Why The UK Issues Bonds Mystery

Why is it that we still run a national debt with interest payments when we are the monopoly issuer of our own currency and effectively borrowing back what we alone can create? The short answer is we do no such thing, the UK sells bonds so swaps one asset for another, we will issue bonds … Continue reading Why The UK Issues Bonds Mystery


Public Sector Pay: Are They Worth It?

Today it would seem that firemen are flavour of the month, yes heroes no less, incredibly brave men and women running into danger where any sane person is running for their lives in the opposite direction. The tragedy of Grenfell Tower, well I say tragedy I mean gross negligence, brought such bravery into sharp relief. … Continue reading Public Sector Pay: Are They Worth It?

Fallacy of Composition: Fiscal Austerity

Modern Money Mechanics

One of the most important concepts we teach in economics, and most importantly in macroeconomics, is the notion of the fallacy of composition.

Students and others who haven’t been exposed to macroeconomics naturally extrapolate from their own individual situation to society and the economy as a whole.

This often leads to the problem of the fallacy of composition. Of course, that isn’t just restricted to economics. While a few people could exit the doors of a crowded movie theatre, all of us could not.

The macroeconomics example of the fallacy of composition most often used is the paradox of thrift. Any individual can increase her saving by reducing her spending—on consumption goods. So long as her decision does not affect her income—and there is no reason to assume that it would—she ends up with less consumption and more saving.

The example I always use involves Mary who usually eats a…

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Who Speaks For The Poor?

If you’re poor and speak against rampant capitalism and greed, it’s the politics of envy. If you’re rich and speak against rampant capitalism and greed, you’re a spoiled Hollywood actor who doesn’t understand the real world. If you’re a charity and speak against rampant capitalism and greed, you should stick to addressing real problems, like … Continue reading Who Speaks For The Poor?

Malone: Ungarbled Pt 2.

Everybody Is Wrong About Everything. (Except Me) In the next segment David and Roger discuss Neo-Liberalism (NL) which I attempted to do here and here. David, of course gets straight down to everything I missed, the fact that both sides, left and right, got the analysis right and the solution wrong. Both sides want to … Continue reading Malone: Ungarbled Pt 2.

David Malone: Ungarbled (I Hope) Pt.1

    Roger Lewis and David Malone: One Interview To Unite Them All. First of all, I'd like to introduce the interviewer Roger Lewis (left) who was, to me, most unexpected in his approach, the interview was no love in and he was not afraid to challenge David on the basis of his own views … Continue reading David Malone: Ungarbled (I Hope) Pt.1

David Malone: The Man On The Case

  INTERVIEW LIVE AT 8PM 21/06/17 I have mentioned this blogger before so it's time for a proper introduction to the man and his work. For my blog post tomorrow I hope to live stream an interview with the man himself and hopefully get him blogging again. I am going to focus on a collection … Continue reading David Malone: The Man On The Case

Grenfell Tower – The KCTMO Culture Of Negligence

A potted history of the catostrophic maintainence issues surrounding Grenfell Towers. There is over a decades worth of inadequate responses to genuine concerns raised by the residents, some of whom were threatened with legal action. This blog is a damning indicment of those who took the decisions.

Grenfell Action Group

The many who lost their lives in this catastrophe were our friends and neighbours. We tried to speak for them in life and we will continue to speak for them now. We share the pain of the homeless, the injured and the bereaved to whom we offer our heartfelt sympathy, condolences and solidarity. We also share the sense of anger and injustice that has troubled this community for years. That is why we started this blog and that is why we will continue as we started, speaking truth to power whether or not they choose to listen.

Even the dogs in the street know that the flammable cladding encasing the exterior of Grenfell Tower played a major part in spreading and accelerating what began as a single dwelling fire with such rapidity that the entire interior of the 24 storey building became a raging inferno in less than an hour…

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