(English) A Nation Right On The Money

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Dau sylw ar “(English) A Nation Right On The Money

  1. It is essential that Wales, as an independent sovereign nation, establishes its own central bank issuing its own currency. Only then will it have autonomy to issue money (which is nothing but a psychological tool to organise and coordinate human economic activity and social obligations and expectations) to utilise all available labour and all available resources, both natural and manufactured, to address the normal, innate physical, emotional and intellectual needs of its population.

    Wales, Scotland and Northern Ireland have all missed the core of the problem – that the UK (essentially the English establishment) has always been the currency issuer holding the others subservient and beholden to it and dependent upon it as currency users. By pretending that money is in limited supply they have kept all of the people of the UK impoverished.

    To assure the Welsh people that independence is: possible, socially and personally beneficial, and progressive they should be informed about the insights of Modern Monetary Theory regarding the true nature of government spending and taxation and the misleading myths of ’taxpayers’ money’, the ‘deficit’, ‘government borrowing’ and the ‘national debt’ and especially the potential for full employment and environmental protection via a national Job Guarantee Scheme and a Green New Deal.

  2. We’re a bit wary about MMT because flooding the economy with too much money has bad long-term consequences, and it’s always better to leave the final decision on how much money should be circulating to “the wisdom of crowds” rather than to the government. For the same reason we’re sceptical of so-called ‘sovereign’ or ‘positive’ money, such as the Bradbury Pounds or US civil-war-era Greenbacks were. There’s much more discussion about all of this in Part 3 of the currency series we put on our blog last year:

    https://gwlad.org/en/english-a-currency-for-an-independent-wales-part-3/

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