Scott Egner

A formal salvo jure cujuslibet invocation has today been served upon John Swinney in his capacity as Keeper of the Great Seal of Scotland, delivered today at the Scottish Parliament and issued to Bute House. Now on permanent public record: archive.org/details/sovere… #SovereigntyScotland #ClaimOfRight1689 #SalvoJureCujuslibet #ConstitutionalLaw

If @AndyBurnhamGM is serious about bringing the utilities back into public ownership he needs to ignore neoliberal propagandists like Lord Jim O'Neil, who was on @BBCr4today this morning peddling the lie that govts rely on the bond market. The truth is it's the bond market that relies on the govt. Govts do NOT borrow from the bond markets. Govts sell bonds that provide a guaranteed return for the likes of insurance companies, financial institutions pension funds and super-rich individuals. It's basically a savings account for the corporate sector, or to put it another way, corporate welfare. But the govt issues the currency, so it doesn't raise money for its spending commitments from bond sales or from taxation. When the govt spends, it simply issues an instruction to the Bank of England, which it owns, to release the necessary funds. Govts sell bonds and impose taxation to manage inflation, amongst other things, by decreasing the overall money supply in the broader economy. It's not the availability of money that govts need to worry about, it's the availability of real resources in the economy such as workers, infrastructure, energy, materials etc. And finally, if anybody from @BBCr4today has read this far, why don't you invite some economists on your show like @RichardJMurphy or @ProfSteveKeen to offer an alternative to the relentless propaganda from people like Jim O'Neil, who have a vested interest in maintaining the neoliberal status quo?