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David McNab @mcfab@home.social Profile
David McNab @[email protected]

@DavidMcNab17

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Ex BBC, Ex Tory, Ex Royalist, Ex football fan. if you want to change the world for the better, #LearnMMT . We can’t build the world we want with Tory economics.

Joined September 2022
Don't wanna be here? Send us removal request.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@13sarahmurphy There is only one source of money (and wealth) in 🇬🇧: the Govt. New money can only come through Govt spending and old money is removed through taxation. How you spend that money and who you tax determines what kins of society you have. Austerity is a political choice.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
11 months
Translation: we want your data so that once the next neoliberal govt has convinced you the NHS is safer in the hands of profiteers, we can tailor-make an insurance policy that excludes cover from the expensive treatments you don’t even realise you’re going to need. Kerching!
@EddieBurfi
Eddie Burfi
@EddieBurfi
11 months
An animated Alex Karp, CEO of Palantir Technologies, wants in on the NHS. So much so, he is offering his product initially for ‘free’. If a large tech company offers you its services for free, you and your data are the product. Even your personal health data. #BBCLauraK
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
This Oxford Uni study is absolute dynamite. Please repost, copying in @RachelReevesMP , @wesstreeting at every opportunity. There is NO financial or health case for privatising any part of the NHS. All private operations bleed the NHS of staff and resources for profit. STOP IT.
@We_OwnIt
We Own It
@We_OwnIt
6 months
Oxford Uni research proves privatisation leads to worse care for patients. Use our #PledgefortheNHS tool to call on election candidates to: 💙 Fund our NHS properly ❌End outsourcing ✅Reinstate Health Sec's duty to provide healthcare for all
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
Undergraduates at the Warwick Economics Summit in UK mobbing Stephanie Kelton at her post talk book signing. The tide is turning… 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
This book is the antidote to austerity - the more progressives that absorb its simple, optimistic truths, the closer we’ll be to the proper society we’ve craved for over half a century. If you want a better world, please read.
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@danielgoyal
Dr Dan Goyal
@danielgoyal
7 months
After 14 years of cutting public services to the bone and leading the nation into a recession, this dipshit government’s answer is to cut public services further to fund tax cuts. They aren’t even pretending to be acting in the country’s best interests anymore.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
When a politician in a wealthy sovereign nation like the UK, running a fiat economy tells you, ‘there is no money’ they are lying. The UK can no more run out of the very £s it freely creates than we can run out of emails. What they mean is, ‘we don’t want to spend on you’.
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@damian_from
Damian from Brighton
@damian_from
6 months
Javier Milei, far right president of Argentina: "there is no money." Keir Starmer, UK Labour party leader: "there is no money."
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
Fun fact: when a politician tells you, ‘we can’t afford…’ - they’re lying. Can you imagine how quickly they’d ‘afford’ to bail out banks? Can you imagine Churchill saying ‘we can’t afford to fight Hitler’? What Wes is really saying is ‘our donors, and the City, won’t let us’.
@bbcquestiontime
BBC Question Time
@bbcquestiontime
7 months
“We’re being honest about the fact we can’t afford to do all the things we would like to do” Labour’s Wes Streeting blames the Conservatives’ "disastrous" mini-budget as part of the reason his party scrapped their green investment pledge #bbcqt
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@justwearmasks If I were her I’d be insisting you did.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
@UKdemocrat Hi, I’ve just built this car - I’m going to give it to you so you can rent it back to me at £100 a day. The genius of the ‘free market’ and ‘sound finance’. Will @UKLabour commit to reverse this decision? Publicly funded research should never be re-sold to the err… public.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
@BondHack @cjayanetti It’s not incompetence though. It’s a slick, well run grift. Framing it as incompetence implies that handing a monopoly public service to overseas investors to run for the purpose of extracting £££s was originally a sensible good-faith deal that, oopsie, went wrong.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
The UK is a self-funding, currency issuing state. It LITERALLY creates billions of £s from thin air every single day - without technical limit. Please, will people like Jonathan Powell stop lying to us about ‘fiscal problems’. The UK cannot ever be short of £s. Talk sense.
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@implausibleblog
Farrukh
@implausibleblog
2 months
Jonathan Powell, "The problem is not the size of Keir Starmer's majority, the problem is the problems left for him by the previous Conservative government" "Fiscal problems, problems with prisons, problems in terms of how we're seen around the world. He's surrounded by problems"
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
NOTE: Although it is a popular trope that politicians like @AngelaRayner like to repeat, there can be no such thing as ‘unfunded’ Govt spending or tax-cuts. The UK Govt is NOT funded at all. Every £ it spends it creates from scratch. Take the time to learn MMT.
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@BBCBreakfast
BBC Breakfast
@BBCBreakfast
2 months
'I accept people are frustrated' Deputy Prime Minister Angela Rayner told #BBCBreakfast the Government will not make changes in the King's Speech to the two child benefit cap
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
8 months
For those unaware, there is no link between tax collected and the UK Govt’s ability to pay for public services. The link was in effect invented by Margaret Thatcher when she lied about government spending. Taxes are important for other reasons - but they are not govt income.
@davesumnersmith
Dave Sumner Smith
@davesumnersmith
8 months
With taxes at record levels, why are public services in the UK in such a mess?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
10 days
The ‘tough decisions’ would entail sitting down with trade unions, consumer groups, social workers, medical consultants, systems analysts, heterodox MMT economists, transport analysts and eco energy experts and working out how best to maximise the UK’s spare resources to…➡️
@LeftieStats
Stats for Lefties 🍉🏳️‍⚧️
@LeftieStats
11 days
🚨 BREAKING: Rachel Reeves has begun slashing billions from education and health spending, ahead of further harsh cuts expected in a "painful" budget. Reeves is making cuts that will “really scrape the bone”. She said: "public spending is not sustainable". (Via @TheTimes )
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
There really is no excuse for this kind of stupidity anymore - the cat is out of the bag and we all know that the UK can run out of many things - but £s are free and plentiful. While there are people below minimum wage and unemployed there’s room to create more £s
@jrc1921
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@jrc1921
6 months
Starmer says there is no 'magic money tree'
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
Give me strength: ‘Printing money’ is not the final resort for government spending - it is the ONLY way governments spend. Taxes do not fund spending and governments do not ‘borrow’ to fund spending. The Guardian must know this.
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Why government debt is not like household borrowing

