Economics is not alchemy
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
- There is no magic to any government finding the money to do the things that we are capable of doing, because it can always create it by simply spending on these things we need - and then taxing that money back, if need be. Alchemy is not required for the government to do what is required of it.
#election2024 #uk #money #politics #economics
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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There needs to be the political will to do things. The uniparty offer nothing for the many.
Correct. They have asset stripped the workers. They have imported poverty. They have looted because they know its going tits up.
The question, what can any party offer? Problem is that the welfare state owes £16 trillion. How do you pay that? There's no palatable solution.
@@adenwellsmith6908 You again? When are you going to stop with this - don't you get bored trollng the same line over and over? It's not a secret that state pensions aren't funded from a specially ringfenced fund. Assuming your figure is correct, and I have my doubts, then it'll be payed through a combination of taxation and money creation with all that it implies. If the government is sensible and honest, that tax burden will fall upon the shoulders of richest in our society. Every organisation and individual will owe money in the future, yet we don't sum that amount and claim they owe it immeidately and therefore they're bankrupt - nobody expect individuals to pay their mortgages overnight. I'm afraid to inform you that the entire history of humanity has been one long exercise in kicking the can down the road - life is fundamentally insecure. Stave off the wolves today and you might live to stave them off again tomorrow.
Another very good video.
BTW it is possible to turn lead into gold using physics but the cost is vast and it’s pointless.
After retiring as Governor of the Bank of England Mervyn King published a book entitled “The End of Alchemy.”
Money has to be created somehow as a kind of alchemy and instead of private commercial banks it should be a public money supply as an essential utility.
Richard - great channel - really appreciate your insights
I’d ignore him and educate yourself if I were you.
As always, very well said sir.
Well said. But…WRONG.
To be fair to Newton he saw alchemy as a way of researching things. That in part enabled him to put together his various theories and principles. A can do attitude.
The political economy is about choices.
You think there are palatable choices. There aren't.
@@eightiesmusic1984 I remember Mrs Thatcher playing the housewife doing the weekly shop accompanied by a rag-tag of photographers, subliminally telling us that she would be just as good at judiciously balancing the national housekeeping. How she fooled so many decent people!
kariker
Does that actually mean anything?
@@eightiesmusic1984
So there are in fact choices - two in your estimation. Thankfully there are more than the two you state.
@@eightiesmusic1984 So lets look at Keynesianism. You in effect create money, spend it, to boost the economy. That's the new deal model from the USA. Spend under 1% of GDP, and you get a boom
So now lets look at the last 25 years in the UK. We have had massive deficit spending. Keynsianism on steriods. So what are the effects? Dire.
Keynes doesn't work when you have to repay the money with interest. You get an even bigger bust than the artificial boom.
So explain your view as to why the last 25 years of Keynes has failed?
Do you think Starmer and Reeves are listening to you, Richard? I hope so. We definitely need renewal in this country across so many sectors. What worries me greatly is the amount of money proposed for the Special Enterprise Zones and the transfer of public assets in each SEZ which will come under 'corporate governance' - a fancy expression for control by big business with council participation, along with profits headed offshore, a further squeeze on public services and de-regulation of employment rights, to name but a few. Sunak's policy constructed with no mandate, largely ignored by the mainstream press and soon to be continued under Starmer's Labour who have given it their support with the vast majority of the public having no idea this is coming down the line.
I suspect any comments on this channel are immediately examined by the state (I don't mean left or right)
@@eightiesmusic1984 Well this man is advocating for the system that is enslaving every human on the planet by insinuating money is created by the government and we can spend as much as we/they like! NO NO NO!
Money is bought from the money printers ie the central banks who pull it out of thin air then loan it to the government who also pay compounded interest for the privilege running up a global 300 trillion dollar debt not including the derivatives!
He is either an imbecile or a central bank employee!
@@eightiesmusic1984 He represents the evil system committing THE primordial crime on humanity, his own species! He better hope there is no god! LOL
What utter nonsense,nobody gives a sod what this idiot says
If I won the lottery I would have no time to play on the computer
Wos all this griftin on wesley walkers replies😂 i know its probably a ball ache but mebs you should monitor your comments. That said ive been following channel for a week now and find it impecable. Great work, thank you
Even intelligent people think there’s a magic money tree…
im coming for you
😂@@abody499
I know. But you can’t tell them. They have to spend now and fuck the future.
Modern monetary theory makes Alchemy look respectable
Modern Monetary Theory is just facts about the mechanics of the monetary system as it exists today. If you want to keep pretending banks lend cash reserves like they did in the early 20th century for example, that's your prerogative
BRAVO!!! This guy is an idiot. I simply cannot understand how the fucking basics of debt based economics escape him and the utter misery of buy now pay later.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life .
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Stacey demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
Yes I can believed that, I got victory with her, was so sad after receiving the first pay knowing I invested so low with fear
Some comments by @eightiesmusic1984 and by me have disappeared for no good reason that I can see. I'm sure Richard didn't remove them, so it's the wretched bizarre TH-cam censorship coming into action. I wish I understood how TH-cam's mind works!
