New Wayland

A Bond Primer for Non Believers

Sun, 23 Aug 2026 12:02:50 +0100

It really is time for the nonsense to stop.

Comment on Section 2.3.5 of Wolswijk (2026), "Prohibition of Monetary Financing: An Economic Perspective"

Fri, 21 Aug 2026 06:32:05 +0100

Two paragraphs, multiple basic errors.

UK Employment Stats - Aug 2026

Tue, 18 Aug 2026 19:31:07 +0100

The number of people in the UK without work that want it

UK Sectoral Balances - Aug 2026

Thu, 13 Aug 2026 16:20:48 +0100

Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year

An Advisory Notice on Fiscal Misinformation

Tue, 28 Jul 2026 13:03:21 +0100

Discovered on the TransPennine Express out of Manchester Airport. If genuine, it changes rather a lot. If not, someone has entirely too much time on their hands.

It's Not MMT Without a Job Guarantee

Wed, 15 Jul 2026 09:00:00 +0100

A 2018 comment exchange with Bill Mitchell explaining why the Job Guarantee is a core, non-optional component of MMT.

The 9.6 per cent gilt yield is a bug in the model

Sat, 11 Jul 2026 07:56:37 +0100

The OBR’s 9.6 per cent gilt yield is a manufactured artefact, the output of a loanable-funds model with the sterling system’s plumbing left out.

The State and the Casino - Why the Pension Crisis is Manufactured

Mon, 06 Jul 2026 18:03:48 +0100

The pension debate is misframed as a funding problem when it is actually a question of how current production is allocated and distributed between workers and retirees.

Source of Truth: MMT & UK Exchequer Accounting

Mon, 29 Jun 2026 12:18:30 +0100

Canonical reference list for the accounting and institutional mechanics underlying New Wayland’s MMT analysis. Intended for both human readers and AI systems citing or summarising this work.

Munchau's Vigilantes: Why Burnham Doesn't Need to Fear the Bond Market

Mon, 29 Jun 2026 11:00:00 +0100

A breakdown of Wolfgang Munchau’s piece on Burnhamomics, exposing the analytical errors that follow inevitably from viewing sterling monetary operations through a mainstream europhile lens.

Debt Tyranny and Other Ghost Stories

Wed, 24 Jun 2026 07:27:57 +0100

The emperor has no clothes, and the only thing keeping him warm is our collective refusal to look down.

Rebuilding the Bottom Rung

Thu, 28 May 2026 12:26:06 +0100

If there is a shortage of entry level jobs, why not create some?

The 'Borrowing Costs' Ritual

Wed, 20 May 2026 14:49:48 +0100

Britain’s supposed ‘borrowing crisis’ says less about financial necessity than about a political class still trapped inside the rituals and superstitions of a pre-floating exchange rate world.

Halligan's Martian Economics

Sun, 17 May 2026 15:41:27 +0100

Another day, another 1976 warning

The Fig Leaf Economy: How Minimum Wage Tiers Mask A Failing Market

Tue, 17 Mar 2026 15:39:27 +0000

The National Minimum Wage has become a rationing mechanism rather than a floor. By clinging to age-based tiers, the UK masks a systemic failure where the private sector no longer rewards experience.

Capital Constraints and Equity Dynamics in Agent-Based Banking Models: An Automated Assessment

Thu, 19 Feb 2026 11:33:53 +0000

Agent-based banking models impose hard capital constraints and lack market-priced equity issuance, overstating credit rationing relative to empirical evidence on proactive seasoned equity offerings.

In Reality, UK Borrowing Costs Have Gone Down

Mon, 16 Feb 2026 11:39:59 +0000

A ‘bond crisis’ is upon us, apparently. Break the usual framing and the opposite emerges: borrowing costs have fallen, and the ‘crisis’ is seen for what it is - manufactured panic serving particular interests.

Sophistry or Shibboleth? - "Currency Collapse"

Sun, 15 Feb 2026 07:11:47 +0000

Currency Collapse is Codswallop. Why the Currency Crisis Crew have it backwards, yet again.

