The UK is not broke and doesn’t need to borrow to reverse the cuts. The video clip explains this simple truth about the US economy, but it is also true for the UK and all other countries that issue their own currency. The Eurozone is different because each EZ country uses a foreign currency, the euro… and (whatever David Cameron says) Ed Balls and Gordon Brown prevented Tony Blair from signing the UK up to that particular disaster.
George Osborne’s economic policies and cuts are ideological choices which hit the most vulnerable for the advantage of the super-rich and the multi-national corporations which will/are benefiting from the privatisation of our public services. The cuts are not fair:
And the cuts are not necessary:
MMT Movie: Economics for Dummiez
Created by @HaikuCharlatan Published on Jan 15, 2013
MMT (Modern Monetary Theory) Basic Intro:
Hat-tip New Economic Perspectives
There is a link to an good interview with Prof. Stephanie Kelton about the Fiscal Cliff and inflation, courtesy of the ‘From Alpha To Omega’ podcast…..