My favourite BBC article has been rewritten again and more inaccuracies added. Let’s go through them.
All Government Spending Is Borrowed, Every Day
When the HM Government buys anything, all the money to pay for it is automatically borrowed from the Bank of England, interest free and without limit
HM Treasury sets the price, not The Market
Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England
UK Employment Stats
The number of people in the UK without work that want it
The Madness of Clowns
The failure of its leaders to understand how sovereign currencies work is now starting to cripple the West
The UK Energy Crisis: an MMT Analysis
Listening to politicians talk about the UK energy crisis is like watching bald men fighting over a comb. None of them get to the root cause - a shortage of natural gas. When you take an MMT view, that’s where you start.
UK Sectoral Balances
Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year
Sim CB - An Economic Game
Sim CB is a new economic simulation game, with some interesting MMT outcomes
The Russian Rouble Get Out Clause
Since 2018 Russia has had an alternative payment clause in its Eurobond contracts that allows it to pay principal and interest in Roubles
How Russian Gas Is Paid For
How the new payment process for gas in Russia will work, including how it is settled at the Moscow Exchange, all of which leads to some interesting observations