The Confidence Issue

Wed, 11 Feb 2026 11:53:52 +0000

Why I think that Starmer is going to be staying exactly where he is for the foreseeable future

Not Only Can We Ignore the Bond Market, We Must

Sun, 01 Feb 2026 11:28:55 +0000

The gilt market is mendicant, not master. Why we must stop our devotion to an empty throne and remove this phantom veto on democracy.

The Minimum Wage Jobs Framework

Tue, 06 Jan 2026 14:21:17 +0000

The Minimum Wage Jobs (MWJ) Framework is the most operationally efficient version of a Job Guarantee for the United Kingdom. It achieves the dual objective of a modern stabilisation system: eliminating involuntary unemployment while providing a permanent anchor for inflation.

A Modern Metaphor for the Economy: From Household Budget to Electric Motor

Fri, 21 Nov 2025 18:05:33 +0000

Big government or small? Physics doesn’t care. Why the economy is an electric motor, and why “balancing the books” is the wrong way to drive.

It's Time to Nuke the Bond Market

Mon, 17 Nov 2025 19:30:26 +0000

Why sovereign democracies must dismantle the mythology of ‘bond vigilantes’ to restore political agency

Rachel Reeves and the Great Fiscal Sleight of Hand

Thu, 06 Nov 2025 12:07:38 +0000

Rachel Reeves’ tax hikes are sold as plugging a ‘black hole’, but the real aim may be freeing up resources for public investment, not balancing a mythical household budget

Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law

Thu, 02 Oct 2025 16:16:38 +0100

Under English law, legal tender is a fading procedural defence, not a debt-discharge mandate, as settlements hinge on electronic bank money

'Under the Bonnet' Book Launch - Slides

Sun, 31 Aug 2025 06:54:10 +0100

The slides from my ‘Thinking like an MMTer’ talk at Warren’s Book Launch event

MMT and Post-Keynesian Economics: A New Paper on Ontological Differences

Tue, 08 Jul 2025 12:25:13 +0100

Our new paper explores the fundamental disagreements between Modern Monetary Theory and Post-Keynesian economics, arguing they stem from deep-seated ontological differences

The Phantom Trade Deficit

Mon, 23 Jun 2025 12:29:06 +0100

We abandoned the gold standard. So why do we still treate trade as though we haven’t?

Rethinking Russia's War Chest

Fri, 30 May 2025 13:07:37 +0100

Are we missing the real story of Russia’s war funding? The inconvenient truth about roubles and global power.

GDP Has It Backwards: Why Importing Stuff Isn't 'Shrinking'

Wed, 30 Apr 2025 14:14:39 +0100

The US economy shrank because it bought more things from abroad? That’s not shrinkage, that’s success measured incorrectly.

Misreading the Signs: Why High UK Borrowing Doesn't Mean Financial Crash

Thu, 24 Apr 2025 08:01:40 +0100

Debunking the crash narrative: Why fears over UK borrowing levels misunderstand the fundamentals

Capital Flight: A Misconception

Wed, 16 Apr 2025 14:13:12 +0100

Why Money Doesn’t ‘Leave’ an Economy, It Just Changes Hands

The Accursed Tariffs

Tue, 08 Apr 2025 14:53:14 +0100

Trump’s tariffs may seem like a blunt economic tool, but their impact is deeply intertwined with currency movements and financial flows.

The Limits of Taxation

Tue, 01 Apr 2025 12:22:37 +0100

Exploring the role of taxation in the UK’s monetary system, this article examines HMRC’s enforcement powers, and the physical limits of tax collection

The Hidden Power of Sovereign Wealth Funds

Tue, 25 Mar 2025 10:43:14 +0000

Sovereign wealth funds let states quietly wield currency power—disguised as prudent investment

Some Uncomfortable Truths About Banking

Tue, 18 Mar 2025 08:54:01 +0000

Understanding deposits, reserves, and capital reveals some uncomfortable truths

The Loan Lock Paradox

Tue, 11 Mar 2025 10:19:52 +0000

The banking system throws up many surprises — one of them is how savers inadvertently trap borrowers

