Modern monetary theory isn’t “just theory”: it describes how the UK really works скачать в хорошем качестве

Modern monetary theory isn’t “just theory”: it describes how the UK really works

People ask whether modern monetary theory is “just theory”. I think that’s the wrong question. The real test is practical: does the UK actually operate as a modern money economy? In this video, I walk through the plumbing: Parliament authorises spending, the Treasury instructs the Bank of England, payments are settled through reserves, and only later do taxes and gilts come into play. That sequence matters because it tells us something uncomfortable but vital: austerity is a political choice, not an economic necessity. I also set out the real constraints: not “running out of money”, but real resources: labour, energy, materials, skills, and technology and that inflation and climate limits should guide policy. If we get the ordering right, we can finally have the debate we should have had all along: what do we need, do we have the capacity, and how do we manage inflation fairly? Check out our poll below:    • Запись   00:00 — Is MMT “just theory”, or how the UK actually works? 02:10 — Step 1–3: Parliament authorises spend, Treasury instructs, BoE pays (money created) 06:20 — Reserves, liquidity and why the UK “can’t run out of pounds” 09:10 — Gilts: safe assets, interest-rate plumbing, and the “asset swap” point 12:20 — Taxes: paid later, remove money, create currency demand, manage inflation 15:20 — Does UK reality match MMT? The full sequence (tick-tick-tick) 17:30 — Why politicians deny it: austerity as choice, not necessity 19:10 — Real constraints: labour, skills, energy, materials, climate, inflation risk 20:40 — The real budget questions: capacity, planning, inflation control, tax justice TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2... HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurp... OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION:    • Welcome to my channel - Richard J Murphy -...   PLAYLISTS: The Wealth Series    • The Wealth Series   Ecenomics    • Ecenomics   Britain    • Britain   Tax    • Tax   MMT    • MMT   Money    • Money   Climate Change    • Climate Change   USA    • USA   Labour    • Labour   The Trump Administration    • The Trump Administration   #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life