Recent content by BenGarfield

New Money is created whenever the government spends. This is done by keystrokes on a computer when accounts are credited. It doesn’t come from anywhere else. Bond issuance and tax are entirely different processes and perform other functions. Funding expenditure isn’t one of them.

The government doesnt need to take money from anyone to pay for so called "borrowing". Simpler - dont "Borrow" at all. Preferably get rid of bonds altogether and failing that, reduce interest rates to zero

The government creates new money whenever it spends as do commercial banks when they issue loans. It’s all new money. Money is withdrawn from the economy by taxation

As I’ve explained already, newly created money. No need to tax or issue bonds They both perform other functions but funding expenditure isn’t one of the.

Tax doesnt pay for government expenditure at national level - so no we wouldnt miss them. The UK government being the monpoly producer of its own sovereign fiat currency, creates new money whenever it spends. Tax merely destroys the money returned to the treasury. The point of tax is to make...

Let the rich go if they want to. Their tax doesnt pay for anything at national level. we should tax the rich because they are too rich and powerful not because the state needs their money

His hearts in the right place but his basic diagram which he drew on the kitchen table has a false assumption that the money flows from the various groups in society to the government in the form of taxation on which government expenditure is dependent. Its the same old neo-liberal government is...

In fact overly so

Apart from the one he’s already Scored

Really ? Can you give me an example?

So the fact that the Russian economy is booming/overheating as I ponted out in an earlier post, hence the inflation, is Russian propaganda? Perhaps you should look at some western "propaganda" from the Washington post...

What cupboard? This is nonsense. Every UK government since 1971 has printed money. Thats what fiat currency governments do. I hold no brief for Gordon Brown, as I understand from a guy I met at a recent economics conference, who had interviewed Brown for an economics podcast, that despite...

Don’t agree. Reserves? What reserves? Why would it need them as the producer of the “reserves” in the first place. They should control inflation by taxation and other fiscal measures, also by issuing national savings to take money out of the economy which appears to be overheating, but...

Big mistake hiking interest rates that high in an attempt to control inflation as a result of their booming economy. Reminiscent of the Thatcher government of the early eighties - although our economy wasn’t booming. They should set interest rates to 0%.