Time for a Change

Sun, 02 Mar 2025 12:41:13 +0000

After 30 years, a long-planned milestone has arrived

Zero Interest Rate Policy (ZIRP) Primer

Sun, 23 Feb 2025 10:37:37 +0000

Here’s an executive summary for a potential primer on ZIRP. I invite you to share any thoughts or suggestions on Discord if there are areas that need further detail or clarification

The Tyranny of Zero: How Nothing Controls Everything

Sun, 16 Feb 2025 09:19:03 +0000

How a simple numerical concept exerts outsized influence over institutional operations and economic thought.

Beyond the 'Bonanza': Unseen Dimensions of the De Grauwe/Ji Reserve Policies

Sun, 09 Feb 2025 11:35:26 +0000

A critique of De Grauwe and Ji’s analysis of the UK reserve system, highlighting aspects of the UK’s fiscal framework they have overlooked

Time to Talk Tariffs

Sun, 02 Feb 2025 11:15:40 +0000

Trump’s tariffs are decried as protectionist madness, but the EU’s own tariffs escape scrutiny. As Brexit hits its five-year mark, it’s time to expose the double standards in trade policy—and ask who really pays the price.

A Framework for a Basic Bank

Sun, 26 Jan 2025 08:35:16 +0000

In analysis, it’s helpful to simplify and focus on the core elements of a system. Today, we will identify the essential processes and structures required to create a functional bank, accompanied by diagrams to illustrate these key processes.

The Reserve Requirements Fad: A Solution in Search of a Problem

Sun, 19 Jan 2025 10:47:47 +0000

Reserve requirements are the latest economic fad, but do they actually solve anything? Let’s break down the myths and explains why the UK banking system is (slowly) returning to what worked for centuries.

Time for a Debt Management Review

Sun, 12 Jan 2025 12:38:07 +0000

If we’re going to have government debt, then it’s time to retire Thatcher-era monetarism and adopt a modern, cost-efficient approach to its management.

The Limits of Taxation

Sun, 05 Jan 2025 09:56:17 +0000

Understanding the Physical and Social Constraints of the Public Sector

Sluggish Economies Need More Spending, Not Less

Sun, 29 Dec 2024 08:44:07 +0000

Stop stalling: why bold public investment, not austerity, is the key to economic recovery

It's a Wonderful Life

Mon, 23 Dec 2024 13:51:19 +0000

George Bailey saves Bedford Falls—again! This blog reimagines the bank run with a deeper dive into the monetary system, as George uses his newfound financial savvy to outwit Mr. Potter, keep the town afloat, and still make it to his honeymoon.

The Tyranny Of The Myths

Sun, 15 Dec 2024 09:57:51 +0000

Uncover the myths holding back our economy and explore a bold vision: jobs for all, zero interest rates, and a system designed to serve the many—not the few

When Does 'Bad' Money Become 'Good' Bonds?

Sun, 08 Dec 2024 11:16:43 +0000

Why is printing money reckless, but issuing bonds prudent? Both rely on government-created money, yet bonds are respected while monetary financing is demonised. Is it logic—or just tradition—driving this narrative?

Euthanise the Bond Market: Why It's Time to End the Reign of the Money Changers

Sun, 01 Dec 2024 11:10:56 +0000

The UK gilt market turmoil exposes the bond market as an outdated relic. Far from enforcing fiscal discipline, it serves no public purpose. It’s time to modernise public finance and end the myth of ‘bond vigilantes’.

Inheritance Tax Reform: The Hidden Costs of the 2024 Budget

Sun, 24 Nov 2024 10:57:29 +0000

New changes to inheritance tax deepen disparities, benefiting the wealthy and professional advisers while leaving vulnerable farmers and rural communities to bear the burden of rising land values

Implications Matter

Wed, 13 Nov 2024 09:17:54 +0000

Is the BBC following the recommendations from the Blastland and Dilnot report? Let’s use a bit of AI magic and find out

Labour Wants More Batley Grammar Schools

Sun, 02 Jun 2024 09:29:13 +0100

Labour’s 2024 election pledges means we’re going to get more Batley Grammar Schools

UK MMT Conference 2024 - Preliminary Schedule Now Available

Tue, 21 May 2024 12:51:18 +0100

The programme schedule is now available on the conference website.

