Modern Monetary Theory

Private Debt Is The Problem

"Perhaps a decade on from the dramatic events of the banking collapse, the authors of the GC have come to view the 2008 crisis as an item of history. But for the millions of Scots who will vote on a future Scottish economic prospectus, the crisis is a daily lived reality. A reality of private debt and an inaccessible housing market, of jobs that don't pay and pay-day lenders who do. As the private debt pile builds up again, with the Bank of England warning it is already returning to dangerous levels as it runs well ahead of stagnant wages, the shallow debt-fuelled recovery from the last crisis sows the seeds for the next one. But the Growth Commission appears to be looking the other way. "
https://www.commonspace.scot/articles/13265/its-private-debt-stupid-has-growth-commission-learned-2008-crash

The Most Important Piece Of Economics You Should Know

"The income of a household is time-limited, whereas the state goes on forever (barring occupation by a foreign power). A government can simply roll over a debt ad infinitum. The UK has debts that date back to the South Sea bubble of 1720, and it is only worth repaying them if interest rates fall below historical levels which for very old debt has become the case recently. In 2015, George Osborne proudly announced how he would be paying back some one hundred year WWI debt, but this only made sense because the economy was doing so badly that interest rates were lower than when the debt was issued."
http://www.taxresearch.org.uk/Blog/2018/09/07/the-most-important-piece-of-economics-that-you-should-know/

Why Governments Shouldn't Run Surpluses

In this Renegade Short, Professor Steve Keen explains why the government isn't supposed to balance it's accounts like a household.
https://www.youtube.com/watch?v=287Cu5me0Og&feature=youtu.be

How To Launch A New Currency

Common Weal believes that an independent Scotland needs its own currency. This is the core message of a major new campaign to influence and add to the discussion around what independence should look like and what it should mean.
https://www.commonspace.scot/articles/13179/how-launch-scottish-currency

An Independent Scotland Will Need Its Own Currency

"I gather my friends at Common Weal are launching their campaign for an independent Scotland to have its own currency today. This was a contribution to that debate I made a year or so ago, but it’s worth sharing again." Professor Richard Murphy.
http://www.taxresearch.org.uk/Blog/2018/08/22/an-independent-scotland-will-need-its-own-currency/

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