The whole system is designed for Finance to remain a "Colossus bestride the world". It's bad enough that private finance has a monopoly on the creation of the life's blood of every economic agent, namely money, but it's insane that they are allowed a monopoly paradigm on the sole form and vehicle for its creation and distribution, namely DEBT ONLY.
If MMTers want to be serious about dealing with inflation and thus enabling fiscal deficits (monetary gifting to government agents) they will have to consider integrating monetary gifting DIRECTLY into the economy and the individual via a 50% Discount/Rebate policy at retail sale and the rest of the policy program of the new paradigm.
OK, Dan Davies tweets that there shouldn't be tax cuts for the wealthy during inflationary conditions. But we know that rich folks have a propensity to save, and so even if we do tax them appropriately during this time it will do little to affect inflationary pressures. The gov't would be clawing back money that wouldn't have been spent otherwise.
How about this idea? Fabulously wealthy people (anyone remember John Beresford Tipton?) love to give their money away once they're on "easy street." Why not give them the choice of being taxed or gifting their favorite non-profit organization? Neo-Nazi groups need not apply. They might argue that giving tax money away to the gov't is simply wasteful. OK, so don't do it. Give the equivalent amount of taxable money to the charitable organization of your choice. This idea already exists in the form of "tax deductible" contributions, but let's make it explicit (tax deductions on steroids) to amplify the magnanimous generosity of the wealthy making grants to those in need.
In other words, if we're going to take money away from rich folks, let's make sure we're not involved in some ridiculous charade of "reducing the deficit." Let's guarantee that the money is well spent.
This is off topic, but I just heard Thom Hartman announce that you will be appearing for an interview on his show within the next couple of weeks. I can't tell you how happy I was to hear this as I have made requests of this on a few occasions (not that I had any influence!). I hope this can become a regular thing for he has a huge viewer/listenership that can benefit from the MMT perspective and dispel those myths you so eloquently wrote about in your book. I am especially interested in you getting your message out about Social Security and how to overcome its "solvency" issues. I am so tired of the constant scare tactics to cut or suspend it. Keep up the great work.
This budget is an extension of the entire brand of laissez faire capitalism that has failed again and again. The state here is taking capital and grit agoto those who can’t deploy it productively. They are subsidizing the price of oil, fracking to increase supply where fracking makes little if any sense and cutting taxes on those that have failed to invest in the technologies that are needed to prevent the costs of global warming from escalating. It is a bloody disaster for the UK and will bankrupt the country.
It seems that conservatives have a fixed delusion that forces them to return to the same disproved "solution." Like kids in a candy store they can't stop stuffing themselves despite adequate proof that it's making them sick. We're going to come up with a radical new system that's just like the old one.
The UK wants to imitate previous American administrations by cutting takes and increasing spending, financed though borrowing. The error is the USA is backed by the petrodollar which makes the dollar the world currency. The £ has no such backing.
The whole system is designed for Finance to remain a "Colossus bestride the world". It's bad enough that private finance has a monopoly on the creation of the life's blood of every economic agent, namely money, but it's insane that they are allowed a monopoly paradigm on the sole form and vehicle for its creation and distribution, namely DEBT ONLY.
If MMTers want to be serious about dealing with inflation and thus enabling fiscal deficits (monetary gifting to government agents) they will have to consider integrating monetary gifting DIRECTLY into the economy and the individual via a 50% Discount/Rebate policy at retail sale and the rest of the policy program of the new paradigm.
https://www.amazon.com/dp/B07PLNJLRN/ref=sr_1_1?keywords=wisdomics-Gracenomics&qid=1552358772&s=books&sr=1-1-catcorr
OK, Dan Davies tweets that there shouldn't be tax cuts for the wealthy during inflationary conditions. But we know that rich folks have a propensity to save, and so even if we do tax them appropriately during this time it will do little to affect inflationary pressures. The gov't would be clawing back money that wouldn't have been spent otherwise.
How about this idea? Fabulously wealthy people (anyone remember John Beresford Tipton?) love to give their money away once they're on "easy street." Why not give them the choice of being taxed or gifting their favorite non-profit organization? Neo-Nazi groups need not apply. They might argue that giving tax money away to the gov't is simply wasteful. OK, so don't do it. Give the equivalent amount of taxable money to the charitable organization of your choice. This idea already exists in the form of "tax deductible" contributions, but let's make it explicit (tax deductions on steroids) to amplify the magnanimous generosity of the wealthy making grants to those in need.
In other words, if we're going to take money away from rich folks, let's make sure we're not involved in some ridiculous charade of "reducing the deficit." Let's guarantee that the money is well spent.
This is off topic, but I just heard Thom Hartman announce that you will be appearing for an interview on his show within the next couple of weeks. I can't tell you how happy I was to hear this as I have made requests of this on a few occasions (not that I had any influence!). I hope this can become a regular thing for he has a huge viewer/listenership that can benefit from the MMT perspective and dispel those myths you so eloquently wrote about in your book. I am especially interested in you getting your message out about Social Security and how to overcome its "solvency" issues. I am so tired of the constant scare tactics to cut or suspend it. Keep up the great work.
Would love to see analysis in the results of tax cuts on the rich and bubbles: housing, company valuations, stock market, PE investments, etc.
This budget is an extension of the entire brand of laissez faire capitalism that has failed again and again. The state here is taking capital and grit agoto those who can’t deploy it productively. They are subsidizing the price of oil, fracking to increase supply where fracking makes little if any sense and cutting taxes on those that have failed to invest in the technologies that are needed to prevent the costs of global warming from escalating. It is a bloody disaster for the UK and will bankrupt the country.
It seems that conservatives have a fixed delusion that forces them to return to the same disproved "solution." Like kids in a candy store they can't stop stuffing themselves despite adequate proof that it's making them sick. We're going to come up with a radical new system that's just like the old one.
The comments on the Reagan Tax cuts are wrong . the GDP advanced briskly, unemployment dropped and wages accelerated and the country was better off .
The UK wants to imitate previous American administrations by cutting takes and increasing spending, financed though borrowing. The error is the USA is backed by the petrodollar which makes the dollar the world currency. The £ has no such backing.