Derek Ross

Procrastinator Extraordinaire. Likes #LVT (#LandValueTax), #MMT (#ModernMoneyTheory), #UBI (#UniversalBasicIncome), #Sortition and #QI (#QuantisedInertia)

[Derek Ross @wikiDerek]

Council housing worked wonders for rents between 1919 and 1979. It could do so again.

[MMTUK Policy Research Group @MMTUK_PRG]

The real constraint isn't money. England built 300k homes in 1969 on a smaller GDP. We've chosen not to. A Job Guarantee in construction would clear waiting lists in years, not centuries.

#JobGuarantee #UKEconomy #MMT

https://t.co/6xUoEdyHyB

[Bryan Kavanagh @bryankav123]

@FinancialReview We had land taxes before income tax. When do we acknowledge that income tax is avoided by many Australians & that the GST generates criminality in more than the tobacco & alcohol industries. Taxing land values may be unpopular, but it can't be avoided, nor does it promote crime.

[Derek Ross @wikiDerek]

@HenricCont @JohnDoe36900698 @tonywestonuk While banks will happily accept the IOUs of banks or of gov'ts in payment of debts owed to them, gov'ts are much more fussy. They only accept their own IOUs for tax payments. So tax can't be paid before gov't spending, even though banks do create most of the IOUs (aka money).

[Dan Neidle @DanNeidle]

1. In the long run, business rates depress rents. A business rate cut will increase rent. The benefit will go to landlords.

2. A business rate cut for small business is bad policy. It distorts decisions, will incentivise small businesses to stay small, and -> avoidance/evasion

[Paul Scholes @misterp55]

Dear @JoStevensLabour, ref your earlier chat on #bbcwato, can I sow a seed of doubt over the whole tax, spend & borrow thing, with this 40 sec clip?

[Derek Ross @wikiDerek]

@HenricCont @JohnDoe36900698 @tonywestonuk And the bank is just as unable to provide me with a live unicorn (or a real dollar) as the government is. Does that stop me from being able to pay what I owe them with the IOUs?

Not at all. They are quite happy to accept the IOU instead of the real thing.

[Derek Ross @wikiDerek]

@HenricCont @JohnDoe36900698 @tonywestonuk Correct.

So the banks are also creating IOUs. For the same somethings that their governments are creating IOUs for.

[Derek Ross @wikiDerek]

@JohnDoe36900698 @HenricCont @tonywestonuk But when the government asks you to pay, you have to use the IOU because you don't have the something.

[Derek Ross @wikiDerek]

@JohnDoe36900698 @HenricCont @tonywestonuk For something you can't legally make. Something which you can only get from the government and which the government demands that you use to pay your taxes or any other debts that you owe it.

Doesn't matter what the something is. Could be a gold coin, a dodo, or a unicorn.

[Derek Ross @wikiDerek]

@JohnDoe36900698 @HenricCont @tonywestonuk IOUs.

Some issued by governments. Most issued by banks.

[Derek Ross @wikiDerek]

@JohnDoe36900698 @HenricCont @tonywestonuk That's what I thought. So you're saying that Barclays got it from transactions with someone else.

Now follow the money. Where did that someone else get it from? There must be someone who created it in the first place. It doesn't grow on trees.

[Derek Ross @wikiDerek]

@Lambdoid @e_philalethes @tonywestonuk Umm... Actually it does describe all those kinds of money. You can even use it to describe monetary systems based on bushels of wheat or barrels of oil. Any system that involves debts, essentially.

[Derek Ross @wikiDerek]

@HenricCont @tonywestonuk Great! So when I have to pay taxes I can just set up my own little bank and the government will quite happily accept the new money I create. Why doesn't every taxpayer do that?

[Derek Ross @wikiDerek]

@HenricCont @tonywestonuk And where did Barclays get it?

Did they print it themselves? Or just magic it up?

[kasra @kasratweets]

this is an interesting point in the new ted chiang piece – no one really claims that alphafold is conscious, or that sora or midjourney or dall-e are conscious

[Derek Ross @wikiDerek]

@roberthenryjohn A cost is when you pay someone.
A benefit is when someone pays you.

When you pay NICs to the government, that's a cost.
When the government pays a pension to you, that's a benefit.

[Derek Ross @wikiDerek]

@Soubriquet_ @malcolm_reavell A lot of unnecessary detail there, But you're essentially confirming my second point, so that's fine.

Now tell us about the situation before William took effective ownership of England.

[Derek Ross @wikiDerek]

@Soubriquet_ @malcolm_reavell Read ALL the history. It didn't start with feudalism.

First the land was mostly commons.

Then the feudal system expropriated most of the land, making it the king's private property.

Then enclosure took over the few commons that the feudal system hadn't.

[Derek Ross @wikiDerek]

Oh dear!

[HFI Research @HFI_Research]

(Public) We Are Going Full Speed Into The Wall

The most visible oil inventory will reach tank bottoms.

https://t.co/nm39jQ9bmY