Thanks Charles. The reason these work is they're based on the actual structure of the payments system. Everyone else violates the rules of double-entry bookkeeping at some point. With Ravel's Godley Tables, everything I write is correct in double-entry terms.
Hi Steve, are you in contact with the so-called Mile End economists, Richard J Murphy and Danny Blanchflower? They are also calling out the nonsense in Labour’s approach to the economy. All of you have incredible insight and knowledge that is desperately needed, now more than ever. Love your writing, albeit can’t profess to understand it as well as I would like!
Yes. Thanks in part to your prompt here, I'm discussing running a public event on this crazy policy. Watch this space--my Substack--and please get the word out. I'd love to see 10,000 or more people at such an event.
Looks like it's on: Richard and Danny have said yes, now we're working out additional speakers to make it a blockbuster and to get some gender balance. We're on a roll here!
It would really help to have assistance from supporters here too. I've already had one correspondent offer to help on the admin, but to get people to act as ushers, to promote the event...
There must be many readers of your blog who read on a Mac/PC and who would like to share your posts with their networks. At present, they can only do this on a phone and I, for one, cannot abide the fiddliness of dealing with a small screen and a tiny keyboard. This is a really important topic and I desperately want to share it but, at the moment, I have to copy paste the whole blog. Please think about providing a link that can be used on email and fb. Thanks for all you do.
Thanks Chichi. I'll also post it on Patreon today sometime, after the rush yesterday--when I found out that I also had a tear on my right retina BTW, and had to have yet more laser surgery.
Hi Steve
These recent posts that you have mad are GOLD!
I can't follow the differential equations but your logic is flawless in my view.
That's why I continue with the Friday lectures.
Thanks Charles. The reason these work is they're based on the actual structure of the payments system. Everyone else violates the rules of double-entry bookkeeping at some point. With Ravel's Godley Tables, everything I write is correct in double-entry terms.
Hi Steve, are you in contact with the so-called Mile End economists, Richard J Murphy and Danny Blanchflower? They are also calling out the nonsense in Labour’s approach to the economy. All of you have incredible insight and knowledge that is desperately needed, now more than ever. Love your writing, albeit can’t profess to understand it as well as I would like!
Yes. Thanks in part to your prompt here, I'm discussing running a public event on this crazy policy. Watch this space--my Substack--and please get the word out. I'd love to see 10,000 or more people at such an event.
I believe Steve and Richard Murphy are regular collaborators. Their mathematical and narrative approaches are very complementary.
Looks like it's on: Richard and Danny have said yes, now we're working out additional speakers to make it a blockbuster and to get some gender balance. We're on a roll here!
It would really help to have assistance from supporters here too. I've already had one correspondent offer to help on the admin, but to get people to act as ushers, to promote the event...
The petty bourgeoisie will cannibalize civilization... again.
There must be many readers of your blog who read on a Mac/PC and who would like to share your posts with their networks. At present, they can only do this on a phone and I, for one, cannot abide the fiddliness of dealing with a small screen and a tiny keyboard. This is a really important topic and I desperately want to share it but, at the moment, I have to copy paste the whole blog. Please think about providing a link that can be used on email and fb. Thanks for all you do.
Bill, just copy the address in the browser's address bar, then paste it where you want to share it, couldn't be simpler.
Thanks Chichi. I'll also post it on Patreon today sometime, after the rush yesterday--when I found out that I also had a tear on my right retina BTW, and had to have yet more laser surgery.
All the best mate, stay healthy, we need you and Yanis V! 🙏🏼
Thanks for sharing
You write: "banks create money by lending more than they get back in repayments"
Don't bank try to get back every penny they have lent, plus an interest charge, resulting in banks getting back more than they lend?
No. This is a very common stock-flow confusion. I think I'd better do a post specifically on it, given the extent to which people make this mistake.
Now that UK Chancellor Reeves has presented her Budget, a post on how private bank lending creates money, would be useful 🙂