I was working through the morning news working out what I might blog about when my wife discussed the FT article about Sunak wasting £11bn in excess interest payments. It was apparent that this issue was concerning her and within seconds I had abandoned the idea of blogging and decided to write a tweet thread instead.
That thread was 1,900 words and came out soon after 8 yesterday morning.
It has now become my most successful tweet thread ever:
It would seem that people are very keen to learn just how money really works. There were 2,400 new Twitter followers as a result of the thread.
I will be doing some more on this over the weekend, largely to deal with the critics who do not believe that a) money is debt b) central bank reserve accounts are created by the Bank of England and not the banks c) money is created out of thin air, all of which are true.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Can you do something explaining the mechanistic difference between the GFC QE period and the Covid QE period. The reason I ask is that a lot of people will be thinking that they operated the same way from the point of view of the BoE and the QE allowed the government to run large deficits.
This deficit spending went mainly on stimulus and existing commitments following a drop in taxation in the first instance and on covid support and test/trace and vaccinations in the second instance.
So why were they run through a different mechanism that allowed the first QE programme to benefit the banksters?
The mechanisms were the same
The goals and the way the detail operated differed
I have explained that in the thread
Just read 94 replies to the post.
All this finking ‘urts me ‘ead.
Fink I’ll go walk the dog!
Seriously, it raises the issue of the power of old paradigms and the reluctance of people to be open to change.
And. as Pilgrim tells us, there are vested interests who do not want us to think differently.
You are right
Brilliant!!