The talk is of tax increases. But is that appropriate?
And as an aside, if you have issues that you want to be addressed I am recording tomorrow, so please let me know.
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I think you should follow up on this one with a video about how the government can and should pay for the covid19 crisis given that taxes overall can’t and shouldnt be increased. And….I know I keep banging on about this ….embed a link to the follow up video into this one….that can be done retrospectively….you don’t have to do it when doing the initial uploading of a video to you tube
I note both….
I am finding all the videos so far easy to watch. They are the right length and despite their simplicity are engaging enough to keep you watching until the end. I know you are working with a low budget, low complexity project here so avoiding graphics, animations etc. That is where the embedded links come in, so you can link your videos as an intro to other more complex video material…..like this excellent one on MMT and the distinction between currency issuer and currency user….. https://m.youtube.com/watch?v=TDL4c8fMODk …. which could be linked to a video of yours about “how to pay for”… (the GND for example).
Jim
I am finite….
Richard
Off topic you might consider at some stage creating a video which addresses why the UK has two government owned facilities producing coins and banknotes, the Royal Mint coins and the Bank of England bank notes when Margaret Thatcher famously declared government has no money of its own.
This is important in the sense that it links to the issue of money creation powers:-
https://nathantankus.substack.com/p/all-your-questions-about-the-trillion
I will deal with that…
Maybe quite soon
Hello Richard.
I’m liking your videos.
I suggest a video on why the national debt is not a burden and why tax doesn’t pay it off.
In your long twitter thread today you say “we’re even got frightened because the government has told us to be frightened of the national debt, although there is literally no reason to be so.“ which provides a direct link for you to speak on this subject.
Also it follows directly from this video and the mention of no tax increases. It’s possible people still feel tax pays off the national debt.
Just a suggestion.
Thanks.
Noted!
Not sure what you are trying to achieve with these videos. YouTube viewing figures seem low so no chance to monetise. I hope they do not cost you much to make. The content is quite simplistic.
The youtube figures only reflect those who go to the site
They cost me time to make
We’re obviously hoping the viewing figures rise
Let’s see
And you may think they’re simplistic – many think they’re complex
sorry Richard i was referring to Adam’s comment as ridiculous, not yours! just incase of any confusion.
What a ridiculous comment. Do you have any idea how YouTube even works ??
Anyone new starting a channel means low numbers to begin with, the channel has to build up a subscriber base over time. It’s not like videos on finance or economics suddenly get lots of views.
It took Novara media, for example, almost 5 years to get to where they are now.
Thanks
This is why we’re planning a video a day for a year
And yes we will structure them as it grows….
absolutely loving these videos, you’re super clear on cam (i don’t mean that in a patronizing way, being a good presenter is a genuinely difficult thing!) . Looking forward to lots of vblogs instead and hopefully along the way the issue of ‘who pays for it’ changes into ‘what resources are at our disposal and for what purpose’.
Silly question, but since you have demonstrated that the Government creates money, and that tax is used to take money out of the economy, why not have a period of no tax whatsoever?
Because we’ll have substantial inflation
To raise tax and replace with Govt involvement in the economy is really akin to saying tax pays for public services…. it is disingenuous to say otherwise
No
What is disingenuous is to say that something that is not true is true when it is not
Which is what you are doing
Actually to increase taxes now negates the whole effort of government spending into the economy trying to get it going again.. so I agree taxes should not rise for quite awhile.
I still cannot get my head around the intimate nitty gritty of what actually happens at the actual moment of Gov. creating money; so “it”; the Treasury/ Finance Dept. Parliament ? decides it need a few billion more, so it taps a computer and sends a few billion to the Bank of England ?who then distributes it (to whom?) and the resulting spend is recorded at the BoE? or alternatively it prints a bunch of Government bonds for various periods at a certain interest rate and it sells them to..financial companies who then sell them on/ to individuals who get paid a little interest and that constitutes our debt?
The BoE creates money ion a loan account, crediting the current gov’t account
The gov’t then gives the money toa department and they, through their BoE account pay people
To pay them the banks of the people paid claim the funds from the department via their BoE account – so through BoE central reserves
Bonds are not involved!
This is the same payment mechanism as any involving a payment by one organisation to a person with a bank account at another bank from the paying organisation – those funds also flow through the BoE as part of the settlement procedure. There is no mystery to any of this. It’s just what banks do – and the BoE is central bank banking
Really enjoying the videos Richard, you present them well and I am understanding them so far. I am still struggling with trying to get my head around quantitative easing though. Who gets the money/how does it get into the economy, does it go to the very rich? Thank you.
I’ll get back to it