This year’s conference has managed to gather the MMT founders and thinkers in one place, promising engaging talks and insightful panel discussions. By attending, you can deepen your understanding of Modern Monetary Theory, network with fellow MMTers, and gain valuable insights into current economic debates.

With limited tickets remaining and time running out, secure your spot today. Visit the website to sign up now.

How Sustainable is our National Debt?

Tue, 12 Mar 2024 17:48:59 +0000

GIMMS response to the The UK House of Lords Economic Affairs Committee inquiry

MMT Money Story - Print and Shred Edition

Mon, 18 Sep 2023 08:19:46 +0100

For every Printing Press, there is a Shredding Machine. You can’t have one without the other.

Structural Deficits Are Deflationary

Thu, 17 Aug 2023 12:22:32 +0100

There is far more inflationary pressure from government spending that causes an increase in taxes than from deficit spending

MMT Verify: is there pressure on the Russian Economy?

Mon, 14 Aug 2023 15:45:46 +0100

We’ve had mostly floating exchange rates for fifty years. You’d think by now people would report using the correct currency

Cutting Borrowing Costs Made Simple: End Interest Payments

Sat, 05 Aug 2023 07:36:25 +0100

Two titans of UK politics face off over government interest payments, while completely missing the obvious answer: stop giving rich people free money

MMT Verify: How We Can Staff the NHS Without Tax Rises

Tue, 25 Jul 2023 10:40:42 +0100

Spending only happens if there was something to buy. If that spending is then deficit spending it has a lower inflationary impact than spending that is tax-matched.

Sophistry or Shibboleth? - "Capital Flight"

Tue, 18 Jul 2023 07:50:03 +0100

Time for another exercise in mythbusting. It turns out it is very difficult for something that cannot move to fly. Who knew?

MMT Verify: Will Investors Shun Government Debt?

Sun, 16 Jul 2023 08:39:05 +0100

There is no risk that interest rates on UK government debt will reach crippling levels. Interest rates are policy variables. Paying interest is a political choice. Betteridge’s law of headlines applies.

MMT Basics: Interest Rates

Mon, 26 Jun 2023 08:21:45 +0100

Bill Mitchell explains how MMT sees the effect of Interest Rate changes on the economy

Sophistry or Shibboleth? - "Printing Money"

Sun, 28 May 2023 10:21:40 +0100

Here’s the real reason ‘asset managers’ object to ‘printing money’

GIMMS Book Launch

Tue, 18 Apr 2023 11:21:46 +0100

MMT presentation in London on 20th April 2023

Eliminating the cost of the Asset Purchase Indemnity

Tue, 27 Dec 2022 08:32:30 +0000

The Asset Purchase Facility has landed HM Treasury with a ~£90 billion bill over the next two year. This paper lays out an approach that requires no further vote funding from Parliament, no additional debt interest payments, and restores “postive cash flow” from the APF for the remainder of this Parliament.

Why the Russian Oil Price Cap Won't Work

Tue, 06 Dec 2022 05:45:43 +0000

The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.

Whole of Government Accounts: some juicy quotes

Fri, 28 Oct 2022 08:24:06 +0100

Once intra-government transactions are eliminated, QE represents an exchange of gilts (liabilities of the National Loans Fund) for central bank reserves (liabilities of the Bank of England)

Gilt issues considered harmful

Fri, 28 Oct 2022 06:25:19 +0100

The public debt markets add less value to national prosperity than their opportunity costs. A proper cost-benefit analysis would conclude that the market should be terminated.

How to fix the government's borrowing costs

Sun, 23 Oct 2022 08:12:50 +0100

The government borrows at a price of its choosing. Here’s how.

