Tag Archives: taxation

Money Creation (reprise)


In 2013 I came across The New Economics Foundation (nef) publication guide to the UK monetary and banking system with the title ‘Where Does Money Come From?’ contending that there is widespread misunderstanding of how new money is created. The original can be read here, implying that the only widespread understanding of ‘money’ lying in its purchasing power seems a reasonable conclusion and may compliment the monetarist viewpoint. Read more of this post

The Quantity Theory of Money


This week on Facebook: I have to think very hard about whether I am a monetarist or not, the answer seems to depend on how strongly I believe that the State guides its political economy by changes to the monetary supply and other forms of fiat money creation. It was an article or remark of Mervyn King in which he displayed misconceptions about money velocity, particularly with regard to quantitative easing, that first brought the Irving Fisher equation of exchange (MV=PT) to my attention. Economist vacillate over measuring Instruments in economics¹ and while I would hardly call myself an economist — I share in their vacillations. Read more of this post

What does inflation mean!


This week on Facebook: I am still being asked, “Who is it that this debt is owed to. The examples of  public debt that I referred to last Sunday appear’s to be of little concern to an electorate who assume that economic growth can continue unabated. The electorate’s assumption appears to be that the distribution of this perceived economic growth will be used to support the State’s spending on a social welfare programme. It ignores the history of their public administration’s attitude to debt and particularly to austerity. It was Germany that adopted the earliest modern social welfare programme under the aegis of Otto von Bismarck in 1889 (3).

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Inflation!


This week on Facebook: Last Sunday I tried to show the inflationary effect of fiat money that was introduced at Bretton Woods in 1971. While I think it was something that I failed to do successfully, I may have indicated how difficult it is to arrive at a figure for inflation that is not subject to government fiscal policy. Read more of this post

Sunday 28/7/2019


I did consider withdrawing this post, but it has made me look at ‘Measuring Worth‘ in a new light and is useful to me. Specifically it made me consider how complex the issue of inflation actually is in a fiat money world. Especially in the light of the Retail Price Index and the Consumer Price Index that comprise the items making up the UK’s ‘shopping baskets’.

The best that I could do was to measure the value of one pound (UK) using three sequential periods from 1947 until 1970 and from 1972 until 2018. I missed out 1971 as it was the year that fiat money was introduced into the global economy. Even so the cost of inflation to the consumer for a basket of goods not included in the RPI or CPI indices was hard to identify. This is particularly true of groceries that are considered to be a necessary expenditure. Food is approximately 10% of the basket depending on the percentage variability of the other included items.  The following notes below point out that measurements of inflation are based on a fiscal policy that is related to the RPI, CPI indices.

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Aasof: “You know how to whistle don’t you?”


This week on Facebook: My post last Sunday brought home the fact that I belong to the Pinocchio generation, that of the Walt Disney era but including Sabu and long before Disney’s Jungle Book. I now realised why my mum took me to the pictures so much during WWII, but that’s an anecdote for another time. Lauren Bacall belonged to my mum’s generation and the memories of the films she took me to see live on my mind. Excerpts from the films may be enhanced by references in the social media, but I now belong to a generation whose memories increasingly have little in common with my children and nothing in common with my grandchildren.

Why coming to see death’s naturalness should have caused belief in an afterlife to melt away, I am unsure, but it did. Diana Athill¹

Born in May 1939, on becoming an octogenarian I thought it an appropriate time on Facebook to at least mention the inevitability my demise. I know that some of you have already passed the octogenarian milestone — as had my mother-in-law, whom I told a story about in 2016 (encounter with the dying). I trust that demise never become millstone, like a dead albatross hung around the neck².

The following video by Peter Saul talking about dying was really enlightening and had a profoundly serious effect on my approach to the subject, increasingly so in my attitude towards others. Among the many articles that I found ‘Talking about death and dying’³ seems an appropriate adjunct to Peter Saul’s talk.

In the event that you became too sick to speak for yourself!
Who would you like to speak for you?

Peter Saul


1. “Memento more.” It’s time we reinvented death: (2012) As if we needed any reminder. While few of us know exactly when death will come, we all know that eventually it will. It’s usual to talk about death overshadowing life, and the passing of loved ones certainly casts a pall over the lives of those who remain behind. But contemplating our own deaths is one of the most powerful forces in our lives for both good and ill driving us to nurture relationships, become entrenched in our beliefs, and construct Ozymandian follies.

2. What Good Is Thinking About Death? (2015) But we’re not always actively thinking about it. When people are reminded of death, they employ a variety of strategies to cope—not all of which are as well-adjusted as Stoic gratitude. That many kinds of human behaviour stem from a fear of death is the basis of one of the most prominent theories in modern social psychology—terror-management theory.

3. What It’s Like to Learn You’re Going to Die: (2017) The shock of confronting your own mortality need not happen at that instant, Coyle notes. Maybe you look at yourself in the mirror and suddenly realize how skinny you are, or notice your clothes no longer fit well. “It’s not necessarily verbal; it’s not necessarily what other people are telling you,” Coyle says. “Your soul may be telling you, or other people’s eyes may be telling you.”

