@histodons

"Britain suffered from a ‘dearth of #money’ problem. [Eventually it set up] a Bank of England (1694) whose issues of credit would be backed by a largely unknown horde of silver. This created the first widely circulating credit money which acted to stimulate more state spending for war. Between 75 percent and 85 percent of annual expenditure went either on current spending on the army, navy and ordnance or to service the debts incurred to pay for earlier wars."
https://capitalaspower.com/2024/09/di-muzio-dow-re-considering-the-origins-of-the-climate-emergency-war-finance-and-the-state/

"A national government is well placed to ensure acceptance of its own money. […]
"The key to ensuring acceptance of a national currency is in the state’s power to tax. By specifying that taxes and other obligations to the state must be settled in government money, the government creates a need for individuals and businesses to obtain the currency."

Peter Cooper (2015): https://heteconomist.com/money-interpreted-as-an-iou/

#money #reserves #centralBanks #banks #currency #MMT #power #wealth #settlement #transactionsv #taxes

@economics @economics-that-works 🧵

For societies that retain for themselves currency sovereignty, anything that is technically feasible, is affordable.

Demonstration by Peter Cooper (2021): https://heteconomist.com/the-core-significance-of-taxation-and-currency-sovereignty-in-a-nutshell/

#debt #deficit #sovereignty #money #centralBanks #currency #MMT #power #wealth #settlements #transactions #policy #government #politics #economy #policies #climatePolicies

There is no #transition:
Climate policies reduce annual GHG #emissions by about 1 Gt/year (0.6 to 1.8 giga-tonnes of CO₂-equivalent/year): https://www.inet.ox.ac.uk/publications/climate-policies-that-achieved-major-emission-reductions-global-evidence-from-two-decades
So, policies of climate change #mitigation achieve 2% of the requirements. Emissions continue at around 50 times more: http://data.yt/projections/2024-results.html#overview-chart

#climatePolicies #greenTransition #energyTransition #footprint #GHG #CO2 #policies #carbon #offsets #COP29 #sovereignty #money #power #policies #policy #debt #politics #economy #ParisAgreement

Between 2020 and 2023, the European Investment Bank lent more than €11 billion to seven major corporate clients—Iberdrola, Stellantis, Intesa Sanpaolo, Leonardo, Orange, Northvolt, and the Gavi Alliance. Over the same period, these companies earned €100 billion in profits, distributed €38,7 billion in dividends, and spent €11,9 billion on share buybacks.

#Report: https://counter-balance.org/publications/how-the-eib-boosts-corporate-profits-while-the-public-pays-the-price

#transition #policies #sovereignty #money #policy #politics #economy #banking #finance #Europe #EU #EIB

"@economics as a discipline has morphed into becoming a support mechanism to ensure private profit continues to be accumulated by the few while the rest of us increasingly struggle with various challenges that such a bias has created – deterioration in the quality and availability of housing, environmental degradation, diminishing employment quality, diminishing quality and availability of health care, increased corporatisation of education, etc"
https://billmitchell.org/blog/?p=62352 🧵

#economy #finance #MMT