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An extraordinary moment in UK financial history. Don't lose it in the blizzard of Covid-19 stats. @bankofengland and @hmtreasury have recognised one of the origins of the money supply (aka magic money tree) and how it can be used in UK Government. https://www.ft.com/content/664c575b-0f54-44e5-ab78-2fd30ef213cb 1/n
This marks a huge change in thinking from the original QE to financial markets in the 2008 financial crisis, and from the current financing to companies. 2/n https://positivemoney.org/2020/04/government-bailing-out-big-business-with-public-money-behind-the-scenes-through-ccff/
The mechanisms overlap. The novelty here is breaking with economic dogma 3/n https://twitter.com/yanisvaroufakis/status/1248142418442162176?s=20
The driest subject I ever met but if you can handle contact tracing, you can understand direct monetary financing. This will matter after Covid, matters now and did before, in fact there's been an epidemic building since 1844. Resources here https://positivemoney.org/resources/ 4/n
New HM Governor Andrew Bailey deserves credit, as do campaigners like @positivemoneyuk who kept this idea in public view. It has a long history, back to the 1930's Depression. https://twitter.com/PositiveMoneyUK/status/1247201539594375170?s=20 5/n
The critical effect of breaking dogma is that it broadens the UK Government's options for the future. 6/ends. https://twitter.com/PositiveMoneyUK/status/1248272737824538625?s=20
