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Excellent

Steve Keen is in the house. Legend!

Excellent even if the low audio levels were a slight struggle... From my perception and doubtless showing my age, 'austerity' began in the 1970s and has escalated ever since. - UK politics never recovered from the success of the 'Grantham housewife' illusion, the "can't afford it" fairy has made progressively more obscene appearances ever since driving increasing numbers into poverty, a little bit here, a little bit there, the civilian equivalent of psy-ops providing cover, or as we in Scotland more commonly knew it HMS Sarah Smith with assistance from agent Robinson, and now HMS James el Cook-ie in a suit.

🏆 EXCELLENT! Thank you for this thoroughly engaging, commonsense based discussion Billionaires & msm are, without doubt, THE barriers to REAL democracy &, in turn, much needed positive change Very important backdrop to elections raised too . Political engagement being as much, if not more, about TIME available (Perhaps break this video into 5 minute segments by policy area covered) . Making the necessary changes appealing, immediately doable & directly pertinent to the least well off whilst not scaring the life out of the rest of the population IF this isn't done, Farage WILL mobilise & WIN the votes of more than just the politically unengaged & that's a TERRIFYING prospect

Just UBI? Ugh. Terrible. Just UBI would be horrible for the working class for many reasons. I can provide you a list of reasons if you want. Much better is UBS aka Universal Basic Services including a nationally funded Job Guarantee as just one component of a UBS. UBS would include ALL basic human needs: K thru PhD/MD education, housing, full pension, full healthcare and dental care, day care and old-age care, public transportation, basic healthy organic food, basic insurance, all basic utilities, basic internet, etc, etc. All *fully* paid for by the national govt because you all understand MMT. Remember, UBI alone is BAD! UBS with a nationally funded Job Guarantee is GOOD! (sorry for the exclamation points. 🙂) I invite you to update your mental model of what a good democratic eco-socialist nation can be. Everybody thrives with ALL their basic needs met, including safety and all human rights and freedoms. And a fully healthy thriving environment. That's the world we want to live in. Remember, we want freedom from all exploitation. And we want to eliminate any freedom to exploit.

Outstanding interview. Great stuff from Zack Polanski.

William Thomson again displays the stupidity of MMT when he says the central government such as the Bank of England is "currency issuer" and NOT" currency user ". This has been explained to you before but you have not addressed it and provided no independent evidence to show why you still believe your MMT inspired but failed explanation of the way money is created. Failed because it is contradicted by the people who actually create the new money as credit - The Bank of England and others such as private banks. The reality is governments do not create the currency but borrow it from the Bank of England (The UK central bank) which is a process that is explained by the Bank of England and this the method itself in which government treasury securities (liabilities for the government) are sold to the Bank by the government itself to get newly created money from the Bank of England. The government is not the "issuer" of the money but is the spender of the money created by their borrowing from the reserve bank (bank of England in the U.K.). It is also the only spender of money collected in taxes from the public and private business. Those securities ( bonds) all mature and have to be paid back on maturity. The public is required to pay back that money that was funded by government borrowing and spent by government. Nobody else pays it back because there is nobody else to do so..

Youre too polite. Just say it: James simply doesnt know what he's talking about. The question is, why?

👍🏻 thanks

🏆 EXCELLENT! 👍🏻 Now we just need people to make clear which 'government' they're referring to whenever they comment

The one thing I know about the Scottish left is, when it comes to America, they’re invariably wrong. Ditto Israel. But nice episode, mind.

Thanks,power to the people, love and light xx

Land trust is a super idea.

TAKE THE RED PILL The meteorological systems called the Northern and Southern Hadley Cells, with the Intertropical Convergence Zone (ITCZ) around their centre cover about 32% of the planet's surface. Any changes within the sweep of the Hadley cells will affect conditions within the ITCZ. The importance of this is that the cloud mass within the ITCZ reflects incoming solar heat back out to space: Less cloud = more heat. More cloud = less heat. Have humans affected the balance in the ITCZ's governance of the solar heat budget? YES. Are those effects enough to produce the additional heat gradient, commonly referred to as global warming? YES. So how do humans produce such an effect? The annual, July to October flooding of the lower Nile created a warm, shallow, 26,000km2 evaporative surface in the Sahara Desert. The 13.5mm (4,000m3/s) of water evaporated per day was pulled south by the Northern Hadley cell when every few days it would rise onto the Ethiopian Highlands where it would create a disturbance within the west flowing monsoon, to create a Keremt storm. The Keremt storm pushed westwards across Sub Saharan Africa (5,N to 20,N) would become organised into African Easterly Waves (AEW) which eventually formed USA sized solar reflective marine stratocumulus cloudscapes. By putting dams on the Nile at Aswan form 1902 we inadvertently regulated this meteorological chain reaction, mostly by reducing the frequency of the AEWs, thus reduced the cloud cover over the equatorial oceans = the oceans became warmer, and distributed this additional heat poleward and into the atmosphere. From 1964 when the AHD completely stored the flood in a much smaller and deeper reservoir, the frequency of the AEWs reduced again = even more solar heat. This can obviously be checked by producing an anomaly chart of the ocean surface affected by the AEW system. Integrating that with other data for rainfall and river-flow. Suggesting in 1945 to 1964 mean value. Theromcline: -20m min. Temp gradient of Canary current from 23N to 17N, July to Sept. THIS IS THE RED PILL

Wow. So refreshing to hear someone speak economic truth, especially in the last few minutes of this video. I'd like to see you put a Thanks button on your videos so we can make donations to support your work.

