Why we don't need to pay for Covid because we already have
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- เผยแพร่เมื่อ 23 ก.พ. 2021
- I get really annoyed by all the economists going around saying that we have to work out how to pay for Covid when the simple fact is that we already have. When we realise that we will all be a lot better off. Until we do we could remain in an almighty mess. In this video I explain why.
ABOUT RICHARD MURPHY
Richard Murphy is a chartered accountant. After training with what is now KPMG he established his a firm of accountants in London, of which he was subsequently senior partner, in parallel with a career as an entrepreneur and company director which lasted until his early 40s. He then moved to a career in campaigning and academia. He co-founded the Tax Justice Network in 2003, the Green New Deal in 2008, the Fair Tax Mark in 2013 and the Corporate Accountability Network in 2019. From 2015 to 2020 he was Professor of Practice in International Political Economy at City, University of London and is now Visiting Professor of Accounting at Sheffield University Management School. His best known book is ‘The Joy of Tax’.
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I blame Margaret Thatcher! Telling people the national economy was like a household budget
Well said;. Essential. I wish I could set it to music,create an catchy tune, and get everyone singing it ....
Do it! 🎶
Hi Richard, I take it you've seen the BBC News headline from today "UK will be paying for Covid for decades, say MPs"? Which says "The MPs said this equated to more than £2bn of taxpayers' money" for PPE!!
I'd love you to do another video on it and lets get it our there. 😘
If only we had a free press that could keep us up to date on these dodgy shenanigans! Makes poor old Angela Rayner's persecution look very silly.
He really needs to address the point which opponents of his position always raise: that money creation undermines trust in the currency on the money markets. There isn't a finite pot of gold that we can run out of, but there is a fickle and sometimes perverse ebb and flow of trust in the hearts of the financial traders, who have got us all by the short and curlies and who have no interest whatsoever in spending for public good.
Jeremy Corbyn understood this which is why they had to destroy him.
Thank you for your clear words. I wish people would hear this and MMT in general more often. Please keep going!
Excellent thank you for posting this.
Excellent, should be shared widely, might I ask about the National Debt which is on its way up?
Ok, it's claiming that we can print endlessly without creating inflation.
Excellent stuff Richard. Your work is much appreciated.
Richard - have you by any chance produced a transcript of this which you could share?
Kind regards.
Great video, and please someone correct me if I'm wrong, but in combination with the inequality issue of vast amounts of the newly printed money going into the hands of the rich, will the working people of the economy not pay substantial amounts of this "debt" back in real terms due to the inflationary forces associated with the increased rate of printing? How can the government offset the negative effects of an increasingly diminishing purchasing power after this kind of spending?
No because the inflationary forces were not created by the new money but the increase in demand for products and services due to the corvid crisis - then add Brexit and the frought relations with the EU into the mix. Also inflation has grown due to gas and other energy supplies being in great demand so the suppliers rank up the prices. All this has a knock on effect on the economy, which is the shortage of workers, and the call for increase wages, but not enough to off set the massive spike in the cost of living,
What you are talking about is what happened in the 1970s and that again was caused by the oil crisis of the early 70s, the knock on effect of the Vietnam war and the devaluation of the $ from the gold standard due to the collapse of the Bretton woods agreement. When the oil crisis happened unions and workers sought to increase their wages as inflation went into double digits, the government refused and national strikes started for 9 years.
Why does the government go through the arcane QE process? Why doesn’t it simply borrow money from the Bank of England? It would seem to be much simpler.
Cod do but it owns the B of England so how do you borrow money from yourself ?
@@julianshepherd2038 Well the “borrowing” would just be a matter of double entry bookkeeping - i.e. it would appear on the bank’s books as an asset.
@@julianshepherd2038 "but it owns the B of England "
Does it ?
I mean REALLY.
Not what wikipedia says.
The BOEN company with £2 share capital has always intrigued me.
@@albertneville8918 Wikipedia says it was nationalised in 1946.
That means the government owns it.
So , yes, really.
