Don't just need to decentralised government need to adopt a new economic model. 40byears of neoliberalism and market economics has resulted in austerity, the decimation of public services and the concentration of wealth in private, corporate or even foreign hands to the detriment of the working and middle professional classes. Is it time MMT should at least be trialled?
As in so many commentaries on Burnham, there is nothing here about his line on the UK's continued support of Israeli attacks and illegal takeover of land in the West Bank. Declaring Palestine a nation is one small step, but nothing more. Without more trenchant policies from the UK (whatever Trump does), the suffering will only continue. Huge numbers of wavering Labour supporters are waiting to hear from Burnham on this and on the insane imprisonment of people with legitimate opinions written on posters. If he doesn't mean to change, he won't last very long. Before the bi-election he waffled on it and his hiring decisions seem to be keeping him firmly under Israel's thumb. Decisive action on this would make more people willing to listen and perhaps even support him. Not optimistic sadly!
But will Andy talk the talk or will He walk the walk, unfortunately this remains to be seen😱🤯, Zionism & far right politics, has damaged Our economy to the Nth degree, We need positive Socialist policies if the Country is able to pull itself out of the proverbial gutter😁👍
I can’t understand what it is you and others just can’t see that I do!? So I’d like to take a go at trying to enlighten you and others.
John McDonald who offered an idea here is nearly correct. We do need another monetary model, unfortunately John MMT isn’t it.
The actual changes we need are minimal. And much more simple than we think. But it’s a mindset we have to change before we can explain a new monetary system.
That mindset is SPENDING. Instead of saving.
Now I know most of you will have switched off right there. But honestly you should read on.
If I were to explain that instead of saving for a rainy day how about if you could quadruple your income now by SPENDING money?
Would you consider that a good thing? A better system to have more money now to enjoy. Rather than not enjoy and not having savings but swapping savings for stuff. Assets goods and services for a good life now and later?
Now I think that’s a better system. More money now, means less borrowing for day to day needs and a guaranteed higher turnover from less taxation! Yes I said less taxation.
All this can be achieved by making money move rather than withholding money which makes us underpaid and underfunding of our economy and giving insufficient tax revenues.
That’s the issue now. Our daily productive economy is underfunded. Because most of our money isn’t in it! It’s devoid of vast sums bringing withheld and kept outside our economy. By Banks, Wealth Funds, Pension Funds here and abroad. In tax havens and elsewhere. In fact anywhere but here. Money that rotates around us is small. It’s only part of the total. That’s why we snd successive governments have had to borrow.
Not because we have a lack of money, far from it. It’s simply because it’s not rotating or exchanging in our daily productive economy that pays government our taxes.
It’s also misunderstood how tax is triggered. All taxation is triggered by SPENDING. When we Spend we pay vat and duty. We pay towards the profits and revenues of the businesses and people we spend on.
But counterintuitively we also trigger income tax and Nic by SPENDING. By a business creating jobs from the SPENDING of customers and citizens SPENDING on their businesses. Business then pays wages and income tax triggering the payment of tax and Nic from their customers SPENDING.
In fact all taxes are triggered by SPENDING and it money having to move and change hands like Council tax or inheritance tax. Windfall taxes etc. it’s all based on one entity SPENDING unto another.
So isn’t that clear? Why can’t politicians and economists clear on that? It’s obvious to me so why aren’t they listening??
Well in my opinion it’s simply because they are frightened. They are fearful of having to SPEND in a selfish response. After all nobody likes being told what to do!
But in reality it’s a con. It’s just not the case that we need to save and borrow. It can just be the case that we just SPEND our money but not as we get paid now. Oh no. As we would then get four times our incomes to enjoy now, so we shouldn’t have to borrow. And if it’s a guaranteed income because of a tsunami of SPENDING by everyone then why should we need to worry? We wouldn’t.
So my suggestion is to first reinstate exchange controls. Stop money going outside uk.
Then swap all old money coin and digital fora new digital only currency. In house. Banks can just facilitate flow not keep it.
Then put a SPEND by DATE on that new digital money making money move. If you want. But whatever money isn’t SPENT in a month then their money can be debited and credited to our government for spending. So either way it all contributes to taxation from spending it gets credited to government for use.
Money is a token. You’re work for mine and others. If you are rewarded more fine! You’ve earned it. But unless you fully exchange it we can’t get it back for the wages of others.
In other words we have been underfunded for decades because we allow money to be withheld from SPENDING. We have therefore underfunded our economy and underfunded our government. We need to reverse that.
If all money were to be SPENT not UNSPENT then our economy would run at its optimum. That’s growth right there.
Don't just need to decentralised government need to adopt a new economic model. 40byears of neoliberalism and market economics has resulted in austerity, the decimation of public services and the concentration of wealth in private, corporate or even foreign hands to the detriment of the working and middle professional classes. Is it time MMT should at least be trialled?