Senior economists have complained to BBC about Laura Kuenssberg comparing Whitehall spending to taking out a credit card

www.theguardian.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
@Hepworthclare Oh. I see your concern Clare - don’t fret, he means welfare for the poor. Bankers, hedge fund managers and privatised services will continue to receive corporate welfare as per.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
If our politicians really believed that taxes fund spending then would they have allowed this money to slip through their fingers? Of course not - they let the rich evade tax precisely because they know it’s irrelevant to spending.
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@premnsikka
Prem Sikka
@premnsikka
7 months
Investigations by the offshore, corporate and wealthy unit, part of HMRC’s fraud investigation service, fell from 1,417 in 2018-19 to 627 in 2022-23. HMRC admits failing to collect £500bn since 2010. Wealthy individuals also hold £570bn in tax havens.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
After the private debt meltdown of 2008/9 many accountants, scientists and systems analysts started asking how economists had screwed up so badly. What they discovered was shocking. Politicians, journalists and mainstream economists didn’t even understand the very basics 🧵
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
@notcapnamerica He’s even got a holster for his phone… 🙄
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 month
Traditionally the UK uses two forms of money: fiat for corporate welfare, arms sales, wars etc. (freely created - never needs repaying) and ‘tax-payers’’ money for welfare, jobs, ps wages (unclear origin that has to be ‘balanced’ by tax revenue). Hope that helps @paullewismoney
@paullewismoney
Paul Lewis
@paullewismoney
1 month
Bank of England gets £44.5bn to cover losses Ten times the £4bn loss pensioners will suffer this winter due to changes announced by Rachel Reeves.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
4 months
Satire is dead. The BoE, the last financial institute in the universe that still thinks raising interest rates lowers inflation with only 60 years + evidence to the contrary - that BoE? The people who stuff their pockets with public money while demanding austerity? That one? MMT
@RachelReevesMP
Rachel Reeves
@RachelReevesMP
4 months
I worked at the Bank of England. I know what it takes to run a successful economy.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
18 days
What personal tax rises might Rachel Reeves introduce to ease UK deficit? The ⁦ @guardian ⁩ at it again… The ‘fiscal hole’ is imaginary. The UK’s ‘borrowing req’ could be wiped away tomorrow. We are not well served by UK journalism. #LearnMMT .
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What personal tax rises might Rachel Reeves introduce to ease UK deficit?

We look at likely changes, as chancellor plans measures to plug £22bn public finances shortfall

