Michal Lerner The name Petrodollar is used to designate dollars that are used to buy oil. So if country X buys 1 million barrels of oil at $70 dollars per barrel from an oil exporter and pays for that oil in dollars, then an account at some US bank will be marked up by £70 … Continue reading Venezuelan oil, Sanctions and Petrodollars
Modern Monetary Policy (MMT)
Money, Money, Money . . .
Magnus Langton On Sunday August 15th, 1971, United States of America President, Richard Nixon addressed the nation and announced, “I have directed Secretary Connally to suspend, temporarily, the convertibility of the dollar into gold . . .”. With that, the Bretton Woods Agreement of 1944 came to an end. This settlement had defined the post World … Continue reading Money, Money, Money . . .
Rachel Reeves’ Budget Dilemma – Households and Governments—Editorial
Rachel Reeves will deliver her second budget on 26th November, facing a serious dilemma of her own making. By adopting two strict fiscal rules that limit government spending without tax rises, and simultaneously pledging not to increase taxes on working people during this parliament, Reeves has boxed herself into a narrow and politically dangerous corner.When … Continue reading Rachel Reeves’ Budget Dilemma – Households and Governments—Editorial
Reeves’ False Debt and Interest Problems
Throughout January, there has been much excitement in the main stream media about the state of the government finances. Apparently the ‘bond vigilantes’, by reducing the amount they were prepared to pay for a government bond, were expressing their displeasure with proposed government policies. We were told that Reeves was ‘all out of money’ and would likely … Continue reading Reeves’ False Debt and Interest Problems
Labour Affairs 