Real Change?

Like a general fighting the last war, Jeremy Corbyn is still fighting the 2017 General Election. As, indeed, is the other side. 

And from Corbyn's speech today, he still has no idea that a sovereign state with its own free floating fiat currency has as much of that currency as it chooses to issue to itself, with fiscal and monetary means readily to hand to control inflation while encouraging certain forms of behaviour and while discouraging others.

Both those fiscal means and those monetary means must therefore be under democratic political control, as they were under every Conservative Government up to and including the 1997 General Election. But that is the purpose of fiscal policy, of taxation. With monetary policy, it exists to control inflation while encouraging certain forms of behaviour and while discouraging others. It is not where the State's money comes from. Who on earth told you that?

90 per cent of all of the money that the State spends into existence in the first place, and that is how all money begins, will eventually make its way back to the State through the taxation system, regardless of what is taxed or at what rate. The question is how many stops there are to be on the given road to that destination, and where those stops are to be. The answers to that question are equally economic, social, cultural and political.

Corbyn still shows no sign of understanding any of this. Another hung Parliament is coming, however, and we need our people to hold the balance of power in it. A new party is now in the process of registration. After nearly 30 years of suggestion, speculation, and even a sort of preparation, I will stand for Parliament here at North West Durham. The crowdfunding page is here, and buy the book here. Please email davidaslindsay@hotmail.com. Very many thanks.