www.theguardian.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
24 days
In which @SimonCalder reveals he doesn’t understand how sovereign fiat countries fund themselves, nor how the tax system works, nor double entry bookkeeping - nor the BBC’s own reporting guidelines. We are not well served by UK journalism. This is not how our economy works. #MMT
@TimesRadio
Times Radio
@TimesRadio
26 days
“It’s the poor old taxpayers who are going to be thinking, okay so how is that going to be funded? Oh it’s coming out of my pocket.” The average salary for a train driver will go up “from £60,000 to £69,000” after Aslef reached a deal with the government, says @SimonCalder .
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 days
No. The tough decisions involve taking on the petro-chemical giants, the financial sector, taking back democratic control of the Bank of England and public spending plans - not kicking the poorest. You are a weak, weak Chancellor who doesn’t understand what she’s doing.
@RachelReevesMP
Rachel Reeves
@RachelReevesMP
6 days
The Conservatives crashed the economy and left a £22 billion black hole. Labour are taking the tough decisions now to fix the foundations, so we can rebuild Britain and make every part of the country better off.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
Future Chancellor doesn’t realise that the recovery starts with Government investment. Ensure everyone who needs a job has one. Create those jobs in the priority sectors - health, green tech, education and housing and watch the UK fly. But no. We’ll wait until the markets 1/…
@SaulStaniforth
Saul Staniforth
@SaulStaniforth
6 months
Rachel Reeves: "I have to be honest with people. The damage the Tories have done to the economy will affect what an incoming Labour govt can do. But I've been working with businesses to look at how we can leverage in private sector investment to do the things we want/need to do"
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
27 days
👇🏻Thatcherite idiocy. The begging bowl state: the entity that creates the money we spend has no money except the money given to it by the corporations it made rich by giving them money. Understand just how dangerous this nonsense is and we can start to run our economy for us. MMT
@RachelReevesMP
Rachel Reeves
@RachelReevesMP
2 months
With our new fiscal lock, never again can a government play fast and loose with the public finances.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
11 months
@d_magpie Great until they get sick to find that, remarkably, their policy doesn’t cover them for that particular condition… but not to worry because we have financial experts on hand who can help you leverage your property to raise the cash. Expensive? You can’t put a price on health…
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 days
What would happen if @RachelReevesMP paid the winter fuel allowance and lifted the 3rd child cap? Parliament would take a quick vote. The Treasury would work out the cost and instruct the Bank of England to pay the bill. The amount would then be typed into the relevant bank ➡️
@nicransome
Nic Ransome 🦊🦡
@nicransome
8 days
"These are the choices my sadistic and nihilistic funders & backers knew I would make because that's why they chose me, a sadistic nihilist."
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
10 months
Latest RIP: “Inflation is doing something very strange and the BoE and OBR can’t explain it”. The explanation you’re all looking for has been readily available for a decade now but you don’t want to hear it. All you have to do is read the data. Modern Monetary Theory has.
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@RoryStewartUK
Rory Stewart
@RoryStewartUK
10 months
My and @campbellclaret ‘s discussion of Braverman/Cameron and the reshuffle - available now - on you tube @RestIsPolitics
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
OhGodWhatBollocks. On @OhGodWhatNowPod I just learned that the NHS is underfunded because the economy is stagnating. Apparently public services are funded by us. Fact Check: the NHS is underfunded because the government aren’t funding it; public services aren’t ‘paid for’ 1/3
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
Hard to get to grips with how utterly stupid @matthewsyed take is. Surely he knows it’s impossible for a fiat economy to “go bankrupt”? Surely he knows we can afford anything for sale in £s? Is Matthew an idiot, or is he lying to protect the worst kept secret in economics?
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@matthewsyed
Matthew Syed
@matthewsyed
5 months
Time to confront reality: the UK is heading for bankruptcy with public debt set to rise to 300% of GDP. We can no longer afford many of the entitlements we take for granted - and that applies to the super rich as much as everyone else
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
Reader context: The IFS are not independent- they push failed Thatcherite dogma and plain lies about the economy. The UK can afford anything for sale in £s, Drs, nurses, teachers, schools, pensions - and it can never go bust. Find out how our economy really works: MMT.
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@PJTheEconomist
Paul Johnson
@PJTheEconomist
3 months
The books are open. Everyone knows exactly the problems a new government will inherit.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
Please understand this one economic con: any politician, of whatever persuasion, who tells us that, ‘we cannot afford to…’ , is either lying - or doesn’t know how govt spending works. The UK can afford anything for sale in £s. How much we spend - and on what - is a choice.
@premnsikka
Prem Sikka
@premnsikka
7 months
I am beginning to despair. Starmer/Reeves are now talking in Tory speak. Govt finances are nothing like private household finances and have never been. We can't create money or tax others, but govts can. Fiscal rules are self-imposed and will strangle the economy. Tax the rich.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
@GeorgeMonbiot 👏🏻👏🏻👏🏻 It’s been articulated slightly differently in the US to explain white nationalists: ‘If I can’t look down on a black man, what else have I got?’
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
@GregHands @RishiSunak @Jeremy_Hunt Always. When it’s bankers in peril we always rely on you guys to sort it. Now do 3 million kids in poverty.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
The UK is a self-funding state. It creates money by spending. Whether it’s £3billion a year to give starving kids food - or the £40billion a year hand out to banks as a govt present for being rich - it all comes out of thin air. @RachelReeves knows this. #LearnMMT
@RachelReevesMP
Rachel Reeves
@RachelReevesMP
2 months
The Conservatives ran away and have left it to us to take the tough decisions.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
Shocking. @Peston still thinks our Govt have a ‘surplus’ and a ‘kitty’. How can a journalist, who has been ‘informing’ the public for years about our economy, not understand how it works? FACT CHECK: although it suits the establishment for him to repeat these lies, the UK GOVT…
@Peston
Robert Peston
@Peston
7 months
The Treasury is anxious that Tory MPs will become hyper excited by todays public finance surplus, and will forget there’s almost always a surplus in tax-deadline Jan, and that they won’t know the surplus is less than most forecasters (including OBR) expected. Or to put it
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
28 days
A must read 🧵 from a woman who understands how the system works and is justifiably fucking furious. 👇🏻 You do not reduce poverty by making financiers richer. When will we learn? #MMT
@prueplum
Prue Plumridge
@prueplum
28 days
You don't fix the foundations with austerity. You don't fix the foundations by punishing those with the least. You don't fix the foundations by ordering gvt departments to find 'savings', (cuts are the operative word.) You don't fix the foundations by claiming that there is ../
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
13 days
No. @CarolineLucas and @ZackPolanski are entirely wrong about this issue. Taxing the rich is important for a lot of good reasons - but in our fiat economy, funding is not one of them. The UK doesn’t need to tax to spend - it spends to tax. Please follow the logic of #MMT 🙏🏻
@CarolineLucas
Caroline Lucas
@CarolineLucas
13 days
If Starmer’s serious about “rooting out 14 years of Tory rot”, it’ll take more than new management - the country is crying out for a new mindset too. For inspiration & hope. The last thing we need is more austerity - policies like wealth taxes mean we *can* invest in our future
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
8 months
👇🏻This is simply not true. Why do economists do this? The actual MMT answer is: ‘Never ask where the money comes from - always ask what resources are available’. What needs to be done, what training is required? Where can we free currently unnecessary resources? That’s MMT.
@JoMicheII
Jo Michell
@JoMicheII
9 months
The MMT answer, ‘print the money’, is not adequate for a task of this scale. (The MMT influence is clear, ‘job guarantee’ is high on the list of proposed policies).
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
OK - how about this: No more billionaires. None. After you reach £999 million, every penny is taxed out of the economy. Not to fund schools or healthcare because that is funded by new money, as it always was - but to reduce your ability to buy new laws and contracts from Govt.
@BladeoftheS
BladeoftheSun
@BladeoftheS
6 months
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
Rachel Reeves expected to reveal £20bn shortfall in public finances ⁦ @jessicaelgot ⁩ you must know that the concept of a currency issuing state like the UK having a “shortfall” is nonsense. Why do you cont. to print the lie uncritically? Gaslighting.
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Rachel Reeves expected to reveal £20bn shortfall in public finances

Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories

www.theguardian.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
This is the level of economic illiteracy we have come to expect from financiers: they’re still peddling the lie that the government has no money of its own. Time to stop recycling this bad take and acknowledge that it’s us, who benefit from government spending not 🔁
@WallStreetSilv
Wall Street Silver
@WallStreetSilv
3 months
Basically
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
11 months
Politics is about priorities. And for the sake of the unemployed, low-wage, exploited underbelly of this country, I’d suggest your priority is to read this effing book. 👇🏻
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@RachelReevesMP
Rachel Reeves
@RachelReevesMP
11 months
Politics is about priorities. As Chancellor, I would be helping families with the cost of living right now by introducing a proper windfall tax on the oil and gas giants.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
Rachel Reeves expected to reveal £20bn shortfall in public finances ‘Shortfall’. FFS. Hands up who knows where the massive £400billion came from to pay for covid. Was it tax hikes? Anyone? Why The Magic Money Tree Reeves says doesn’t exist. Learn MMT.
Tweet card media
Rachel Reeves expected to reveal £20bn shortfall in public finances

Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories

www.theguardian.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
There’s no such thing as a ‘black hole’ in UK finances. @LeoMars75 doesn’t realise that the state is NOT a household. Start again Julius, this time from the position of the self-funding UK being the monopoly issuer of £s and explain how such an entity can have a shortfall.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
9 months
There is a new breed of economists who have updated Keynesian economics for the post gold-standard era. They have been consistently predicting (with uncanny accuracy) every turn in the fortunes of western economies while m’stream analysis flounders. Yet they are completely…
@SkyNews
Sky News
@SkyNews
9 months
BREAKING: UK economy at risk of recession, official figures reveal Read more👇
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
4 months
We can’t hope to achieve that kind of progress in the UK because we still think our currency issuing state needs to ‘balance the books’. It’s all very well immeasurably improving the lives of millions of people - but what if City financiers are out of pocket? 😱
@ErikSolheim
Erik Solheim
@ErikSolheim
4 months
China 🇨🇳 speed! Take a look at the way China builds bridges on high speed railways. How 45 000 km has been constructed!
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
Someone needs to explain to our media Gods where the fucking £s come from. Not 24 hours in and I’ve heard more bs about ‘private investment’ than is good for the blood pressure. The cheapest, no-strings source of investment is the BoE who CREATE £S OUT OF THIN AIR. FOR FREE. MMT.
@implausibleblog
Farrukh
@implausibleblog
2 months
Andrew Marr, "We have to be optimistic going forward" "I think just having a stable government for five, maybe ten years, which has ordinary, down to earth, serious people, talking like the rest of us, in charge of the government, is going to mean a wall of money coming into
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
Here’s our problem 👇🏻right here. How can you call yourself an economist yet don’t understand: Taxes ARE NOT Govt income. Bonds ARE NOT Govt borrowing. It really is time ‘economists’ stopped believing in the dark fairytales that wreck all our lives and do better. Time for #MMT
@PJTheEconomist
Paul Johnson
@PJTheEconomist
1 year
We held back the dam on rising taxes for decades by slashing defence spending, and in 2010s through deep cuts to public spending. Now spiralling debt interest costs, rising spending, poor growth and demographic change are driving up size of state and hence taxes.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
For context: The phrase,”public debt” is meaningless. Bond sales offer a safe interest bearing place for the wealthy to park their spare cash. The govt no more spend that money than I do. As for the deficit - when the govt spends, it does so with freely created money. Once spent
@IMFNews
IMF
@IMFNews
7 months
Our latest Back to Basics video explains what public debt is and the risks and benefits involved when governments borrow.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@RichardJMurphy Just heard Tobias Elwood, asked on C4 about a successor to Truss just say, whoever we choose, has to be supported by the markets. There’s your answer right there. Used to be voters. They’re not even hiding it now.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
🧵 Think back, @AaronBastani , to a time before monetarism, when Keynes was king. Then Friedman gave Thatcher a stick to beat the workers with - a novel idea that all inflation came from government spending. Thatch. ran with it and added a few embellishments of her own…
@AaronBastani
Aaron Bastani
@AaronBastani
3 months
It’s extraordinary to think that Labour are planning *more* cuts to local government, but right now that’s the plan. So either it’s austerity or tax rises they aren’t talking about. (I’d personally increase capital gains).
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@Chris_D_Steele How long before we ‘discover’ that Johnson’s Ukrainian wingman act is to provide a shield when we inevitably learn he was doing a favour for Lebedev?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
UK government debt highest since 1962 - BBC News For factual accuracy - the out of control, highest ever, shit-your-pants ‘debt’ is in fact the savings of pension funds, hedge funds, bank reserves + other private savings being paid interest by our Govt.
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UK government debt highest since 1962