@@julianshepherd2038I don't think you follow.
I am fully aware what wikipedia has to say on the matter and also what the BoE themselves claim
Have you ever investigated BOEN ? And their exempt status? Set up under Royal Charter.
Look harder.
Hi, Richard, thanks for this video, it's very compelling stuff. Please could you link me to some official sources that back this up? I'm in the process of creating something that this information could be very helpful with.
J, Maybe the question is can anyone provide sources that disproves what Richard says? My answer to that is no one can. It's like saying can anyone prove that gravity doesn't exist. :)
The debt has NOT already been paid because the Treasury still has coupon obligations for the duration of the bond's life. (And yes I know they can roll over and keep the ponzi going)
When you understand how money is created and allocated, you uneducated everything else politically and economically is all deliberate by design.
Hmm: Why only 299 likes on this video, when it has 7k views!! (And we can no longer see how many muppets disliked it.)
Come on, someone: give Prófessor Murphy another like, to round it up to 300! 🙂👍
Genius!! 😀👍👍
Tell it to Andrea Leadsom MP...
If most people weren't so economically illiterate, they wouldn't vote Tory. Simple as that!
Lies and the lying liars who tell them (Al Franken).
Vital video.
You don’t get invited on to the Marr and Peston programmes though.
Funny that.
Marc Blyth doesn’t get on either.
No one, including Richard, knows how this plays out. QE is a step into the unknown, and the T in MMT is well chosen, its a Theory, and one constructed to attempt to describe the behaviour of one of the most complex systems in the known universe. And both are simply excuses for not asking rich people to shoulder the financial load when needed. I can understand why selfishness on the political right would be tempted into tax avoidance behaviours such as QE, but it is perverse the political left would want to do likewise with a parallel monetary theory.
Can any1 spell inflation, debt and deficit?
So that new money has created inflation, has it?
Hi can you site your sources please for this information? Amazing if true but you can’t state something so absolute based on the fact “you just know it’s true”
2020 was all about survival with many achievements not met but you have to be ready for the future and it begins right now buy making a move to achieve your goals ... if you have been saving and it’s not really getting you to were you want to be, then invest that money today for a better life tomorrow
I think this pandemic has taught people the importance of multiple stream of income unfortunately having a job doesn’t mean security rather having different investments is the real deal ... so I really appreciate your transparency
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Is Richard an economist?
If he's not, he should be!! This is better, and clearer, than anything that American who won the Nobel prize said.
I don't know: I think Richard is an authority on tax..
@@oneoflokis he seems knowledgeable
Sounds like the reset has already begun. If they can use quantitative easing like this, there is no need for a taxation system, is there?
tax is used to help control the money supply.. it is also needed to try and reduce the gap between rich and poor to create a more equal society
You obviously have no idea what government bonds are. Its not free money.
No you have no idea what government bonds are. Technically the bonds are assets of the BOe to justify printing the money just as commercial banks create money in the form of bank deposits when they provide loans such as mortgage so the books can balanced with liabilities of the bank in the form of deposits and assets in the form of loan agreements. Now they do have to be paid back making profit for the bank in the form of interest. However, in the government's case they can sell more bonds in the market to finance buying back the expired bonds in 20 years say, which will almost certainly be much less in real terms because of increases in GDP. Even then the BOE can still by these back off the financial markets by creating more money, as the last lot was paid back by the government and so on for ever. The only real limitation to money expansion is the number of people able to provide or make services and goods, which are the final aim. Too much money then does lead to inflation. However, with the advent of AI and automation, there are less people required, so effectively things get cheaper in real terms to the ultimate that everything is free because it requires no labour, although this is unlikely in reality
As a country we've paid for Covid by going into debt; but like buying on Credit Card, you have to pay your Credit Card bill at some point.
Except its nothing like a credit card.
@@BlyatimirPootin Well it is, money doesn't grow on trees.
@@matthewfelgate lol
@@matthewfelgate No it grows in Central Banks with fiat currencies
we havent borrowed a penny. the BoE made the money.