I made this video yesterday in one take and in haste. The quality is not great, being made too early in the morning and without any extra lighting, but I thought it worth sharing:
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Being a socialist, I am in absolute agreement with the Keynesian stimulus needed to provide jobs and services. But why borrow?
Positive Money are saying that governments should create money themselves through an independent body, in the case of Britain, through the Bank of England. This idea is attracting people from the right and left, but I like it because I can see the enormous potential for left wing governments to spend money on the people without getting into debt or paying a subsidy to the banks. They believe that this would negate the need for VAT, a nasty regressive tax.
http://www.positivemoney.org.uk/2011/04/15-things-they-dont-tell-you-about-money/
This simple policy, together with the collection of all land rent for public benefit (another simple policy) could transform the economy. Unfortunately it would still be capitalism (money making money).
Yes I like land tax, it was recommended by Nicholas Shaxson in Treasure Islands. Land cannot be shifted to a tax haven! I thought that if I was the chancellor, I would simply charge land tax to Phil Green for his shops if I could not unravel his finances.
As to monetary reform, the main point is that it stops the making money out of money, because it would mean that the money would become interest free, because the government creates it, it does not borrow it. This would change all money, electronic money as well as coins into debt free money. No interest, and no national debt.
Capitalism is not the evil, it is the distribution of wealth and the effects that that has on democracy that counts. When governments borrow from private banks, pension funds etc, they pay unnecessary interest, but this also give the finance industry power. Witness Greece and Italy.
It’s the ownership of the means of production which is the problem. That is how money makes money. If you have considerable savings you ‘invest’ them in companies. That’s money making money. It’s workers (managers) who actually make decisions on capital investment and workers alone create profit. The only people who should own land and capital are those who use them. LVT and nationalisation of credit creation will not change this.
Dear Richard Murphy
Good morning, the sound level on this video is very low.
volume is quite low RM
Sorry – as I say – it was not really planned for broadcast and then I thought ‘what the heck’
R
Hi Richard! Happy New Year. I know you don’t like “videos” and as a filmmaker, vidoes don’t look like this! .. I’d call it a podcast. Please keep up your good work .. I’d rather read your blogs than try to hear/watch this. If you have a message you want filmed please contact us.
very best wishes Min