Debt has exceeded the highs reached during the coronavirus pandemic for the first time.

www.bbc.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@Gypster1971 @RussInCheshire We’ve had enough of ‘inspirational’ thanks. We’d quite like quiet, boring, compassionate, moral, smart and effective if you don’t mind. Most of all we want not Tory. Keep moaning about the opposition and you might get to see the end of democracy.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
No surprises that a Tory run think tank continues to pretend that a UK Govt is constrained by finances. Even the BBC has advised its journalists that pretending our govt is like a household or business is wrong. The circus will continue until we learn the truth for ourselves:
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@TheIFS
Institute for Fiscal Studies
@TheIFS
3 months
NEW: There will be no easy options when it comes to schools funding after the #GeneralElection . @lukesibieta ’s new @NuffieldFound -funded report explains why the next government faces painful choices on school spending: [THREAD: 1/8]
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
I hope this is performative - not genuine because if we’re about to get a chancellor who really believes that markets are the lifeblood of our economy then we’re doomed to endure more austerity. State spending is the lifeblood of any fiat economy 1/
@RachelReevesMP
Rachel Reeves
@RachelReevesMP
6 months
The lifeblood of economic growth is private sector investment which can create good jobs and spread productivity in every part of the country. I’m determined that the next Labour government is ready from day one to put our plan for growth into action.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
The UK is a currency issuing state. The concept of ‘affordability’ is meaningless - our Govt can afford anything priced in £s - including state pensions at any price. When anyone claims the state cannot afford something - they are either lying or do not understand fiat economies.
@BladeoftheS
BladeoftheSun
@BladeoftheS
5 months
Conservatives say they can’t afford the State Pension because it's too expensive We've the lowest State Pension in Europe, one of the highest retirement ages in the world but we're the 6th richest nation in the world You'd have to be damn stupid to believe their lie #newsnight
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
Stop to think about this for a moment and it’s total nonsense. Of course it is. How can the country that was on its knees after WW2, build a million homes, motorways and the NHS? Where did that money come from. The same place it does now. The govt can buy anything sold in £££s.
@implausibleblog
Farrukh
@implausibleblog
7 months
Dominic Grieve, "We are facing as a country some fundamental questions on how we afford the public services that people want, but are not able to pay for" "We need to identify the solutions.. Nobody is really saying how do we get from A to B.. Is there any political party a
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
THIS 👇🏻 is the question everyone should ask themselves - and while you’re at it, ask why none of our media giants, not one journo, will ask: “How much will you have to put up taxes to pay for it, how many services will you cut?” The UK is a self funding state we’re being had.
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@GeorgieSpirit
Young Georgie Spirit
@GeorgieSpirit
2 months
For the uninitiated, Reeves says there's no money, Starmer says there's billions for Ukraine indefinitely. Where does money come from? Us, or the government? Have a real good think about that, let me know what you come up with.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
Robin, I know Goldman Sachs pay you a lot of money to write this nonsense but you guys lost the argument about Japan decades ago. Stop now. Japan continues to do fine - exports booming - money flowing in including, hilariously, profits from US IR. Floating Exchange Rates… float.
@robin_j_brooks
Robin Brooks
@robin_j_brooks
5 months
Japan has gone from favorite #MMT talking point to #MMT nightmare. You can obviously use your central bank to cap yields. Anyone can do that, including EMs. But that leads to very big debasement of your currency. The Yen is down more than Turkish Lira in real terms since 2019...
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
This is just awful, @AyoCaesar knows full well that the UK Govt is self-funding - so why let Reeves off the hook by playing along with Thatcher’s false ‘tax-payer’ construct. The question hanging over @AyoCaesar is the same as looms over Reeves: why do they do this?
@AyoCaesar
Ash Sarkar
@AyoCaesar
2 months
The question hanging over Keir Starmer and Rachel Reeves now is the same one that loomed over the election: are they going to rustle up more money from somewhere? Cheap reforms – changing processes and rules – will make them look busy for a bit. But big problems, like public
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
Reality check:👇🏻 The UK is a self-funding state and can purchase anything for sale in £s. It costs our Govt literally nothing to double the state pension. How do we pay for it? The govt also employs everyone currently looking for a job to make the extra stuff pensioners will buy.
@Eyeswideopen69
The Purple Pimpernel
@Eyeswideopen69
6 months
We know where the money is Daniel. In the pockets of Tory donors and peers. And who stripped 5% from GDP you silly c*nt? Answer me that.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
Imagine a world in which you wake up to the headline: LABOUR’S £3 TRILLION WINDFALL. You read on. It turns out, Reeves discovered a secret Victorian law that allowed MPs to vote money into existence - No borrowing No need to raise taxes Just FREE MONEY. Sound good?
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@BladeoftheS
BladeoftheSun
@BladeoftheS
3 months
For the worst Public Services in 50 years, with the highest taxes in 70 years. Who has stolen all our money?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
Utter arse-backwards garbage. The economy doesn’t need to grow in order to invest in green infrastructure, schools and hospitals - investing in them grows the economy. Where does the money come from? The same place utility bailouts come from - the BoE. Learn MMT - do better.
@implausibleblog
Farrukh
@implausibleblog
3 months
Kay Burley, "What does 'working people' actually mean? Does that mean everyone who works, no matter how much they earn?" Bridget Phillipson, "It means people who go out to work for a living and face huge tax increases under the Conservatives where they have reached the highest
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
25 days
Philping-heck - a politician who doesn’t understand what taxes are for! Not to fund pay rises Chris. More lies from the lips of lying politicians. Read a book Philp.
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@CPhilpOfficial
Chris Philp MP
@CPhilpOfficial
25 days
14% rise for train drivers (taking average salaries to £69k for a 4 day week), 22% for doctors & a further £10 billion of pay rises at over 2x inflation for many other public sector workers. These are the choices the Labour Govt is making that will lead to tax rises this autumn
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
12 days
The woman who told Labour it didn’t need to spend £28bn on green investment Rachel Reeves could have fully funded the GND, but thanks to this woman, 👇🏻Reeves has instead set up a ‘come and get me’ fund for businesses to raid and profit from. Well done.
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‘I was frustrated’: The woman who told Labour it didn’t need to spend £28bn on green investment

