I would recommend anyone who reads here also subscribe to Stephanie Kelton's blog on Substack. Stephanie wrote this on MMT ( modern monetary theory) and tax yesterday, and I'm sharing it to promote her work and thinking, with which I am usually in close agreement:
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The word “stock”, now applied to stocks or bonds, comes from the splitting of the tally stick into two parts: the ‘stock’ (held by the creditor), and the “foil” (held by the debtor – the Government’s debts). They were still anachronistically in use in the eighteenth century. The fire that destroyed the Houses of Parliament in 1834 (Pugin’s current now crumbling edifice is the replacement), was caused by a fatal attampt to burn the redundant tally sticks in the House furnace.
Tally sticks were actually more sophisticated than people realised when the eliminated them. The sticks were worthless, save effectively as a mediaeval proto-fiat currency. They became transferable: a promise to pay the bearer.
It’s good to see the Carbon tax get an airing, and you agreeing that it would discourage certain behaviours. Incentives matter as they say in Econ101.
Thank you – and most depreciated.
Will do.
PSR – ‘depreciated’?!
Useful link to Stephanie Kelton’s blog thanks Richard
I go away for 10 days holiday and less attention to the news – and the s**t really does hit the fan. The argument about whether Truss would be worse than Johnson seems to have been resolved.
I went away and blogged almost every day!
“I went away and blogged almost every day!”
You are addicted to social media, like many others..its where you feel relevant..quite sad really
It is where change happens now