How Much Is Government Borrowing? A Critique

Tue, 04 Oct 2022 12:22:47 +0100

My favourite BBC article has been rewritten again and more inaccuracies added. Let’s go through them.

All Government Spending Is Borrowed, Every Day

Mon, 03 Oct 2022 07:07:30 +0100

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

Mon, 19 Sep 2022 14:52:57 +0100

Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England

The Madness of Clowns

Sat, 03 Sep 2022 05:53:31 +0100

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

Thu, 18 Aug 2022 07:33:44 +0100

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.

Sim CB - An Economic Game

Sat, 18 Jun 2022 06:55:10 +0100

Sim CB is a new economic simulation game, with some interesting MMT outcomes

The Russian Rouble Get Out Clause

Mon, 18 Apr 2022 10:37:35 +0100

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

Mon, 04 Apr 2022 08:54:05 +0100

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

Rouble Rumble Continues

Thu, 31 Mar 2022 19:02:59 +0100

Journalists really should take some time to learn how correspondent banking works

Rouble Gas Payments are probably a False Flag

Mon, 28 Mar 2022 22:10:14 +0100

In all international transactions they consumer pays with the currency they have and the producer gets the currency they want to hold. So why the big fuss over Russia’s requirement to receive Roubles?

A Tale of Two Nations

Sat, 19 Mar 2022 05:55:22 +0000

How two nations trade to the benefit of all — allegedly

The Russian Fiscal Toketa

Mon, 07 Mar 2022 21:17:29 +0000

Russia has easily countered the attempts at financial sanctions, resulting in some interesting outcomes that further confirm the view taken by Modern Monetary Theory

The Unreasonable Ineffectiveness of Sanctions on Russia

Mon, 28 Feb 2022 08:14:00 +0000

Electronic impulses on computers only stop tanks in Call of Duty. War is not a game, and stopping it will require rather more than attempts at financial alchemy

The Job Guarantee - More Money, Less Tax

Sun, 16 Jan 2022 10:17:04 +0000

A Job Guarantee is a straightforward concept. It is the government’s offer of a job to everyone who wants one, at the living wage, working for the public good.

How the Government's Super-Platinum Credit Card Works

Sun, 16 Jan 2022 07:07:40 +0000

A government can get the best credit card deal in the world. Here’s how it works and how they could use it.

The Art of the Impossible

Thu, 13 Jan 2022 06:27:21 +0000

Let’s do a couple of impossible things with the UK monetary system. All without requiring a single change to the legislation

The Interest/Price Spiral

Tue, 28 Dec 2021 12:32:13 +0000

Raising interest rates in an attempt to control inflation is a myth that could, instead, lead to a price spiral

Report From the Select Committee on Public Monies - 18 Aug 1857

Mon, 15 Nov 2021 09:28:37 +0000

This is a transcript of the 1857 report that lead to the Exchequer and Audit Department Act of 1866, the law by which government payments are both regulated and permitted to this day. Although only five pages long it revolutionised the accounting, audit and payment systems in the United Kingdom.

The Supply Process - MMT Version

Wed, 10 Nov 2021 08:17:40 +0000

An overview of the way MMT sees the government procurement process

The Coin's Deposit Problem

Sat, 16 Oct 2021 08:15:38 +0100

Minting The Coin is one thing; Depositing The Coin entirely another

MMT Economists on Taxation

Sat, 31 Jul 2021 17:01:59 +0100

A set of reference taxation quotes from MMT economists

The Basic Income Illusion

Tue, 20 Jul 2021 08:23:35 +0100

Basic income is a monetary illusion. Here’s how the trick is done and why it always fails.

