Lhotse

Chop wood, carry water.

[Lhotse @Pure_Baltic]

@truthpolitics76 You said currency isn't issued. Keep up FFS.

[Lhotse @Pure_Baltic]

@truthpolitics76 Transactions like £s being injected, liabilities being created then swapped?

[Lhotse @Pure_Baltic]

@AntiRefied1199 @TyKeynes Nah, once you have the size of govt and level of JG set, it's sorted and you can observe it.

[Lhotse @Pure_Baltic]

@truthpolitics76 Ok, so, if govt doesn't need legislation to be able to spend .l(ignoring the Supply Acts etc.) .. What in your opinion happens.

[Lhotse @Pure_Baltic]

@truthpolitics76 You've found some numbers you like and somehow decided it proves something.

Explain what do you think it proves.

[Lhotse @Pure_Baltic]

@truthpolitics76 So according to you 86% of govt spending is returned via taxation, fines etc. ONS figures are around 12%

How does that defeat my argument?

[Lhotse @Pure_Baltic]

@truthpolitics76 Are they?

That's not what the BoE says.

[Lhotse @Pure_Baltic]

@AntiRefied1199 @TyKeynes Sure, you might not get it right first time but the idea holds; decide what size government you want and set the taxation level accordingly.

Let the JG (and maybe fiscal) handle the cycle.

[Lhotse @Pure_Baltic]

@truthpolitics76 Yes, it's interest rate manipulation.

Don't tell me you think it's currency issuance ...lol

[Lhotse @Pure_Baltic]

@truthpolitics76 Great!

So explain where cash management fits in to the process.

[Lhotse @Pure_Baltic]

@AntiRefied1199 @TyKeynes Nah, taxes are structural in MMT, not dynamic.

Nice try though 👍

[Lhotse @Pure_Baltic]

@truthpolitics76 Great!

So how does that prove currency isn't issued?

Of course there are inputs, it's the same as a retail bank issuing a loan.

Catch up!

[Lhotse @Pure_Baltic]

@truthpolitics76 Govt doesn't need legislation to be able to spend? Really?

Do the staff wander in to HMT and say "what shall we do today peeps?"

[Lhotse @Pure_Baltic]

@truthpolitics76 Ok, so you clearly don't understand the process but let's focus on "paying the bill": talk us through that part.

[Lhotse @Pure_Baltic]

@truthpolitics76 I'm familiar with the act. Please point to the sections within it (or any other act) which you believe supports your assertion BoE can create currency whenever it feels like it - as you stated below.

Over to you, again ...

You can point to these, can't you?

[Lhotse @Pure_Baltic]

@truthpolitics76 Ah, we might be getting somewhere now.

So you don't believe the govt instructs its bank to mark up reserve accounts, ok, explain how you believe govt spending works - reference legislation etc. be specific. Over to you.

[Lhotse @Pure_Baltic]

@truthpolitics76 Oh so you think sections 1, 1a, 11 (in relation to 12) and 19 don't set out which party is master and which servant? Interesting take.

Anyway, please point to the sections which support your assertion the BoE can issue currency whenever it feels like it - as below. Over to you.

[Lhotse @Pure_Baltic]

@truthpolitics76 Stop trying to deflect and stay on topic.

I'm not asking you to prove a negative. I'm asking you to provide evidence i.e. reference relevant legislation - that the BoE can issue currency without HMT authority - as you said in the post below.

[Lhotse @Pure_Baltic]

@truthpolitics76 No, no theory, just observable facts.

So you believe when govt instructs its bank to mark up reserve accounts of recipients it doesn't create a liability to its own bank?