I just posted this on Twitter. It is an admiration of a comment by John Warren here.
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More lies from someone who is – what is it? – on around £600,000 a year? Paid to say and do outrageous things to maintain the status quo.
Well said.
As usual, I’m coming to this rather late but I’d welcome a response from anyone (particularly Richard, if he can spare the time) who can tell me what I’ve missed or misunderstood in asking the following question:
Why couldn’t all that is really needed from a central bank be provided, after appropriate legislation, by an ordinary government department staffed by ordinary civil servants on ordinary civil service salaries?
(No offence meant by the use of the word “ordinary”.)
It could be, excepting regulation, but I think financial services regulators should also be civil services
The Treasury set interest rates until 1998
Just a thought in passing:
If Keir Starmer wanted to do something about this, (in the name of labour) he’d never have a better opportunity than now.
But I doubt he will.
I wonder if Angela Rayner were PM whether it would be the same story?
Probably.
According to “The Starmer Project”, McDonnell was equally scared of the City and finance sector bullying, and reluctant to disempower them.
Bill Mitchell also accounted for this attitude he had in a meeting with McDonnell’s advisers..
That was my experience
Which Bill Mitchell ????
The Australian MMT economist….
Thanks,
He does not have a Wikipedia entry.
Richard has a reasonable Wikipedia enrty. Short, as I think he would like it, on personal details.
And wrong,which is quite useful.
Excellent post – hats off to Mr Warren. Introducing some “real life” to the points made:
https://www.theguardian.com/business/article/2024/aug/24/i-wouldnt-wish-this-on-anyone-the-food-delivery-riders-living-in-caravan-shantytowns-in-bristol
I would rather go hungry than use “Uber eats” or Deliveroo. The utter failure of the politicos to make sue that their workers are paid the living wage reflects badly on them, but it also reflects badly on a society that knows such people are being exploited – but is happy to go along with it.
Bill Mitchell does have a Wikipedia entry, BayTampaBay
https://en.wikipedia.org/wiki/Bill_Mitchell_(economist)
@Maggie,
Sorry! I looked and could not find it. Maybe I did not know what I was looking for as I looked for a Brit not an Ozzy.
My bad.
Thanks for the link.
Apologies for posting twice – but since the headine contains the word Twitter – this reality about Twitter & its owners (emphasis “onwers”) needs to be understood.
In summary, it is & always was once Musk took over, a Russian operation.
https://x.com/DenisDanilovL/status/1827282706574537013
In my view, as a matter of (US?) national security & given its reach, the company should be removed from the ownership of Musk & his Russian backers.
I post this and have eased the link
I cannot confirm its truth or reliability
In reply to Richard Murphy on August 25 2024 at 8:05 pm
Which I think means (?) that, for example, the Scottish Reserve Bank proposed by Tim Rideout and the Scottish Currency Group for a future Independent Scotland might in practice comprise no more than one or, more likely, several department(s) of the new Scottish Government.
Agreed