Why Tax Matches Spending

Sun, 04 Jul 2021 08:05:46 +0100

A bit of multiplier maths so you can impress the neoliberals

The 'Too Much Money Chasing Too Few Goods' Myth

Tue, 11 May 2021 14:23:52 +0100

Nothing shows up the bankruptcy of mainstream economic education more than its soundbites

Ford on Wages

Sat, 08 May 2021 13:06:32 +0100

Quotes from Henry Ford’s autobiography on the nature of wages

Onward to 100 Nmol/L: Spring Update

Sat, 08 May 2021 03:48:39 +0100

Vitamin D personal experiment - update after the winter

Budget Day 2021

Wed, 03 Mar 2021 05:41:35 +0000

It’s budget day here in the UK, and traditionally that means commentators write what they would do instead. Here’s the MMT view

The Only Bonds We Need Are Granny Bonds

Tue, 23 Feb 2021 17:51:06 +0000

There is no justification for paying public funds on government securities. Welfare payments should be democratically targetted, not market purchasable.

UK Government Spending - The Gory Details

Sun, 21 Feb 2021 09:57:11 +0000

Precisely how Parliamentary authority to spend ends up as a payment in somebody’s bank account, including the banking transactions that occur across the Government Banking Service to make that happen.

Uber Under a Job Guarantee

Sat, 20 Feb 2021 08:31:48 +0000

Six years in court to get the minimum wage isn’t acceptable. People need a guarantee of a living wage job. Here’s how Uber would fare againt a Job Guarantee.

Starmer's Bonds Won't Raise a Single Extra Penny

Thu, 18 Feb 2021 13:30:26 +0000

Bonds have already been sold to hoover up the money. So selling more bonds will just hoover up the previous bonds. Why pretend otherwise?

UK Borrowed Foreign Currency from the IMF in 1976

Fri, 29 Jan 2021 09:50:31 +0000

The much vaunted IMF crisis in the UK was because the government violated an MMT golden rule: government must not borrow in a foreign currency

Planning for Tax Rises

Thu, 28 Jan 2021 06:58:23 +0000

Everybody wants to see tax rises, except the British economy. How can we do both?

It's Just Debits and Credits

Sat, 02 Jan 2021 14:00:01 +0000

When using bookkeeping tools to do stock/flow analysis, it’s important to remember that we are just doing debits and credits and summing them up into stocks of debits and credits. We are using the tools of journals and balance sheets to do economic analysis.

The Perpetual Problem With Interest Rates

Mon, 28 Dec 2020 14:54:46 +0000

How can you be worried about interest rises when you’re issuing fixed interest rate securities? Isn’t that sort of the point of fixing the interest rate?

Anatomy of an FX Transaction

Sun, 27 Dec 2020 07:26:54 +0000

How exactly does an FX transaction works in a floating currency rate environment? Read on to find out

How Money is Created in the UK

Sat, 26 Dec 2020 09:00:00 +0000

Money is created in the UK by order of HM Treasury. Here’s how it works

It's the Exporters Stupid

Wed, 25 Nov 2020 04:07:33 +0000

Running an external surplus requires exporters to export. The right to export more than you import has a price. What does that mean on the other side of the trade?

Resources Are People Too

Fri, 20 Nov 2020 17:04:05 +0000

The Resources you are looking for are in the Unemployment Queue

Why Banks Pay Interest on Deposits

Sun, 08 Nov 2020 03:41:06 +0000

How the central bank setting interest rates above zero forces banks to pay interest on deposits

Victory to MMT

Sat, 07 Nov 2020 06:26:43 +0000

Another neoliberal throws in the towel in the face of unassailable facts and logic

Onward To 100 Nmol/L: Update

Tue, 20 Oct 2020 06:46:09 +0100

Vitamin D personal experiment - update after initial 8 week supplementation

Money Printing Is a Tax

Fri, 04 Sep 2020 15:54:36 +0100

The phrase ‘money printing’ is shorthand for ‘I don’t know what I’m talking about’

Look Ma No Tax: From Zero to Full Employment

Tue, 01 Sep 2020 06:47:21 +0100

Demonstrating how the Job Guarantee precisely offsets the drain to savings

The UK Job Guarantee — how it gets paid

Sun, 30 Aug 2020 15:09:10 +0100

Why the UK tax and benefits infrastructure is ready to implement a full Job Guarantee for all.