Spot on, I don't understand why anybody on the left would be reluctant to accept what MMT tells us about the power balance between government and the private sector.

Touching to see him so alive and in full flow knowing that he is no more.

My conclusion is he should not have resigned as First Minister but fought on.

Money is a complete fiction, just like every other human set of rule, just a make believe, an agreement. The SNP are clueless, wanting to be free of Westminster and then be under the yoke of the EU. Scotland can easily be Independent, entirely Independent. Sure, we can agree trading deals with others for certain materials we do not have here. Our aim though should be self-sufficiency. That can only be via having our own Nationalised Energy Provider. Which would give us the ability to produce all the food, and goods that we need for a comfortable life. The world has to change and Scotland can lead that change. There is absolutely no point in maintaining the insanity of the present world set up. Why do we all have to work, work, work? By now machines should be doing that, and we should be living our lives, not functioning as machines for others to gain money, power, etc. Too many have been sold the idea that money is the be all and end all of existence. Too many unquestioningly accept that. That is mind control. There is an obvious alternative to the madness of the modern human construct termed society.

It also local governments aren’t currency sovereigns, that is to say a municipal government or provincial government does not make their own money, taxes are, in this area, the same as any other non-sovereign entity income. That could be different if there were local currencies like that Freigeld, like Cheimgauer local currency. Specifically for budget and taxation, the rules they are talking about apply at the currency sovereign level. The only thing taxation does at the national level, is cull money from the economy. We still need taxation for two principal reasons, one to prevent puddling in the hands of the rich who don’t need it and they don’t use it so it’s simply affectively dies, but it gives them power and leverage over the population, two, two stop inflation due to an excess of money , and three to replace the insane stupidity of using inflation to encourage commerce. You don’t need it, because a price stable, non-inflationary demurrage tax, quite effectively promotes commerce and investment.

I know these guys are right, but they are so ass explaining things. It’s dumb to call it debt, it isn’t the correct word. There is no obligation to pay the creation of money back. How stupid is it to continue using nomenclature that makes no sense? They’ve already failed at a fundamental rhetorical level, because they concede to incorrect terminology. Terminology that’s antithetical to the realities they are talking about. If they talked about the money supply, and the expansion of the money supply, they would be working from a completely different rhetorical and correct landscape, but no, they content themselves using words that don’t apply. They’ve already lost most of the argument.

That's a bit like saying I'm a supermodel ...because I also have legs! 😂

The guy talking is so incapable of or unwilling to clarify what he means by "Austerity" that when asked he could not even reply with a definition of it or an explanation of what it is but continues to use the word. Also when asked "So why do you think if everyone is required to practice what you call "austerity" which is just another word for balancing their budget then why is it good idea for only the federal central governments to not have to do it? Why is it not good for all levels of government and all entities including people themselves in the economy ? How did you came to your conclusion that "austerity" is bad for central governments but good for everyone else? Do central governments run by politicians have some innate skills that everyone else does not have or cannot acquire ??" He replied " I am sorry. None of this makes any sense to me." That's about it - Hhe does not understand what the word "austerity" means because he can't explain it. Why? - Because what he is talking about makes no sense to him ! LOL.

Your "facts " are wrong so your understanding is wrong. In other words you have drawn a false conclusion from those wrong facts.

We should really think about should capital accounts be closed. Seems to me they were opened with no care for the consequences.

"Cultural suppression of Scotland" is batshit crazy nonsense from Murphy.

The Treaty of Union was created by the Royal prerogative of Queen Anne. The two parliaments had rubber stamp what the Queen had already created.

IF Scotland was a colony it would be much easier to leave.. The Question you should ask is WHY is England terrified of being an independent country as the English Brexiteers said they wanted and which Scotland didn't. England has 20votes for Scotland's ONE.

We live in a short term mindset, which was born out of necessity (basic survival skills), and yet has continued to become crass consumerism encouraged by greed. What we need is an awakening, one where everyone understands that not only is there a finite quantity, but one which we must use wisely. That means building for the future, long term. All these expensive new builds for instance, they'll not last 100's of years, nor will the parts be used again. This is why Scotland desperately needs Independence as the Westminster way, which was/is the way of the Elite, those driven to capitalize on all (inanimate and animate). Now we have the Globalists who are hell bent on monopolizing resources/services. That is the way of failure, of obvious exploitation. Scotland can present a new way. First (apart from our own National bank issuing our own currency on our own terms), is the creation of our own National Energy Provider. By having very cheap electric we open the door to real innovation on a scale unknown. And yes, Scotland has all on its doorstep to create an actual long term sustainable future, technologically based. I mean, even carbon is not a problem when utilized properly, we can use it as a building block! The dreams of the ancient Alchemist is a very real possibility now.

