There is NO ‘national debt’. Politicians like Keir Starmer are SCAREMONGERING

Keir Starmer and money: he doesn’t understand how it works but he wants us to put him in charge of the UK’s economy. How insane would we have to be to do that? Oh, and Rishi Sunak doesn’t know how it works either.

Let’s try to put this ridiculous nonsense about us having to pay back a mythical “national debt” to rest, if we can.

This Writer has been trying to work out a better way to describe it for a long time – practically since it became a political football during the run-up to the 2010 election, in fact – and I have learned a lot about the way the UK’s money system works in that time.

Here’s how it works:

All UK money is created as demanded by the government. It asks the Bank of England, which it owns, to create the sums it needs in order to fund its political projects and policies and puts that money into the economy.

(And in order to prevent inflation, as more and more money is pumped into the system – and also to validate Sterling (the Pound) as a currency – the government takes money back out of the system in taxes.)

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Without the money the government creates, the economy would not work – unless we all went back to bartering one set of goods for another, but this is not as good a system as using a currency.

So we could say that money is the lifeblood of the economy – it invigorates the system and keeps it alive.

Taking that comparison further: we don’t say we owe our heart a debt of blood because it pumps eight pints of it around our bodies, without which we couldn’t survive, do we?

And if we give blood, for medical purposes, we don’t expect to have to pay our heart back in some extraordinary way; our bodies just make more of it.

So it seems strange to consider all the money the Bank is told to create for the economy as being debt; it is something else, for which I have yet to find a good pithy name.

As such, it seems to This Writer that governments should work out how much they need to have in the economy at any given time, in order to achieve their aims, and remove that from any notion of debt. This would then give them a better idea of how much to tax out of the system at any time. There are other indicators available to show who it should be taxed from.

It seems to me that this (possibly naive) model is endorsed by the economist Richard Murphy in his new – long – ‘X’ thread about why Keir Starmer’s twaddle about the “national credit card” is ridiculous.


Here’s the bit that corroborates what I was thinking:

So the national debt is actually the money that makes the economy work. That’s not a debt – it’s an assset!

He continues:

Now he’s getting into why the “maxed-out credit card” story is daft.

Here comes the punchline: why are Labour and the Tories making such a fuss about a so-called debt that doesn’t actually exist? Read on:

So there you have it.

There is no national debt.

The money created by the government, through the Bank of England, is what energises the economy (we can see that demonstrated by the fact that there has been practically no growth in the years since David Cameron and George Osborne imposed austerity on us).

Political parties talk about a fictional national debt and a fictional national credit card to make us believe that, as a nation, we cannot afford the public services and assets that we need. This is a lie.

The conclusion?

Political parties that tell this lie do not deserve our vote and there should be no Labour, Conservative, Liberal Democrat or SNP MPs in the House of Commons after the next general election – unless they change their tune radically.

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One Comment

  1. Jonathan Lisle-Summers February 10, 2024 at 6:25 pm - Reply

    Not National Debt but rather National Investment…. Dontcha think?
    It’s what the fabulous Spanish series The Money Heist is all about.

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