Every single action this government takes is for one reason only, and that is to reduce the rate of money creation that it has to undertake within the UK economy. Note I do not say borrowing, because there has been almost none of that in the least year. The precise figures can be argued over and largely depends on timing, but it is likely that more than 90% of all Covid costs and the resulting deficits have been paid for by money creation. And such is the irrational fear of this process, which those in the Treasury claim not to understand, that the government is willing to sacrifice tens of thousands of lives rather than use the capacity that the state has to get things right using he power it has to create money, when getting things right would be putting in place the measures needed to tackle this virus on a timely basis.
It could sometimes be argued that debate on economics is without consequence, because a great deal of it speculates on what might be with little chance of influencing the outcome. But in this case economics does have a consequence. Government debt paranoia is leading to the early deaths of tens of thousands of people in a way that is wholly unnecessary if only we realised that the option to act appropriately exists, and that the measures to make our society a lot more safe could be taken.
All the money that is needed to beat coronavirus is available.
What is lacking is the will to use it. Setting acceptable death tolls is easier.
The result will, however, be a third wave and even more government support for the economy being required very soon because the right steps to ensure public health were not taken soon enough.
And that’s what’s really annoying about this. All of this could have been avoided by a government really willing to tackle the issues and not just its symptoms, but they weren’t. One day, maybe this time, I hope we hold them to account for that.
That really is what is being said. The entire government policy is to try and prove that Richard Murphy is wrong.