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

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.

15 Nov 2021 09:28 +0000 · 17 min · NeilW

The Supply Process: MMT Version

An overview of the way MMT sees the government procurement process

10 Nov 2021 08:17 +0000 · 2 min · NeilW

The Coin's Deposit Problem

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

16 Oct 2021 08:15 +0100 · 5 min · NeilW

MMT Economists on Taxation

A set of reference taxation quotes from MMT economists

31 Jul 2021 17:01 +0100 · 8 min · NeilW

The Basic Income Illusion

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

20 Jul 2021 08:23 +0100 · 9 min · NeilW

Why Tax Matches Spending

A bit of multiplier maths so you can impress the neoliberals

4 Jul 2021 08:05 +0100 · 2 min · NeilW

The 'Too Much Money Chasing Too Few Goods' Myth

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

11 May 2021 14:23 +0100 · 3 min · NeilW

Budget Day 2021

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

3 Mar 2021 05:41 +0000 · 6 min · NeilW

The Only Bonds We Need Are Granny Bonds

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

23 Feb 2021 17:51 +0000 · 7 min · NeilW

UK Government Spending - The Gory Details

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.

21 Feb 2021 09:57 +0000 · 3 min · NeilW