As in so many commentaries on Burnham, there is nothing here about his line on the UK's continued support of Israeli attacks and illegal takeover of land in the West Bank. Declaring Palestine a nation is one small step, but nothing more. Without more trenchant policies from the UK (whatever Trump does), the suffering will only continue. Huge numbers of wavering Labour supporters are waiting to hear from Burnham on this and on the insane imprisonment of people with legitimate opinions written on posters. If he doesn't mean to change, he won't last very long. Before the bi-election he waffled on it and his hiring decisions seem to be keeping him firmly under Israel's thumb. Decisive action on this would make more people willing to listen and perhaps even support him. Not optimistic sadly!
But will Andy talk the talk or will He walk the walk, unfortunately this remains to be seen😱🤯, Zionism & far right politics, has damaged Our economy to the Nth degree, We need positive Socialist policies if the Country is able to pull itself out of the proverbial gutter😁👍
"Reform UK is building momentum"
No it's not. In The Polls Reform fell steadily from last Autumn to The Local Elections, then it flatlined for a Month & now it's falling again.
Its the same story in Elections.
We can be appalled at how well Reform did last Year without getting hysterical & missing their failures.
Another interesting piece Zoe. But!………
I can’t understand what it is you and others just can’t see that I do!? So I’d like to take a go at trying to enlighten you and others.
John McDonald who offered an idea here is nearly correct. We do need another monetary model, unfortunately John MMT isn’t it.
The actual changes we need are minimal. And much more simple than we think. But it’s a mindset we have to change before we can explain a new monetary system.
That mindset is SPENDING. Instead of saving.
Now I know most of you will have switched off right there. But honestly you should read on.
If I were to explain that instead of saving for a rainy day how about if you could quadruple your income now by SPENDING money?
Would you consider that a good thing? A better system to have more money now to enjoy. Rather than not enjoy and not having savings but swapping savings for stuff. Assets goods and services for a good life now and later?
Now I think that’s a better system. More money now, means less borrowing for day to day needs and a guaranteed higher turnover from less taxation! Yes I said less taxation.
All this can be achieved by making money move rather than withholding money which makes us underpaid and underfunding of our economy and giving insufficient tax revenues.
That’s the issue now. Our daily productive economy is underfunded. Because most of our money isn’t in it! It’s devoid of vast sums bringing withheld and kept outside our economy. By Banks, Wealth Funds, Pension Funds here and abroad. In tax havens and elsewhere. In fact anywhere but here. Money that rotates around us is small. It’s only part of the total. That’s why we snd successive governments have had to borrow.
Not because we have a lack of money, far from it. It’s simply because it’s not rotating or exchanging in our daily productive economy that pays government our taxes.
It’s also misunderstood how tax is triggered. All taxation is triggered by SPENDING. When we Spend we pay vat and duty. We pay towards the profits and revenues of the businesses and people we spend on.
But counterintuitively we also trigger income tax and Nic by SPENDING. By a business creating jobs from the SPENDING of customers and citizens SPENDING on their businesses. Business then pays wages and income tax triggering the payment of tax and Nic from their customers SPENDING.
In fact all taxes are triggered by SPENDING and it money having to move and change hands like Council tax or inheritance tax. Windfall taxes etc. it’s all based on one entity SPENDING unto another.
So isn’t that clear? Why can’t politicians and economists clear on that? It’s obvious to me so why aren’t they listening??
Well in my opinion it’s simply because they are frightened. They are fearful of having to SPEND in a selfish response. After all nobody likes being told what to do!
But in reality it’s a con. It’s just not the case that we need to save and borrow. It can just be the case that we just SPEND our money but not as we get paid now. Oh no. As we would then get four times our incomes to enjoy now, so we shouldn’t have to borrow. And if it’s a guaranteed income because of a tsunami of SPENDING by everyone then why should we need to worry? We wouldn’t.
So my suggestion is to first reinstate exchange controls. Stop money going outside uk.
Then swap all old money coin and digital fora new digital only currency. In house. Banks can just facilitate flow not keep it.
Then put a SPEND by DATE on that new digital money making money move. If you want. But whatever money isn’t SPENT in a month then their money can be debited and credited to our government for spending. So either way it all contributes to taxation from spending it gets credited to government for use.
Money is a token. You’re work for mine and others. If you are rewarded more fine! You’ve earned it. But unless you fully exchange it we can’t get it back for the wages of others.
In other words we have been underfunded for decades because we allow money to be withheld from SPENDING. We have therefore underfunded our economy and underfunded our government. We need to reverse that.
If all money were to be SPENT not UNSPENT then our economy would run at its optimum. That’s growth right there.