‘A Glimmer of Hope Amidst Austerity and Social Regression in the UK?’

February 2024 Forums Events and announcements ‘A Glimmer of Hope Amidst Austerity and Social Regression in the UK?’

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  • #248866
    ZJW
    Participant

    A text by MC, written in September, just posted on libcom, full title ‘A Glimmer of Hope Amidst Austerity and Social Regression? – the continuing strike wave in the UK’:

    https://libcom.org/article/glimmer-hope-amidst-austerity-and-social-regression-continuing-strike-wave-uk

    Note the one comment (so far) under it, claiming:

    ‘The NHS is not “paid for with taxation” because the UK now has a sovereign, fiat currency with a floating exchange rate. This means that the government has literally unlimited funds and does not need to match spending with tax receipts. The fact that they attempt to do so is a choice and purely a matter of ideology. See https://billmitchell.org/blog/?p=9281 for more on this. Bill Mitchell is also an anarchist btw.’

    • This topic was modified 2 months, 3 weeks ago by ZJW.
    #248871
    ALB
    Keymaster

    That’s from someone taken in by MMT — Modern Monetary Theory — which also stands for Magic Money Tree. It’s a load of nonsense, a variety of currency crankism.

    MMT: New Theory, Old Illusion

    I will add a comment pointing this out.

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