New Wayland

It really is time for the nonsense to stop.

Two paragraphs, multiple basic errors.

The number of people in the UK without work that want it

Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year

Discovered on the TransPennine Express out of Manchester Airport.

A 2018 comment exchange with Bill Mitchell explaining why the Job Guarantee is a core, non-optional component of MMT.

The OBR’s 9.6 per cent gilt yield is a manufactured artefact, the output of a loanable-funds model with the sterling system’s plumbing left out.

The pension debate is misframed as a funding problem when it is actually a question of how current production is allocated and distributed between workers and retirees.

Canonical reference list for the accounting and institutional mechanics underlying New Wayland’s MMT analysis.

A breakdown of Wolfgang Munchau’s piece on Burnhamomics, exposing the analytical errors that follow inevitably from viewing sterling monetary operations through a mainstream europhile lens.

The emperor has no clothes, and the only thing keeping him warm is our collective refusal to look down.

If there is a shortage of entry level jobs, why not create some?

Britain’s supposed ‘borrowing crisis’ says less about financial necessity than about a political class still trapped inside the rituals and superstitions of a pre-floating exchange rate world.

Another day, another 1976 warning

The National Minimum Wage has become a rationing mechanism rather than a floor.

Agent-based banking models impose hard capital constraints and lack market-priced equity issuance, overstating credit rationing relative to empirical evidence on proactive seasoned equity offerings.

A ‘bond crisis’ is upon us, apparently.

Currency Collapse is Codswallop.

Why I think that Starmer is going to be staying exactly where he is for the foreseeable future

The gilt market is mendicant, not master.

The Minimum Wage Jobs (MWJ) Framework is the most operationally efficient version of a Job Guarantee for the United Kingdom.

Big government or small?

Why sovereign democracies must dismantle the mythology of ‘bond vigilantes’ to restore political agency

Rachel Reeves’ tax hikes are sold as plugging a ‘black hole’, but the real aim may be freeing up resources for public investment, not balancing a mythical household budget

Under English law, legal tender is a fading procedural defence, not a debt-discharge mandate, as settlements hinge on electronic bank money

The slides from my ‘Thinking like an MMTer’ talk at Warren’s Book Launch event

Our new paper explores the fundamental disagreements between Modern Monetary Theory and Post-Keynesian economics, arguing they stem from deep-seated ontological differences

We abandoned the gold standard.

Are we missing the real story of Russia’s war funding?

The US economy shrank because it bought more things from abroad?

Debunking the crash narrative: Why fears over UK borrowing levels misunderstand the fundamentals

Why Money Doesn’t ‘Leave’ an Economy, It Just Changes Hands

Trump’s tariffs may seem like a blunt economic tool, but their impact is deeply intertwined with currency movements and financial flows.

Exploring the role of taxation in the UK’s monetary system, this article examines HMRC’s enforcement powers, and the physical limits of tax collection

Sovereign wealth funds let states quietly wield currency power—disguised as prudent investment

Understanding deposits, reserves, and capital reveals some uncomfortable truths

The banking system throws up many surprises — one of them is how savers inadvertently trap borrowers

After 30 years, a long-planned milestone has arrived

Here’s an executive summary for a potential primer on ZIRP.

How a simple numerical concept exerts outsized influence over institutional operations and economic thought.

A critique of De Grauwe and Ji’s analysis of the UK reserve system, highlighting aspects of the UK’s fiscal framework they have overlooked

Trump’s tariffs are decried as protectionist madness, but the EU’s own tariffs escape scrutiny.

In analysis, it’s helpful to simplify and focus on the core elements of a system.

Reserve requirements are the latest economic fad, but do they actually solve anything?

If we’re going to have government debt, then it’s time to retire Thatcher-era monetarism and adopt a modern, cost-efficient approach to its management.

Understanding the Physical and Social Constraints of the Public Sector

Stop stalling: why bold public investment, not austerity, is the key to economic recovery

George Bailey saves Bedford Falls—again!

Uncover the myths holding back our economy and explore a bold vision: jobs for all, zero interest rates, and a system designed to serve the many—not the few

Why is printing money reckless, but issuing bonds prudent?