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)
How two nations trade to the benefit of all — allegedly
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 much vaunted IMF crisis in the UK was because the government violated an MMT golden rule: government must not borrow in a foreign currency
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?
From the archives: Post War Banking Policy - Reginald McKenna
Putting it all together
Things make a lot more sense when you realise other currency areas love your savings products — a lot
Employment is about buying the former and generating the latter. How does that relate to the Job Guarantee?
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