New Wayland

The UK gilt market turmoil exposes the bond market as an outdated relic.

New changes to inheritance tax deepen disparities, benefiting the wealthy and professional advisers while leaving vulnerable farmers and rural communities to bear the burden of rising land values

Is the BBC following the recommendations from the Blastland and Dilnot report?

Labour’s 2024 election pledges means we’re going to get more Batley Grammar Schools

The programme schedule is now available on the conference website.

GIMMS response to the The UK House of Lords Economic Affairs Committee inquiry

For every Printing Press, there is a Shredding Machine.

There is far more inflationary pressure from government spending that causes an increase in taxes than from deficit spending

We’ve had mostly floating exchange rates for fifty years.

Two titans of UK politics face off over government interest payments, while completely missing the obvious answer: stop giving rich people free money

Spending only happens if there was something to buy.

Time for another exercise in mythbusting.

There is no risk that interest rates on UK government debt will reach crippling levels.

Bill Mitchell explains how MMT sees the effect of Interest Rate changes on the economy

Here’s the real reason ‘asset managers’ object to ‘printing money’

MMT presentation in London on 20th April 2023

The Asset Purchase Facility has landed HM Treasury with a ~£90 billion bill over the next two year.

The 2020s appear to be a never-ending parade of global groupthink.

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)

The public debt markets add less value to national prosperity than their opportunity costs.

The government borrows at a price of its choosing.

My favourite BBC article has been rewritten again and more inaccuracies added.

When the HM Government buys anything, all the money to pay for it is automatically borrowed from the Bank of England, interest free and without limit

Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England

The failure of its leaders to understand how sovereign currencies work is now starting to cripple the West

Listening to politicians talk about the UK energy crisis is like watching bald men fighting over a comb.

Sim CB is a new economic simulation game, with some interesting MMT outcomes

Since 2018 Russia has had an alternative payment clause in its Eurobond contracts that allows it to pay principal and interest in Roubles

How the new payment process for gas in Russia will work, including how it is settled at the Moscow Exchange, all of which leads to some interesting observations

Journalists really should take some time to learn how correspondent banking works

In all international transactions they consumer pays with the currency they have and the producer gets the currency they want to hold.

How two nations trade to the benefit of all — allegedly

Russia has easily countered the attempts at financial sanctions, resulting in some interesting outcomes that further confirm the view taken by Modern Monetary Theory

Electronic impulses on computers only stop tanks in Call of Duty.

A Job Guarantee is a straightforward concept.

A government can get the best credit card deal in the world.

Let’s do a couple of impossible things with the UK monetary system.

Raising interest rates in an attempt to control inflation is a myth that could, instead, lead to a price spiral

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.

An overview of the way MMT sees the government procurement process

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

A set of reference taxation quotes from MMT economists

Basic income is a monetary illusion.

A bit of multiplier maths so you can impress the neoliberals

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

Quotes from Henry Ford’s autobiography on the nature of wages

Vitamin D personal experiment - update after the winter

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

There is no justification for paying public funds on government securities.

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.