4. How to Recognise When Your Loved One Is Dying: (2018) Death is a personal journey which each individual approaches in their own unique way. Nothing is concrete, and nothing is set in stone. There are many paths one can take on this journey but all lead to the same destination. What happens in the journey of dying, beginning one to three months prior to death, during the last two weeks before death, and during the last few days of life? In this continuum, how can you know when your loved one is dying?

5. Let’s talk about the art of living and dying well: (2019) In a society that struggles to view any death as “good”, it is also an unmistakeable opportunity to share what at least constitutes a better death. Acceptance is foremost. Some of my most remarkable patients have accepted early that they have not been singled out by misfortune, that suffering in different shapes is the course of humanity.


Referenced Articles Books & Definitions:

  • A bold text subscript above and preceding a title below (¹·²·³), refers to a book, pdf, podcast, video, slide show and a download that is usually free.
  • Brackets containing a number e.g. (1) reference a particular article (1-5).
  • Links reference a source and where necessary, those words that include a link in italics are intended to indicate its context.
  • A long read url* is followed by a superscript asterisk.
  • Occasionally Open University (OU) free courses are cited.
  • JSTOR lets you set up a free account allowing you to have 6 (interchangeable) books stored that you can read online.

¹It’s silly to be frightened of being dead (url*): Death is the inevitable end of an individual object’s existence – I don’t say “end of life” because it is a part of life. Everything begins, develops – if animal or vegetable, breeds – then fades away: everything, not just humans, animals, plants, but things which seem to us eternal, such as rocks. Mountains wear down from jagged peaks to flatness. Even planets decay. That natural process is death. Killing is the obscene intervention of violence, the violation which prevents a human being or any other animal from reaching death as it should be reached. Killing certainly did affect the minds of those exposed to the first world war. It shocked most of them into silence: many of the men who survived fighting in it never spoke of it, and I think it had the same effect on most of those the men returned to. It was too dreadful. They shut down on it.

²An introduction to death, dying and grief (url/OU Free Course): Explore interesting and challenging ideas around death, dying and grief. This free course, An introduction to death, dying and grief, invites you to think more deeply about death and dying and encourages you to think about it in different ways. This course will introduce you to different perspectives on death; ethical issues related to dying and end-of-life care; as well as expressions of grief. Please note that this course includes video about people talking personally about their experiences in relation to death and dying. If you have been affected by the issues in these videos, there are resources included in the course for further information and support.

³Talking about death and dying (url): It’s not always easy to know how to talk about dying. Awkwardness, embarrassment and fear means we tend to shy away from connecting with those who are dying or those who are grieving. But when we don’t talk about what matters it can increase feelings of isolation, loneliness and distress.

 

Anthropocene?


This week on Facebook: The argument, particularly in the USA, appears to revolve around global warming and the cause of it. A long time ago I met someone who had attended the  (original) Rio Conference¹. He remarked that even at the conference the scientist were not in agreement as to the causes of environmental pollution however, those with a political axe to grind clearly there. Well, so much for that! Read more of this post

UK Pensions & Politicians


This week on Facebook: Politicians in the UK (and elsewhere) apparently assume that economic recovery is achievable through austerity and a reduction in public debt. However, a self-serving governing elite ensure that deficit financing ensnares us all while they remain immune to the austerity measures imposed. This is particularly true of pension inequality when UK members of parliament have their pensions determined by a notionally¹ Independent Parliamentary Standards Authority (IPSA). Read more of this post

Cassandra on Money & Debt


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Welfare on a Global Scale?


This week on Facebook: The 1948 Universal Declaration of Human Rights by the United Nations (UN) makes reference to social security and the economic, social and cultural rights of ‘the common people’¹. The UN’s writing of economic rights first is to my mind quite deliberate, in that without them any social and cultural rights look set to fall. However, finding a meaningful definition of economic and cultural rights has been difficult and resulted in my resorting to podcasts. While the podcasts have the titles ‘Economic Rights’ and Cultural Rights in the 20th Century, both lead to the question of human rights (4).

The European Union (EU) attaches great importance to the interdependence of all human rights and consider economic, social and cultural rights as part of a social welfare program that may well constrain the development of the EU (5). These issues also constrain the actions of the United Nations (UN) to a degree but are an essential part of any Group of 20 (G20) social welfare programmes, where the ratio of gross domestic product (GDP) to any social welfare programme that a G20 State has affects the forecast of future economic growth.

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Martin Widlake's Yet Another Oracle Blog

Oracle performance, Oracle statistics and VLDBs

The Land Is Ours

a Landrights campaign for Britain

The Bulletin

This site was created for members and friends of My Telegraph blog site, but anyone is welcome to comment, and thereafter apply to become an author.

TCWG Short Stories

Join our monthly competition and share story ideas...

The Real Economy

Blogs and stuff from Ed Conway

Public Law for Everyone

Professor Mark Elliott

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