for the day. There were going to be no blogs, but I always reserve the right to Read the full article...
- Another go at Double Entryon 31 March 2023 by Richard Murphy
I need say no more to introduce this, which amused me:
- Is there a new elite, or is it that the old one is totally out of touch with what the country really thinks?on 31 March 2023 by Richard Murphy
The Sun ran an article by Matthew Goodwin of the Legatum Institute yesterday, in which he promoted his new book. In that book he argues Read the full article...
Posts from Bill Mitchell – Modern Monetary Theory
- When mainstream economists arrive at ideas 50 or so years late and pretend to be contributing to knowledgeon 30 March 2023 by bill
I regularly encounter mainstream economists who are confounded by the dissonance that the body of theory they have been working in introduces and then seem to think they have come up with new ideas that restores their credibility. The more extreme version of this tendency is called plagiarism in academic circles. But the less extreme…
- Inflation drops sharply in Australia but it is not the work of the RBAon 29 March 2023 by bill
Today (March 29, 2023), the Australian Bureau of Statistics (ABS) released the latest ‘monthly’ CPI data – Monthly Consumer Price Indicator – which covers the period to February 2023. On an annual basis, the monthly All Items CPI rate of increase was 6.8 per cent down from 7.4 per cent. While this signals a sharp…
- The inflationary episode is being driven by profit gouging and interest rate hikes won’t help muchon 27 March 2023 by bill
I have read an interesting reports in the last months that demonstrate there is a shift in thinking about inflation – away from the tired narratives that attempt to implicate excessive government spending, poorly contrived monetary policies (particularly quantitative easing) or drag in the usual suspect – excessive wage demands from workers. All of the…
- Latest Productivity Commission report – relies on and exploits our ignorance – to undermine our well-beingon 23 March 2023 by bill
I had a sense of déjà vu this week when I read the latest release from Australia’s Productivity Commission – Advancing Prosperity – which was released on March 17, 2023 and is a five-yearly exercise conducted by the Commission on behalf of the Australian government. Frankly, if the government was looking to cut spending while…
- Former Bank of Japan governor challenges the current monetary policy consensuson 22 March 2023 by bill
In the latest IMF Finance and Development journal (March 2023), there is an interesting article by the former governor of the Bank of Japan, Masaaki Shirakawa – It’s time to rethink the foundation and framework of monetary policy. It goes to the heart of the complete confusion that is now being demonstrated by central bank…
Gower Initiative Tweets
Thursday's blog post (09/02) is now posted (13:51 EAST) - Central banks accounting losses are rising but are of no importance to anything important - http://bilbo.economicoutlook.net/blog/?p=51243
If the BoE governor insists on this misleading framing, where some govt spending is “funded” by tax revenue & some is “borrowed”, then he can avoid this inflation risk by declaring nurses’ pay to be “tax-funded” & central banker’s salaries to be “borrowed” when doing the books.
1/2 Someone tweeted, "How do we pay back the debt? Explain it like I'm 5-yrs old." Ok, here goes. The US doesn't borrow dollars. When the gov't spends it creates dollars. Some $$ are taken back via taxation, but there are some of those dollars the public holds as savings.
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