Osborne’s Call Not to Change Course On Austerity is a Murderous Demand

The following is from a recent BBC article, the link for which can be found here: http://www.bbc.co.uk/news/uk-politics-40265875 “Former chancellor George Osborne has urged the government not to change its economic strategy after being left without a Commons majority. Mr Osborne’s newspaper editorial said a so-called “end to austerity” would lead to a ‘loss of economic[…]

Labour Should Not Fall For The Tory-Led ‘Costing’ Trick – Here’s Why

This Tory-led ‘costing’ theme currently running rampant throughout the UK is pure political nonsense, the lot of it. Costing has absolutely nothing to do with anything when it comes to the UK. The UK Government is monetarily sovereign. It has the exclusive, monopoly authority to issue British pounds. Pounds come from nowhere else. When the[…]

The Job Guarantee – Understanding Fundamental Concepts

Many public discussions among progressives entirely miss the point of the JG. It’s normal, but at the same time, the lack of firm understanding is detrimental to the JG, and to progress. So, with that, let me try to clarify a few things. In the first instance, progressives inevitably discuss the consequences for skilled/educated workers.[…]

“Affordability” for the US Government is Never a Question of “Money”

“Affordability” for national governments like the US, UK, Canada, Japan, Australia is always in terms of real resources (iron ore, agricultural capacity, water supply, labor supply, etc.) and never “money”. If you still do not understand this concept, you will soon. Forty years of neoliberalism and nonsensical mainstream economic policy errantly focused on the finances[…]

A Portrait of Failure: Gold, the Gold Standard and Bretton-Woods

Gold can be pretty to look at, but it can also be quite depressing. Economics joke. Oftentimes we hear people of a particular political and ideological persuasion insist that gold is “money”. Afterwards, they declare that we should all remain silent whilst they lecture us, drawing upon their vast storehouse of anti-knowledge, asserting that currency[…]

Understanding the Central Concern of Macroeconomics and “Money” Versus Real Resources

Corn. An amusing word if you say it a few times. Food. Another word that can be amusing too if said repetitively. “Food” is a generalised description of the things that humans eat to stay alive. The word “corn” simply narrows food down. It is a more precise description of one of those things we[…]