{"id":76355,"date":"2024-06-28T07:44:44","date_gmt":"2024-06-28T06:44:44","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=76355"},"modified":"2024-06-28T07:44:44","modified_gmt":"2024-06-28T06:44:44","slug":"where-did-the-money-go","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/06\/28\/where-did-the-money-go\/","title":{"rendered":"Where did the money go?"},"content":{"rendered":"

This morning's short video has now been published<\/a>. In it, I suggest that when people ask \u201cWhere did the money go?\u201d they should instead be asking \u201cWho has broken their promise to pay?\u201d because that is almost always what has really happened.<\/p>\n

When money is just a promise to pay, it disappears when someone breaks their promise. Usually, the mystery is no deeper than that.<\/p>\n

\"\"<\/p>\n

You can view the video here<\/a>.<\/p>\n

The transcript is:<\/p>\n

\n

Where did the money go?<\/em><\/p>\n

It's a question that I'm often asked when anything goes wrong in the economy. The price of a share crashes. Property falls. Something else goes wrong.<\/em><\/p>\n

\u201cWhere did the money go?\u201d<\/em><\/p>\n

And then people say, \u201cFollow the money\u201d. All of which is nonsense because there is no physical reality to money.<\/em><\/p>\n

Money is just a promise to pay. Somebody says they will pay you so much for a share and then a few days later they say \u201cSorry, I'm going to pay you a lot less for that share now \u201cand people say \u201cWhere did the money go?\u201d<\/em><\/p>\n

\u00a0There was no money there. There was just a promise to pay and the person who made that promise has now broken it.<\/em><\/p>\n

The promise has disappeared.<\/em><\/p>\n

You are disappointed.<\/em><\/p>\n

But where did the money go? Well, it went into the wastepaper bin where your bad dreams go. It was all a myth. It wasn't true that there was ever any money. It disappeared because it wasn't there.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

This morning’s short video has now been published. In it, I suggest that when people ask \u201cWhere did the money go?\u201d they should instead be
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[204,35,174],"tags":[],"class_list":["post-76355","post","type-post","status-publish","format-standard","hentry","category-economic-justice","category-economics","category-modern-monetary-theory"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/76355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=76355"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/76355\/revisions"}],"predecessor-version":[{"id":76357,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/76355\/revisions\/76357"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=76355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=76355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=76355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}