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Imagine buying a house or a business with cash.

Nah, I've been consistent throughout. You seem to have taken against my explanations so, out of interest, can you tell us your explanation of govt fiscal ops?

That's right. I'd forgotten, now I remember why I took that decision.

Hold on. Your comprehension skills haven't improved since the last time, have they? 'We', as in the general public, aren't legally allowed to create £s at all. Govt can (and does) create as many £s as it wants to; all it has to do is get parliament to authorise the spending. I'm pretty sure...

Of course it could. Anything we can do we can 'afford' to do. It's never a question of how many £s we need to do it, it's always a case of 'how do we responsibly acquire the resources we need'. Creating the £s is the trivial part. For example why don't we have the best health care, social...

He hasn't really thought the 'cash is king' thing through, has he? You want to store all your wealth (if you have any) in physical cash? Fair enough. Couple of questions: . where are you going to store it? . are you happy with the security of your storage arrangements . how will you transport...

The Bank of England disagrees with you. Plus you seem to completely misunderstand how the economy actually works. You seem to think £s circulate around the economy forever; they don't.

Nah, keep learning, pass it on. Each one teach one and all that.

Sure, I get that. It's almost as though the language used around govt fiscal ops is designed to confuse and put people off. Most are content to believe the narratives I alluded to here. However, once you understand the pretty simple mechanics and the implications of that understanding it's...

Starts off ok ish - Commercial banks are licensed by UK govt to create £s. They are the only institutions, apart from govt, legally allowed to create £s. Then he rapidly descends into economically illiterate gibberish. He's spent too much time with the 'central banks are evil' donuts. I was...

Nope. Banks don't loan out people's savings, the loan itself creates a new deposit. It's new money as soon as the bank approve the loan. For example: . I originally have £10k in my bank account . I apply for a £10k loan . Bank approves the loan . The loan issue creates a new deposit of £10k in...

Banks don't lend out savers money. When a bank accepts your collateral thereby making a loan, it creates the deposit in your account. New £s created.

The 'govt as a household', 'govt needs to balance the books' etc. narratives are dominant and have been dominant for 40+years. They are rolled out to manufacture consent for spending cuts, "we can't afford it" stories and other such economic terrorism. Those narratives are boll0x and don't...

Agree with all that. As David Graeber said: . "Every day we wake up and collectively make a world together; but which one of us, left to our own devices, would ever decide they wanted to make a world like this one?" Your last para is what Gramsci called Cultural Hegemony: . Cultural hegemony...

Pretty sure you won't understand this either but, anyway: Pensions are a question of how much of current production we, as a society, are willing to give up to those over a certain age. Trying to privatise that issue so someone can make money from it is ridiculous. Get rid of bonds, use the...

That's exactly what it is. Higher interest rates means (among other things) higher mortgage payments for lots of people. That means many people have less money to spend aka destroying demand. Lower demand makes people unemployed. Zombie companies employ people. When they go bust those people...

Truss/Kwarteng have signalled they want higher interest rates aka 'mortgage tax'. They seem to believe it will destroy the 'zombie' companies and free up their resources for use by 'sound' companies. No-one I've spoken to about their plans can see any way of it working. Many will be facing...

Stop issuing bonds. Job done.

Some private pension funds say 'bye bye' and lots of people's money gets hoovered up. If ever there was an argument against the private pension 'industry', there it is.

BoE stepped in to stop liquidity issues with pension funds due to them being on the wrong side of certain derivatives called LDI's which pension funds have been using to try to match their obligations. If you are interested in an explanation I'll post a link. Index linked Gilts were created...