Rhian-Mari Thomas, the head of the Green Finance Institute, suggested to Rachel Reeves the private sector could help offset state funding

www.theguardian.com
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 years
@LGalloway77 At what point is everyone going to realise that Govt £s are a scarce resource when required for public services, welfare and investment but not for bankers’ bonuses, bail-outs and corporate subsidies? #LearnMMT
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
8 months
👇🏻Well if @Channel4News can talk shite like this then what hope is there? Utter economic drivel from Paul McNamara. No money? Jesus the govt create money out of thin air - they literally type it into existence. With this level of ignorance being spread we’re utterly doomed.
@implausibleblog
Farrukh
@implausibleblog
8 months
Paul McNamara, "There is no money, be honest about it. In fact, the Institute of Fiscal Studies said, whoever wins the next election will inherit the worst financial situation for 70 years" What a legacy for 14 years of Conservative party rule #C4News
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
24 days
Oh dear. Someone needs a lesson in how the UK Government is self funding and the real purpose of taxation (it ain’t to pay for your gran’s operation). You won’t change anything while you continue to glug Thatcher’s kool aid.
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@RaggedTP
Ragged Trousered Philanderer
@RaggedTP
24 days
You Mum waits 40 hours for an ambulance so BP don’t have to pay tax. Your kids can’t afford University so Amazon don’t have to pay tax. Your sister can’t get housing so Google don’t have to pay tax. Your Gran’s on a 5 year hospital waiting list so Vodaphone don’t have to pay tax.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
It works like this: Govt give Tata 3x the £s in subsidies than it would cost to renationalise, Tata pay shareholders £billions, the deficit goes ⬆️ and when we ask for a decent NHS, living wages and pensions, they point to the Nat’l debt and wring their hands. Rinse and repeat.
@UniteSharon
Sharon Graham
@UniteSharon
2 months
It is clear that the new secretary of state for business understands the need to secure the future of steelmaking in Britain. The commitment given to achieving a sustainable, profitable #UKSteel industry is very welcome. @UniteEconomy
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
For those who don’t know: The UK economy can spend £40 trillion and still spend more. It creates its own £s - just like it says on the notes. The UK doesn’t ‘borrow’ money at all (see above). It’s preposterous to suggest it does. We’ve had 40 years of this pish. Stop. MMT
@SaulStaniforth
Saul Staniforth
@SaulStaniforth
3 months
Labour shadow minister Ellie Reeves says borrowing for capital investment would crash the economy.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
“A new economic theory has emerged that could rewrite our understanding of how governments create and spend money and what type of society we can afford to build.” ⁦ @RachelReevesMP ⁩ ⁦ @TheLabourParty_ ⁩ ⁦ @TheGreenParty ⁩ Please read.
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Why everything you've been told about debt and deficits could be wrong

A new economic theory emerges that could rewrite our understanding of how governments create and spend money and what type of society we can afford to build.