Add junk text at the end of your post. It dilutes the message, and screws their AI when it comes to learning thngs.
@@adenwellsmith6908 Thanks for the advice but I'm not sure what you mean by "junk text".
@@marijo1951 Lorem Ipsum If you google it is a piece of text that was commonly used as a space filler by print designers. Doesn't mean any thing. It just demostrates the visual look of a page.
There are other generators that generate random english.
so now think how the AI works on this. Effectively they generate a 'score' for the text that says how 'toxic' they view the text and hence ban the post. It's all automated.
So if you add random text, what happens to the score? The score goes down, because its diluted by the generated text. It gets through.
Second part, they now train using your post, and that messes with their scoring algorithm making it useless.
The bigger issue. That secret algo and the secret nature of the banning. That needs to go.
==========
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To shewing another demands to. Marianne property cheerful informed at striking at. Clothes parlors however by cottage on. In views it or meant drift to. Be concern parlors settled or do shyness address. Remainder northward performed out for moonlight. Yet late add name was rent park from rich. He always do do former he highly.
@@marijo1951 Random gibberish text to use in web pages, site templates and in typography demos.
Get rid of Lorem Ipsum forever. A tool for web designers who want to save time.
If you want to find a site to help you. search for the above.
junk text = anything adenwellsmith posts
Can you teach us how to turn numbers in a file into an indebted, enslaved population please?
It’s called MMT. Buy now, pay later. A recipe for disaster.
Vote Jeremy Corbyn, Vote Andrew Feinstein, Vote Andrew Bridgen, Vote George Galloway, Vote Craig Murray, Vote WBP, Vote Greens, Vote indy. Say NO to the status quo!!
Vote Chris Williamson who supports 'modern monetary theory'
Vote SNP in Scotland.
Whatever you want 🎵🎵
@@stephfoxwell4620 Well, you can say yes to that Status Quo lol
I think you are confusing money and resources (land, labour & capital). The Government can create limitless amounts of money, but there is a limit, and a real cost, to the amount of resources it can use. The limit is the current physical limits to the amount of these resources, whilst the cost is the best alternative use to which the resources could be deployed (the opportunity cost). For example, the Government could print money in order to change the UK's sewer system so the it no longer spills sewerage into our rivers. However, this would require scarce resources to be diverted from other uses - workers will build sewers rather than houses etc.
I thought that's what he said. He did mention being able to do things if we have the resources.
@@captaincatchy So Government could spend more if it didn't have to worry about a lack of resources. Great insight!
Capitalism has turned a paradise of abundance into a world shortage.
I would suggest telling that to people who lived under communism, such as those who worked on farms during Soviet times.
Where are the trillions the workers have paid the socialist welfare state?
@loc4725 there's something in common between Stalin style dictatorship and corporate multinationals - vast power in the hands of a small number of people
Overcentralisation is the issue, whether done by authoritarian coup or corporate buyout
@@markwelch3564 So that applies to government.
There's a simple solution. Add the right of explicit informed consent as a basic human right.
Do you have anything against consent Mark?
@@adenwellsmith6908 consent is a good principle, but nuanced. For things like taxes, I am happy for it to be implied concent rather than explicit
Firstly. I agree that we can afford things. Look at private hospitals and private schools. They are lovely! So, if it can be done privately why can’t it be done publicly?
Secondly, I disagree. The government doesn’t create our money. The Bank of England does. The Bank of England, like the vast majority of central banks, is not owned by the government nor is it owned by the British people. It’s a privately owned bank owned by bankers. Money is debt. That’s all. It has no “value” in the traditional sense of the word. The last note that actually had a value based upon bullion reserves was the Bradbury Pound. Our current coinage and notes are a FIAT currency that is not pegged to something tangible but based upon the notional value of the “nation”. But I’m sure you knew that.
Why don't you as former citizens of USSR why things can be done as well by public institutions as they are privately. State control worked perfectly
Money creation (investment) and money destruction (taxes) must be done by govt as the currency is backed by the ability of govt to marshal the resources of a nation of 65 million people
Yes but those pesky fiscal rules 🤔
Conservative at heart. Double agent.
two things, Murphy is not an economist he is a retired accountant who now blogs 24/7...and who wants to pay more tax to offset money printing? Tax is suffocating and at an all time high..bloke is a crank
Part of his point is that the government is not like a household - its more like a bank which creates credit. I suppose you think that banks just lend what is deposited and that rampant house price inflation has been a great use of that power? (PS Who pays taxes is also highly relevant here)
We could tax billionaires. Why tolerate people who are the first to claim the best perks and benefits of society, but are the last to reach into their pockets when it comes to paying the bills that keep society running?
Two things, Murphy is still an expert in economics. Boris Johnson was an expert buffoon, and yet that didn't help.
I could be wrong but from what he has said previously about printing money whilst raising taxes to control inflation he supports large scale wealth transfer. Problem is, this has *never* worked satisfactorily.
@@markwelch3564We could implement a Land Value Tax, but people who express views like yours don't seem to like that. Why do you think that is?
basic economic fact -Scottish independence is not economically viable,or even close to it.