I've asked the Guardian Comment is Free editors for a UK focussed MMT article detailing an Alternative to Austerity, here:
http://is.gd/vn3g2M
If you can log in and recommend the comment that would help the cause. If you can pass the message on and get others to do the same, even better.
TIA
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3 comments:
Have done - good idea.
Separate question I'm sure you've addressed before: is there a statement anywhere of how MMT fits into the UK's "institutional arrangements", as Warren calls them?
I would like to give a complete account of what happens when HMT spends, and I don't know the equivalent over here of the US TTL accounts which Anon and Beowulf seem so savvy about
"With the exception of a small and stable balance on the Debt Management Account held at the Bank of England and the Ways and Means Advance
(the Government‟s account at the Bank of England), the short-term net cash position of the Exchequer will be held with market counterparts. This
means that, in practice, financial transactions of the public sector would not affect monetary conditions.
"
From http://www.hm-treasury.gov.uk/2011budget_debtreserves.htm
The UK position is as usual more flexible than the US. The UK government owns the Bank of England outright and there is no restriction on overdrafts. In fact the 'ways and means' overdraft is used as the asset to back bank notes.
Thanks!
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