www.abc.net.au
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
21 days
👇🏻Taxes don’t ‘raise’ money for the Govt. Taxes delete money. If Reeves wants to delete £s from rich bank accounts and claim it gives her more ‘fiscal headroom’ fine - but be under no illusion - the level of govt spending is determined by politics, not economics.
@davesumnersmith
Dave Sumner Smith
@davesumnersmith
21 days
Spain has had a temporary “solidarity” wealth tax since 2022 on those with a net wealth over €3m. This & similar taxes elsewhere have prompted very few people to relocate. Should @RachelReevesMP raise £25bn with a wealth tax in the UK?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
29 days
Oh goody, I do so hope they mean pointless bond sales and artificially high interest rates. Corporate welfare is costing the country £££££billions every month. #LearnMMT and discover the govt-backed scams being pulled right under our noses!
@LeftieStats
Stats for Lefties 🍉🏳️‍⚧️
@LeftieStats
29 days
🚨 NEW: Rachel Reeves plans to slash the welfare budget, with the aim of reducing "fraud". The Guardian reports that Reeves plans to "take tough decisions on welfare and spending" in the autumn. (Via @guardian )
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
10 months
@BylineTimes Sold out in Chiswick! 👏🏻👏🏻👏🏻👏🏻
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
👇🏻For those who don’t know him, this man has one of the most consistently thought provoking podcast available. The book he’s holding is by one of the smartest economic minds on the planet. They have both enriched my life immeasurably. Thank you.💥
@sdgrumbine
ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ
@sdgrumbine
3 months
I share this because A. It's a good book B. I would love my friends to share my work too. Like our podcast @CheeseMacro which comes out on Saturday mornings C. Knowledge is power.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
27 days
How do successive governments get away with this sadistic nonsense? They convince us that the Govt is like us - it cannot spend beyond its means. Seems to make sense. We must suffer in order to ‘balance the books’. But there are two glaring holes in this position: 1/
@premnsikka
Prem Sikka
@premnsikka
27 days
Democide: UK Govt austerity deprives people of good income, pension, food, housing, healthcare. Reduced life expectancy by nearly half a year between 2010 and 2019. Women suffer the most. 190,000 excess deaths. Yet govts promise more austerity.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
👇🏻To every ‘tax-payer’ misinformation spreader, left or right, woke or comatose- 👇🏻THIS is where you logically drive the argument. Of course there is no ‘debt’ to be repaid because the Govt creates money when it spends; it doesn’t raise the money from taxes or borrowing. WAKE UP!
@PeterDilworth1
Dr Peter Dilworth 💙 #Woke #GTTO 😷 Blue Tick👀
@PeterDilworth1
6 months
@RishiSunak #Toast @Conservatives @CCHQPress @10DowningStreet @ConHome #ToryBrokenBritain
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 year
👇🏻This man was responsible for the money-printing=inflation theory. He says here, explicitly, that energy costs CAN’T cause inflation. We know now they do. We also know profiteering causes inf. Yet mainstream media still peddle this man’t bullshit. Bs then, bs now, #LearnMMT
@PeterMallouk
Peter Mallouk
@PeterMallouk
1 year
Milton Friedman on the real cause of inflation.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 month
Either @philippilk doesn’t understand how modern economies spend money into existence OR he’s lying to perpetuate the 50 years neoliberal bullshit that has dragged the country to the clusterfuck we are in now. What’s up Philip? Not extracted enough public money from the govt yet?
@philippilk
Philip Pilkington
@philippilk
1 month
No one wants to talk about why Britain is actually broke, they just want to engage in stupid politics. The country is broke because they spent like crazy on dubious lockdown policies and then went all-in on a war that led to huge energy subsidies. 🇬🇧
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
4 months
👇🏻Handy tip👇🏻 When anyone talks about a ‘debt crisis’ in the US, UK, or any sovereign fiat issuing nation, you can be certain that they don’t understand monetary operations. If they did, they’d worry about important things like unemployment - not spreadsheet balances.
@GameofTrades_
Game of Trades
@GameofTrades_
4 months
The US govt debt crisis is getting UNREAL This won’t end well A thread 🧵
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
1 month
If our country wasn’t run by the neoliberal establishment ( @RachelReevesMP ) this group would be given public money to ramp up production, the research team would be hugely compensated for their brilliance and WE would own and benefit from the technology. Instead…
@dorfman_p
Dr Paul Dorfman
@dorfman_p
1 month
Scientists at Oxford University have created a new ultra-thin, flexible new solar cell which could be installed on cars, buildings, and even backpacks or mobiles. #climate #solar
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
🧵 @OwenJones84 - this is a terrible attack-line. Fiscal “black-holes” are a right wing invention designed to trap progressives in an austerity cul-de-sac. Congratulations for walking straight into it. There is no such thing as shortfall in government finances - even the BBC…
@JeremyVineOn5
Jeremy Vine & Storm Huntley on 5
@JeremyVineOn5
3 months
"Most people can't afford extra taxes at the moment, the well-to-do are doing very well, so they can." "Unless we do that, the country will fall apart." @OwenJones84 highlights a £20 billion black hole in the country's finances. @DawnNeesom | @StormHuntley | #StormHuntley
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
4 months
The question you should be asking, @carolvorders - is where did the money come from? Not from taxes or borrowing clearly. So where? Did you know that 🇬🇧 is a self-funding state? That it doesn’t spend our taxes? So, if £s are free, why don’t they ever spend them on us?
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@carolvorders
Carol Vorderman
@carolvorders
8 months
Where has all the money gone? Just a thought.... Rishi Sunak has his priorities....
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
Nope. “Brexit” lets the whole neoliberal edifice off the hook. The word that should be on their tombstone is, AUSTERITY. Austerity had destroyed our economy long before Brexit.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
9 months
1. Taxes fund government spending. 2. The government can run out of money. 3. Inflation is caused by high wage demands. 4.inflation is reduced by raising interest rates. 5. Bond sales are Govt debt. 6. The nat’l debt will one day have to be repaid. All of ☝🏻is not true. Fancy?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
26 days
👇🏻Henning is a comedian, not an economist. He’s right that every charity is a failure of Govt. He’s wrong that taxes fund the Govt. They don’t. The widespread and mistaken belief that they do is the precise reason we end up relying on charities.
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@BladeoftheS
BladeoftheSun
@BladeoftheS
28 days
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
11 months
@implausibleblog 1. Deny it’s happening. When confronted with truth… 2. Pretend no one heard you just say, 1 and say, well of course it could happen that’s why we’re dealing with it. If only Govt ministers could run the country as well as they use sophistry to lie to our faces.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
5 months
Without Govt taxation, the $ would be worthless. Taxation creates a demand for the currency you pay taxes in - in effect, unemployment. If you don’t understand this, you’ll never understand how to run your country to the benefit of everyone.
@WallStreetSilv
Wall Street Silver
@WallStreetSilv
5 months
"If they can just print money then why are they even collecting taxes?"
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
Jenny Jones is right: Thatchernomics has crashed and burned and we are the victims. There is an exciting new alternative that overturns the failed dogma and is inspiring politicians around the world. Sadly @TheLabourParty_ want to give Thatchernomics another try…
@GreenJJNews
GreenJJNews
@GreenJJNews
6 months
"Two parties arguing over the same set of policies, while the public see their taxes misspent on corrupt contracts and privatised services. The whole Thatcher project has failed, but politicians from both major parties treat it as sacred text." @GreenJennyJones #RachelReeves
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
3 months
Jesus @paullewismoney , read a book mate (just not the one in your profile pick). The total UK debt hasn’t been ‘paid off’ in 400 years - and there’s a good reason: The ND is a record, like your bank statement but for govt spending. It’s OUR money - our savings. LEAVE IT ALONE.
@paullewismoney
Paul Lewis
@paullewismoney
3 months
The total UK debt is £2.7trillion - more than the value of Apple, the most valuable company in the world. It will not be paid off in the lifetime of anyone alive.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
I follow Blade and agree with so much they write but fuck me how wrong (in one tweet) can you be? PUBLIC MONEY built these great institutions. Our taxes build / pay for nothing. Repeating Thatcher’s big lie condemns us, inevitably to selfish austerity. Our govt paid. Not us.
@BladeoftheS
BladeoftheSun
@BladeoftheS
7 months
Who built the Rail Network, the taxpayer Who built the Energy Grid, the taxpayer Who built the Power Stations, the taxpayer Who built the Sewers, the taxpayer Who built the Water Network, the taxpayer So why is it in the hands of Private business, profiteering from you?
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
2 months
“The hope is to not just accept the difficult situation on borrowing, tax and spend...” ⁦ @faisalislam ⁩, the BBC has guidelines explicitly warning its journos not to equate Govts to households because the Govt doesn’t ‘borrow’ or tax to spend…
Tweet card media
Chancellor Rachel Reeves has made her opening gambit. What's her long game?

