David Merrill

Unemployment is not a natural fact. It is a policy choice. The UK government spends first, then taxes. It sets the wage floor through its spending decisions. #MMT #JobGuarantee #UKEconomy mmtuk.org/research/job-g…

Burnham is speed-running the Starmer arc of fake saviour to obvious fraud in record time, completing it before he’s even been selected for the Makerfield seat, let alone run for Labour leader.

Excellent report on how Burnham is just another iteration of the neoliberal play book. Murphy doing a great service here in revealing this unpleasant truth. 'Why Andy Burnham’s economics are deeply neoloiberal and will fail him an...' youtu.be/7pBgR1Mvyh4?si… via @YouTube

First Israel and now fiscal rules. It looks like Burnham is turning out to be terrible.

@AusMMT I encourage you not to make such a big thing about presumed theoretical differences. Far better to look for and amplify common ground.

The Civil Response to Richard Murphy, by @AusMMT open.substack.com/pub/darrenquin… #MMT

financier getting all poetic about the secret ingredient in China's successful industrial policy, financial repression.

"The oil price belongs in every macroeconomics textbook. Theory must describe and explain reality. With the old models that explain inflation through changes in the money supply (however defined), this is not possible." Dirk Ehnts

@PatriciaNPino @Chini_Francesco Keen says the OBR does.

Wait, there are people out there who still think banks lend savings?

When the Civil War began in 1861, Abraham Lincoln needed money to fight it. He approached the private banks. They offered loans at 24–36% interest - terms designed to bankrupt the government and hand the bankers permanent leverage over the republic. Lincoln refused. Instead, he did something no American president had done before: he had Congress authorize the Treasury to print $450 million in government-issued currency - the greenbacks. No private bank involvement. No interest payments. No debt. The greenback was a direct threat to every private banking interest on earth. If a government could fund itself without borrowing, private bankers become unnecessary. The London Times responded with an editorial that read like a declaration of war: “If that mischievous financial policy should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off its debts and be without debt. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe.” This is a primary source document. The London Times, 1865. 🧵

@DavidMcNab17 That's it.

Japan proved for decades that high levels of public investment don’t cause inflation; China binned Thatcher’s ‘balanced books’ and transformed 100s of millions of lives for the better - yet our stupid politicians still cling to Thatcher’s failed neoliberal ‘rules’ like idiots.

Worker's share of UK income 1955, 71.7%. 2025, 59.7%. Includes fat-cats. Headline corporation tax rate 1974, 52%. Now, 25%. Last 30 yrs, UK at/near bottom of the OECD league for investment in productive assets. Wealth went to shareholders, capital. ons.gov.uk/employmentandl…

To avoid economic stagnation: 1) Stop equating government budgets with household budgets. 2) Focus on reducing private debt, not public debt. 3) Implement policies that increase the money supply in the economy. Ignoring these steps leads to economic downturns and crises.

@premnsikka How would you go about tackling new social housing? Would you need a new department of housing planning and an industrial policy set up to meet your new social housing goals? Also are you assuming a context of money scarcity or absence of same?

Challenge Starmer by Monday or I will, Labour MP tells cabinet. Why delay the inevitable? Must change policies. Immediate £1,000 rise in personal allowance. Decouple energy price from gas, nationalise energy. Nationalize water. Build social housing. bbc.co.uk/news/articles/…

@wbmosler @RedMMT @tonyannett Yep, so many people used to know that taxes don’t fund the federal government. Why have we forgotten this?

Huge congratulations Patricia. Economics has a new generation of brilliant women redefining the tired dead-end paradigms of the past. A massive undertaking and a desperately needed paper. 👏🏻👏🏻👏🏻

Great news.

Sheridan Kates, Sophia Anderson and Devon Osborne get their seats in the Town Hall.

@DEhnts Well said.

The economics of the future is being created now.

Virtually all modern technology America operates on today was created prior to the age of billionaires. The computer, the internet, AI, the semiconductor, plastics, software, et al. These guys just captured the value politically, they didn't create much at all.