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<\/p>\nI noticed this in an FT email this morning:<\/p>\n
<\/p>\n
There is, apparently, 'no money',<\/p>\n
The French government fell this week because it could not find the money it needed.<\/p>\n
Trump took the US election because Biden could not get money to the people who needed it.<\/p>\n
The neoliberals took over democracy. Then they told us there was no money left. As a result, they are selling out democracy to the far right.<\/p>\n
And everything they are doing is based on ignorance.<\/p>\n
Of course, there is money left. The government creates it. No one else can. Private sector banks only do so under licence from the government's central bank; they are merely its agents. So, of course, it is not possible to say that there is no money left.<\/p>\n
The reality is that there is any amount of money we want - so long as we are then willing to tax it out of existence to end its impact on both consumer and asset price inflation.<\/p>\n
We can have programmes that save democracy.<\/p>\n
We can end poverty.<\/p>\n
We can increase the real incomes of those in poverty.<\/p>\n
No child or their parent needs to be hungry.<\/p>\n
Money could be the instrument for change that we all expect it to be, but which neoliberals tell us it cannot be.<\/p>\n
But first, we need to understand that government spending is what creates money.<\/p>\n
And then we have to be willing to tax more to control inflation.<\/p>\n
And we have to be willing to tell the wealthy that they can consume less of the stuff with which they are creating climate change.<\/p>\n
And we have to be willing to tell them that the asset price gravy train that currently guarantees their separation from the rest of society is over,<\/p>\n
And we have to care.<\/p>\n
We could care.<\/p>\n
But democracy is dying because we - or rather, our elected politicians - do not care enough to do these things.<\/p>\n
And they are too stuck in their ways to understand what they can do about them.<\/p>\n
As a result, democracy is dying, and our hopes with it.<\/p>\n
And yes, I am angry about that.<\/p>\n","protected":false},"excerpt":{"rendered":"