Clearly, it’s Tuesday

And the second error is to presume that the money created by the Bank of England to buy these debts is itself debt. It isn’t. There are two reasons for saying so. The first is that banknotes are not in the national debt – and I will publish my explanation of this soon – and that since notes and the central bank reserve accounts which represent the new money created by the Bank of England for quantitative easing are both described by it as ‘base money’ – then that QE created money cannot also be included in the national debt. This is why the ONS keeps the gilts in its calculation instead, to suit the government’s political agenda, whilst wilfully misstating the debt as a result.

Because on Mondays all money is debt. That’s why the government can never allow itself to run a surplus because it would reduce the amount of money in circulation.

On Wednesdays the government creates money by spending it into circulation.

Oh, and QE? His chart shows that we’ve increased the base money supply by 40% of GDP. As it used to run around 5% of GDP that means we’ve something of a potential inflation problem – potential! – already built in……

11 thoughts on “Clearly, it’s Tuesday”

  1. Anyone going to sign up for his little talk on Thursday?

    The Q&A session could be quite amusing if enough of us are there…..

  2. I just logged on to remind people about his talk on Thursday, but you seem to know already.
    “Who pay’s for Covid-19? In search of Tax Justice”. And anyone can put forward questions! I’m looking forward to this one.

  3. None of the crowd seem to have noticed how his line changes all the time. I suppose he is telling them all what they want to hear – infinite money without any cost

  4. After having worked through the Nomenklatura of the Social Unity Party as aliases over you-know-where I am pleased to report that my pugilistic alter-ego, Mike Byson, has been able to record his admiration at the small number of people that Captain Potato has antagonised over the years.

    It turns out that he is only talking about his immediate circle which means two wives, two (?) children, a few model locomotives (now bricked up in a tunnel) and, probably himself.

  5. “Can somebody get a video of the proceedings? It would be very interesting.”

    Unless he asks otherwise, I believe all meetings are recorded and available to view a few days later.

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