Once a junior chess champion, now Rachel Reeves runs the UK economy. Faisal Islam looks at her strategy.

www.bbc.co.uk
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 days
#MMT watching with interest to see how the economic geniuses in the Labour Party think they can clean up the mess caused by 15 years of austerity with even more austerity. Time to stop listening to the financiers who produce precisely fuck all apart from profits for themselves.
@GeraldJonesLAB
Gerald Jones MP 🇬🇧🏴󠁧󠁢󠁷󠁬󠁳󠁿🏳️‍🌈
@GeraldJonesLAB
8 days
With Keir Starmer as Prime Minister, this @UKLabour Government will clean up the mess the Tories left behind.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
10 months
👇🏻This is precisely why @TheLabourParty_ are destined to be a colossal disappointment in Government: none of them have absorbed the lessons of the economics best seller, They’re drunk on Thatcher’s Kool Aid and national suffering will continue. People>debt.
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@darrenpjones
Darren Jones MP
@darrenpjones
10 months
The PM said national debt is falling. He’s wrong: 📈In the first half of 23/24 he borrowed £82bn (up £15bn from last year). 💷 debt now 89.3% of GDP up from 83.4%. The Tories plan isn’t working. The biggest threat to the economy is the Tory party.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
6 months
I like this guy 👇🏻 but will someone explain to him that the EU central bank is filled with Osborne level austerity hawks. If we join the Euro we’d be removing any possibility of the increased government investment we need to reduce the pain.
@archer_rs
RS Archer
@archer_rs
6 months
I dream of a new Britain. Back in the EU, using the euro, adopting the metric system, an elected upper house, PR for elections, fair media ownership, transparency in public procurement, a strong well funded military and NHS. It can and must be the future.
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@DavidMcNab17
David McNab @[email protected]
@DavidMcNab17
7 months
You don’t need to be an economist to know when you’re being mugged. There is a quiet revolution happening in the West, that is challenging the bullshit economics that have hobbled us for half a century. It starts with reading this page-turner.
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@archer_rs
RS Archer
@archer_rs
7 months
I'm not an economist but even I know the only route out of a recession is investment, it is not tax cuts.
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