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An extraordinary moment in UK financial history. Don& #39;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">https://www.ft.com/content/6... 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/">https://positivemoney.org/2020/04/g...
The mechanisms overlap. The novelty here is breaking with economic dogma 3/n https://twitter.com/yanisvaroufakis/status/1248142418442162176?s=20">https://twitter.com/yanisvaro...
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& #39;s been an epidemic building since 1844. Resources here https://positivemoney.org/resources/ ">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& #39;s Depression. https://twitter.com/PositiveMoneyUK/status/1247201539594375170?s=20">https://twitter.com/PositiveM... 5/n
The critical effect of breaking dogma is that it broadens the UK Government& #39;s options for the future. 6/ends. https://twitter.com/PositiveMoneyUK/status/1248272737824538625?s=20">https://twitter.com/PositiveM...