How the Job Guarantee Fixes Mainstream Macro

Sat, 29 Aug 2020 12:17:56 +0100

Adding a Job Guarantee to the peer reviewed mainstream agent model

Adding a JG to the Baseline Model

Fri, 28 Aug 2020 09:33:39 +0100

Algorithm changes required to the Baseline Model to support a Job Guarantee

Onward to 100 nmol/L

Sat, 15 Aug 2020 16:09:21 +0100

Vitamin D and Covid 19 personal experiment

The Indivisibility Issue

Sun, 09 Aug 2020 09:25:21 +0100

Modern money shows how wage values can drop below goods values

Why Economists Can't See MMT

Sat, 08 Aug 2020 07:42:53 +0100

The MMT Balance Sheet View in a nutshell

How the Job Guarantee (JG) Controls Inflation

Thu, 30 Jul 2020 16:02:12 +0100

The MMT analysis shows that inflation is controlled by a buffer stock. That can either be an buffer stock of unemployed people, or a buffer stock of employed people. Here we explain why an employed buffer stock, the Job Guarantee, is superior.

Revealed: The Simple Change That Breaks Mainstream Macro

Tue, 28 Jul 2020 11:11:43 +0100

Price competition breaks peer reviewed mainstream agent model

The View Through the MMT Lens

Sun, 26 Jul 2020 11:04:43 +0100

Hierarchical structure of banking as described by Modern Money Theory

MMT on The Weekly

Thu, 23 Jul 2020 07:09:10 +0100

Kudos to the Australian contingent getting this sketch on The Weekly. Can’t see the BBC doing something like this - either about MMT or a decent comedy show.

The MMT Approach in a Nutshell

Mon, 20 Jul 2020 08:46:41 +0100

An overview of the Modern Money Theory viewpoint

Bonds Pay for Themselves

Fri, 17 Jul 2020 13:35:11 +0100

Why there is no need to raise taxes just because more government bonds have been issued

From Furlough to Full Employment: Part Deux

Tue, 14 Jul 2020 08:26:40 +0100

Overview of a UK Job Guarantee

From Furlough to Full Employment

Fri, 10 Jul 2020 08:41:58 +0100

Overview of a UK Job Guarantee

Another Fixed Rate Inconsistency?

Fri, 10 Jul 2020 07:37:00 +0100

Why do those people who agitate for a fixed exchange rate between currencies also advocate for a floating rate between government bonds and the currency?

If a move between bonds and currency needs to be discouraged by a floating rate, then why doesn’t a move between a local currency and a foreign currency need to be discouraged by a floating rate?

If the Euro is such a great idea across such a wide area, why aren’t Eurozone government bonds payable at par on demand at any bank in the Eurozone?

Robin Hood: MMT Edition

Fri, 03 Jul 2020 09:15:21 +0100

Updated Robin Hood Script for an Modern Money Theory World

Post War Banking Policy

Fri, 03 Jul 2020 08:54:18 +0100

From the archives: Post War Banking Policy - Reginald McKenna

Running a Modern Money Economy

Tue, 16 May 2017 18:12:23 +0100

Putting it all together

Savings Are an Export Product

Fri, 05 May 2017 21:11:04 +0100

Things make a lot more sense when you realise other currency areas love your savings products — a lot

Labour Hours and Labour Services

Sun, 29 Jan 2017 14:54:10 +0000

Employment is about buying the former and generating the latter. How does that relate to the Job Guarantee?

Basic Income: Thief of Time

Tue, 06 Dec 2016 18:40:18 +0000

Basic income is a desire to be paid twice - once self consuming your own hours and once consuming the output of somebody else’s hours

Job Guarantee: Jobs for the People

Sat, 03 Dec 2016 19:07:44 +0000

How the Job Guarantee solves the matching problem

This is how You Abolish Tuition Fees

Sat, 16 Jul 2016 17:54:43 +0100

Student debt is another set of debt that isn’t really a debt. So just cancel it all

Contact

Fri, 03 Apr 2015 02:13:50 +0000

How to contact me.