Richard Phillips
@richyphillips
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Hate the Tories and Labour in equal measure. Anti-Neolibral. Pathetic Dot. #MMT
Swansea
Joined January 2010
Payments are always made from the Consolidated Fund and always create a -ve balance (overdraft) until taxes are back-filled later that day. Thus deleting reserves as the overdraft is paid back.
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The ultimate irony, is the account name 'SetTheUKFree'. Yet they advocate continued slow strangulation of the economy, by maintaining the neoliberal TINA status quo and refusing to open their minds to alternate ways of thinking. Hey-ho 🤷♂️.
@richyphillips @MTBrone @labourlewis MMT is bullshit. As evidenced by the lack of any proper qualifications in it. This guy did an hour of online reading and says he has a qualification in it!.If MMT was remotely usable in the real world, not the theoretical one, it would solve all the world's problems. But it isn't.
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It's all just promises; contractual obligations.
@space238venue @richyphillips @notayesmansecon @MattBrookes3 @labourlewis What commercial banks create are not £ sterling. They are promises to deliver £ sterling.
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It seems that the LSE breeds patronising twats like Hearn.
@MattBrookes3 @richyphillips @labourlewis Don't worry about it. Like all quasi religious beliefs they cling to it regardless of what happens. .
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This should be interesting. this 'expert' studied at LSE, same place as Reeves and Hearne.
@labourlewis @notayesmansecon is this how the bond markets work? It doesn’t sound like it to me but you’re the expert.
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Gdp is the only thing that matters 🤪.
Sorry Comrades „Economists“, free market works, and it works really fast.
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Anyone, anyone? . .
Why does the British government borrow its own currency, of which it is the issuer?.
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Apparently, healthcare and social services are, apparently, unproductive jobs 🤷🤦.
92% of the 147K jobs supposedly created in June were in government, health care, or social services. Manufacturing continued to lose jobs. These non-productive jobs raise our trade deficits, and lead to more government debt and higher inflation. Investors won't be fooled forever.
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Should the BoE be offering govt bonds that are any longer than short (max 3yr?) maturity at all?.
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The average qty of reserves held by commercial banks in 2024 was £850bn. At an IOR rate of 5.25%, the govt paid over £44bn to them for literally doing nothing. Welfare for the banks. Yet they'd prefer to take money from the disabled to 'balance the books'. 🤬.
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RT @robert_cauneau: Central bank remuneration of reserves : a technicality? 🤔.No. It's a transfer of hundreds of billions to the banking se….
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Musk has accidentally stumbled upon a question every MMTer has asked. Although he could have stopped before the 'if'.
What’s the point of a debt ceiling if we keep raising it?.
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There a lot of rage-farming about Glastonbury in my feed today.
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Jeez, take a look at this if you want to seethe and have a rant.
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Isn't it so virtuous of people to 'lend their £s to the govt'?.Does anyone ever think about how those £s came into being in the first place? Do they think the gov't spends the same £ twice? .
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We must bow down to those purchasing govt gilts, without them nurses would be destitute. This is the result of the framing of neoliberalism (Thatchernomics and Freidmanomics) that owns world governments. 🤬🤦♂️.
@richyphillips @AneleSiza @SkyNews No im lending my money to the British government to help meet their borrowing requirements .Without people like me the country would be bankrupt and couldn’t afford to turn the lights on .If I spent it on a holiday then the government wouldn’t have the money to pay nurses.
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When your only view of taxation is to pay for stuff, govts will continue to box themselves into a corner. People want working services, that provide value for money - I doubt they care who provides them. But the UK Gov't *and* private sectors are both failing on all fronts. .
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Anyone seen any evidence of these 'off-shore' bank accounts held by UK gov't?.
@richyphillips @AneleSiza @SkyNews Which is created in the form of selling government bonds (gilts) to private sector and the return comes via an interest rate. The government does have bank accounts, they’re offshore in Guernsey.
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This thread just proves how woeful economics education is 🤦🤦🤦.
BREAKING: The UK government borrowing rose to £17.7billion last month, the ONS reports. This was £0.7 billion more than in May 2024 and the second-highest May borrowing since monthly records began in 1993, after that of May 2020. 🔗 📺 Sky 501
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100+ replies and no one person has thought to check the veracity or source of this bullshit.
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