Funding the Future

The UK’s devolved governments in Scotland, Wales and Northern Ireland need proper powers to tax or they will always be governing with one arm tied behind their backs. Without such powers devolved government is a sham – and so too is the so-called United Kingdom.

You can’t discuss macroeconomics without knowing about  modern monetary theory. So, what is it all about? In this longer than usual video I offer my explanation. You won’t regret finding out.

There is no such thing as a state economy. Nor is there a private sector economy. There is always a mx of the two. The cappuccino is the perfect metaphor for that fact.

Inflation is always a temporary phenomenon that always cures itself. History proves that. In that case to make it the epicentre of economic management in the UK is absurd. We need much better goals if the country is to make progress, whether on employment, inequality, investment or climate change.

The far-right won an election in Germany last weekend, following on from successes elsewhere. Why is it so popular? And how can it be contained? The answers all come down to neoliberalism. It has destroyed faith in existing political parties, undermining the left in the process. Until the left comes up with a plausible way of beating  neoliberalism the far-right will be on the ascendant.