This is good. Alex chooses good guests. On this one Danny Blanchflower, Alex Neil MSP and Robin McAlpine. All worth listening to.
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A great programme – thank you for the link! I think Robin McAlpine is spot in.
The contributors refer to the COVID crisis, but as noted in many of these blogs, there are many crises that we face: e.g.,
1. Ecological crises
– Global warming – storms, fires, floods, pestilence
– Biodiversity – loss of wilderness and wildlife, species extinction
– Plastics and pollutants
– Soil depletion – agriculture and food production
2. Economic Crises
– Employment insecurity and underemployment
– Poverty and Inequality, UK and globally
– Personal debt in UK
– Financialization of the global economy
– Automation of manual work
– Housing market and homelessness
– Tax Evasion/havens
3. Democratic Crises
– FPTP systems in UK / USA
– Money, media and ‘dark ads’ in elections
– National and regional autonomy in UK
– Over-packed House of Lords
4. Health Crises
– Pressures on NHS
– Mental health
– Care of older people
– Obesity and diabetes
– Epidemics and pandemics
This is an indicative list, rather than a comprehensive one, but a future response needs to be radical to integrate these.
You should add under ‘Economic Crisis’
– The rise and rise of bullish*t jobs (with thanks of course to David Graeber)
One thing that strikes me as an almost a world-wide robotic obsessiveness is the belief that for governments to engage in economic stimulus they must borrow. No one asks where does the money come from in the first place for the act of borrowing to be possible. This would strongly suggest that very few understand the two processes necessary for money to have viability, or have wide circulatory acceptance, these are influx and reflux, or injection and redemption. This, however, cannot be construed as a necessity for balancing influx and reflux since there is clearly a demand to set some of it aside in the form of savings.
This description of basic fundamental money creation processes isn’t that difficult to comprehend is it? It would seem the true barrier standing in the way of comprehension is we’ve generated a society in which being obligated to others is regarded as anathema, a sign of weakness, when in reality all of life is built upon the constant need of balancing individual need against that of others, cooperation against competition, the flow and ebb of tides for millennia.
Love that little exposition Helen. It is so simple and to the point. Macroeconomics at the end of the day really isn’t about money. And money in itself is a simple tool that should never be regarded as a problem or obstacle to doing the right thing. How we use that tool is what matters. If it could be achieved universally a simple change in the way we perceive money would solve so many problems.
@AMcG and @Helen
As is said so often – Language is Everything.
Recall when the Chicago School philosophy hit town Mrs Thatcher and her crew were ready and waiting with “The Family Budget” and “The Corner Shop”. These false mantras still reign supreme helped by “No Magic Money Tree”.
The evidence of that falsity was presented in plain sight by Gordon Brown with £430+Bn and now Rishi with $100+Bn. But media has steered well clear of language to explain. “How will we pay for it?” still dominates.
A three-word MMT slogan has yet to be successfully presented. 30 to 40 million UK voters are not going to seek out Richard’s website here, not when three-word platitudes (however false) are so comfortable to live with.
“The process by which money is created is so simple that the mind is repelled.”
John Kenneth Galbraith Canadian/American economist, diplomat and intellectual.
Indeed
Money is not the issue but Credit and Bureaucracy if David Graeber is to be followed.
The economic crisis could be averted if credit was extended to viable long term businesses ; but do we have a state bureaucracy who could cope with the responsibility of deciding which businesses lives and which perishes?
The Chinese float on a sea of credit supported by a “benign” but authoritative state, which works economically.
The UK could be floated on a similar sea of credit but what vessel would it support?
The model of an off shore tax haven , hosting a band of pirates, in return for safeguarding of loot stolen from the rest of the world is all too attractive to many UK citizens who have learnt the lessons of empire and are happy with that.
There are limits to the value of credits
Most especially, equity also has a role to play
It is indeed worth a watch, thank you for posting Richard.
“New economic thinking,,,” – repeated often. Hmm.
Alex Salmond looks well, and positive, which nice to see. He also seems more confident on economical matters too.
I note the lack of mention of one specific party, except in relation to its activists and grassroots membership. Great to hear Alec Neil is going to continue campaigning for independence after standing down from parliament! Quite a few good people are retiring next year,,, I hope they all stay active.
I think Alex knows his mind better on the economic issues now
Better than 2014, that is