Student of Economics & Finance @KingsCollegeLon. Chartered Engineer. #GreenNewDeal #JobGuarantee. co-host of @MMTPodcast . Associate @GowerInitiative
Aug 21, 2018 • 4 tweets • 1 min read
Greece was never bailed out. They bailed out German & French banks, who held Greek debt. This stabilized Germany & Frances economies post crisis, while the Greek ppl were punished w severe cuts and forced to run a fiscal surplus. They never saw the money.
The bailout allowed Germany & French Govts 2 keep political face in their countries (They had lost control of banks lending in the run up to the crisis), While presenting Greece as lazy & irresponsible.
They also promoted the narrative that they were “saving” Greece.
Aug 7, 2018 • 4 tweets • 1 min read
Today’s Economic tips:
“The Market” does not set yields on Govt “debt”. Govt does.
Govt issues “debt” & offers whatever interest rate it wants to pay for it.
The purpose of issuing “debt” is not to fund Govt spending. Is to offer savings accounts to the private sector.
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“Debt” (bonds) don’t have to be issued every time we run a deficit. Govt can choose not to.
There is no reason why issuing bonds corresponding to a deficit would be more or less inflationary than not doing so.
Can we now stop being scared of the “Govt Debt” bogeyman?
Jul 30, 2018 • 9 tweets • 2 min read
The European Union was never about left wing cooperation.
It really bothers me how disingenuous ppl seem to be about the contents of the Maastricht agreement which founded the EU as we know it today. It was a full-fat neoliberal treaty designed to embed austerity in Europe.
Jul 28, 2018 • 4 tweets • 1 min read
“I expect crocodile tears to be shed in Brussels over our fire victims, and similarly hypocritical posturing by the Greek government. But I do not expect any reversal of the organized misanthropy afflicting Greece just because nearly 100 people died in a single day.”
This is not the first horror story related to the brutal cuts imposed by the Troyka, which created a recession in Greece comparable to that if the Great Depression.
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Jul 26, 2018 • 5 tweets • 1 min read
A note on why I support leave:
When I signed up to the Labour movement, I signed up to fight Austerity.
Why? Because I consider it to be a fundamental aspect of that destructive ideology called “neoliberalism”, >
Which is behind the social injustices, the destruction of the environment & the erosion of democracy that has brought much the western world to the edge of global demise.
But I wrongly assumed those beside me where interested in the wider battle. >
Jul 23, 2018 • 13 tweets • 3 min read
I hear a few ppl say that #MMT applies only to the USA & not the U.K. I don’t know where this comes from, but they’ve made up so much stuff about MMT that I’m not surprised about this. so lets clarify some things:
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1) MMT applies to all nations that have a fiat currency & r monetarily sovereign.
2) the UK has a Fiat currency. So does the US, Australia, Japan, and many others. This means their currencies r not pegged to gold or any other currency or commodity.
