Gigabit wrote:Continued from our discussion in the DS & DTV Thread.
The UK owning a sovereign currency, cannot "run out of money". This is a lie.
MungoBrush wrote:Gigabit wrote:Continued from our discussion in the DS & DTV Thread.
The UK owning a sovereign currency, cannot "run out of money". This is a lie.
Were you advising the board of Carrillion which "drowned in a sea of debt"
Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Cannydc wrote:Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Spot on.
If we had retained the 3% growth that Labour left the Tories by investing in our own growth we would have cleared our deficit (not national debt, note) years ago. Instead, Osborne killed growth stone dead, reducing tax take and thus forcing further cuts just to stand still. Austerity was a proven failure, it killed the Japanese economy for decades. USA did exactly what we should have done (and Brown wanted to do) and blasted out of recession much quicker.
Cannydc wrote:Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Spot on.
If we had retained the 3% growth that Labour left the Tories by investing in our own growth we would have cleared our deficit (not national debt, note) years ago. Instead, Osborne killed growth stone dead, reducing tax take and thus forcing further cuts just to stand still. Austerity was a proven failure, it killed the Japanese economy for decades. USA did exactly what we should have done (and Brown wanted to do) and blasted out of recession much quicker.
MungoBrush wrote:Cannydc wrote:Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Spot on.
If we had retained the 3% growth that Labour left the Tories by investing in our own growth we would have cleared our deficit (not national debt, note) years ago. Instead, Osborne killed growth stone dead, reducing tax take and thus forcing further cuts just to stand still. Austerity was a proven failure, it killed the Japanese economy for decades. USA did exactly what we should have done (and Brown wanted to do) and blasted out of recession much quicker.
Trouble is - it's bollocks
Countries - like any organisation or individual - has a credit rating
UK's was recently downgraded to Aa2 because we are still borrowing too much.
People who hink that the UK can borrow to its heart's content will be driving the country to the bottom.
MungoBrush wrote:Cannydc wrote:Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Spot on.
If we had retained the 3% growth that Labour left the Tories by investing in our own growth we would have cleared our deficit (not national debt, note) years ago. Instead, Osborne killed growth stone dead, reducing tax take and thus forcing further cuts just to stand still. Austerity was a proven failure, it killed the Japanese economy for decades. USA did exactly what we should have done (and Brown wanted to do) and blasted out of recession much quicker.
Trouble is - it's bollocks
Countries - like any organisation or individual - has a credit rating
UK's was recently downgraded to Aa2 because we are still borrowing too much.
People who hink that the UK can borrow to its heart's content will be driving the country to the bottom.
Gigabit wrote:MungoBrush wrote:Cannydc wrote:Gigabit wrote:Cannydc wrote:It's a technicality.
The government always has the option of borrowing via their own bonds - effectively printing money.
While other countries are happy to lend by buying them the borrowing can continue. The rate of interest on these bonds is raised when interest wanes.
The sad thing is, we had the chance to repair our infrastructure (roads, schools, NHS) by borrowing at rock bottom rates and employing well paid tax-paying Brits in the process. Investing in our country. That chance is now fading, as the holes in the road grow deeper.
Great post, thanks.
I recall Corbyn proposing similar during his leadership election and was smeared by those so-called "experts" at the DM and co.
What we need is a national investment bank. Print the money, spend it directly on infrastructure. No chance of inflation as the money doesn't go into the general money supply via a traditional bank. Why don't we do this? This seems to be neither a left nor right thing, just seems bizarre we don't do it.
Spot on.
If we had retained the 3% growth that Labour left the Tories by investing in our own growth we would have cleared our deficit (not national debt, note) years ago. Instead, Osborne killed growth stone dead, reducing tax take and thus forcing further cuts just to stand still. Austerity was a proven failure, it killed the Japanese economy for decades. USA did exactly what we should have done (and Brown wanted to do) and blasted out of recession much quicker.
Trouble is - it's bollocks
Countries - like any organisation or individual - has a credit rating
UK's was recently downgraded to Aa2 because we are still borrowing too much.
People who hink that the UK can borrow to its heart's content will be driving the country to the bottom.
You literally couldn't be more wrong though. The UK borrowing from itself has no impact on its credit rating, unless we choose to rate ourselves.
Also, if money like this doesn't just appear (I know it doesn't literally appear but the impacts are the same), how come Osborne just wrote off several Billions of our own debt?
MungoBrush wrote:Your O-level economics doesn't cut it in the real world Gigabit.
You should take the advice of senior economics experts.
People who have lectured at University in Financial Economic, for example.
People like me.
Cannydc wrote:A reminder - when a business wants to invest to upgrade it's infrastructure, it goes to the bank and borrows.
As recommended even (especially) by Tories.
When the country wants to increase growth by investing to upgrade it's infrastructure as a means of reducing the deficit, according to the same people, the last thing we should do is borrow.
The idiocy of these two positions beggars belief.
Gigabit wrote:MungoBrush wrote:Your O-level economics doesn't cut it in the real world Gigabit.
You should take the advice of senior economics experts.
People who have lectured at University in Financial Economic, for example.
People like me.
If you don't understand the UK can't print its own money via a Central Bank, frankly you are unqualified to be lecturing on financial economics.
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