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

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.

25 Jul 2023 10:40 +0100 · 8 min · NeilW

Sophistry or Shibboleth? - "Capital Flight"

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

18 Jul 2023 07:50 +0100 · 3 min · NeilW

MMT Verify: Will Investors Shun Government Debt?

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.

16 Jul 2023 08:39 +0100 · 3 min · NeilW

MMT Basics: Interest Rates

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

26 Jun 2023 08:21 +0100 · 5 min · NeilW

Sophistry or Shibboleth? - "Printing Money"

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

28 May 2023 10:21 +0100 · 3 min · NeilW

GIMMS Book Launch

MMT presentation in London on 20th April 2023

18 Apr 2023 11:21 +0100 · 1 min · NeilW

Eliminating the cost of the Asset Purchase Indemnity

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.

27 Dec 2022 08:32 +0000 · 7 min · NeilW

Why the Russian Oil Price Cap Won't Work

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.

6 Dec 2022 05:45 +0000 · 6 min · NeilW

Whole of Government Accounts: some juicy quotes

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)

28 Oct 2022 08:24 +0100 · 3 min · NeilW

Gilt issues considered harmful

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.

28 Oct 2022 06:25 +0100 · 7 min · NeilW