Picture and sound fine, thanks.

Thank you so much for sharing this.

The sad failure of Indy is that the Politicians don't actually listen nor have a real idea. Any Independence party should have a clear plan for the beginning of our new nation. So yes, our own Bank and currency are a must, as is our own National Energy Provider. Both of these would give us a solid ground on which to build.

Thank you.

My feeling is that, for the wealthy, economic efficiency is actually secondary. Their primary concern is the maintenance and strengthening of the power hierarchy where the rich get ever more powerful while the working class gets less powerful. You rightly touch on this near the end.

When it comes to inequality and the wealthy, we only need to tax their money and wealth if the nation has no monetary sovereignty. In a deeper sense what we really want is the *power* of the wealthy, and their money and power go together. It will take much greater working class power before we can meaningfully raise taxes on the wealthy and make real change..

2 things that will help bring about real change is bigger better stronger unions and a big increase of all kinds of good local community organizations, co-ops, etc. The working class must positively organize and work together in every way possible.

Devolving power downwards is great as long as those lower levels are truly democratic and transparent and not captured by capitalist agents. Also devolving power downwards may have very little real impact if the nation has no monetary sovereignty.

Complete load of rubbish.

Bravo. Is this the most important piece of work Scotonomics (William) has done? Understanding austerity is vital if we are to fight back against the huge damage it inflicts.

Its pretty clear that austerity is one tool for the neo-liberal project of wealth extraction. They get away with it because the vast majority of people accept the narrative that money is a finite resource and if you spend it it one place it means you have to cut it in another, that's how life is for all of us after all. What I find desperately frustrating is the unwillingness of some on the left and the whole class of media pundits and commentators to understand the alternative MMT narrative about the nature of money, that must be the first thing we change.

Something everyone needs to understand, especially in Scotland, where Colonial rule is still devastating.

Austerity is control, about keeping the workers in their place... in a state of fear. It is a fundamental driver in all forms of crime. Austerity it completely unnecessary and relies on people's ignorance of the actual money system.

08:00 A question around sterling and will it be a "foreign" currency? Sterling area already dismantled since around 1972, most of the commonwealth country that fixed their currency to GBP by that time either float it or fixed it to USD and treat GBP as foreign currency That makes GBP foreign currency to almost most of commonwealth countries except few that still fixed to GBP

The Vienna Conventions on the Succession of States will deal with much of this stuff. These provisions were not in place when most African colonies gained independence and much of it would not have applied anyway. The point about other people's industrial policy is a good one but, although Scotland does need new sea routes (Forth - Netherlands) and air cargo routes (PIK!), it is not a major sufferer in this respect in the way that Wales is.

Oh geez… you had the other Smurph (the original Smurph being good ol Austrian Authoritarian-enabler Bobby Smurphy) on your podcast… Rich Smurph doesn’t understand that the Job Guarantee is part of the foundation of MMT… thinks it’s an “add on”… yikes! Are you all really into MMT or are you just looking to toss haggis at the wall and see what sticks?…

Time for Full Fiscal Autonomy?

And here we are with a Labour austerity plan 😡

Hold on, this is odd. I thought you were an MMT based economic group and channel? Grace has publicly stated disparaging remarks about MMT, and to my knowledge has not taken back said disparaging remarks. Has she taken back her condemning remarks of MMT?

William Thomson . @scotonomics1 You seem to be in denial of what borrowing is. Borrowing is by definition "to take or receive something with the promise or intention of returning it.". How do you not understand that when there is an exchange of money from the reserve bank to the government via promise to pay it back on the contract of sale of the treasury security that was exchanged for the money itself that it is not borrowing? Do you also want to also deny that there is a requirement to pay it back like it has been in the past?

William Thomson again displays the stupidity of MMT when he says the central government such as the Bank of England is "currency issuer" and NOT" currency user ". The reality is governments do not create the currency but borrow it from the Bank of England (The UK central bank) is a process that is explained by the Bank of England itself which involves government treasury securities (bonds) being sold to the Bank by the government itself to get newly created money from the Bank of England. Those securities ( bonds) all mature and have to be paid back on maturity. Additionally he can't explain why the amount of money spent every year by government is far in excess of the amount borrowed from the Bank of England and the only explanation of why this can and does happen is the government collects taxes from both the private sector and lower levels of government like the states and councils to get those funds. One wonders if he has done any in depth research and applied basic mathematics which would have revealed this and ruled out any possibility of what he says about taxes not being used for government spending being valid. The reality is TAXES are the LARGEST source of funds that every central governments use to fund it's spending.