Philosophy Now Forum

Crisis and Community
The chancellor is ‘borrowing’ vast amounts of money which has to be paid back. If this country were like a vast community or kibbutz, with minimal use of money, providing people with the goods they need in return for their work. How then would the chancellor borrow anything? Commerce would close down as need be, with essentials continuing. No doubt vast amounts of community work would need to be done by those otherwise out of employment. Buildings would be mothballed and maintained until again needed. if everyone were receiving a minimum wage for essentials the same would apply.

RWStanding wrote: ↑Wed Mar 03, 2021 8:32 am Crisis and Community
The chancellor is ‘borrowing’ vast amounts of money which has to be paid back. If this country were like a vast community or kibbutz, with minimal use of money, providing people with the goods they need in return for their work. How then would the chancellor borrow anything? Commerce would close down as need be, with essentials continuing. No doubt vast amounts of community work would need to be done by those otherwise out of employment. Buildings would be mothballed and maintained until again needed. if everyone were receiving a minimum wage for essentials the same would apply.

The chancellor would do better simply to print the money needed through the crisis. This is likely to cause a small amount of inflation. This lower the value of all those trillions of £s in offshore accounts.
To avoid loss of value, those sitting on this vast host of untapped wealth would be more likely to spend and invest. This would provide the stimulus necessary to grow out of the recession.
Why will he not do this?
Because him and his mates who are the ones who have money offshore see the pandemic as a way to make more money. The way they make money is by lending it to the country with garenteed payback.
Labour have suggested offering Recovery Bonds. This will have much the same effect. Rich people will buy the bonds with a garentee of good payback whilst being able to convince themselves that they are helping out. But in effect they are helping themselves.
WHo is going to suffer?
The poor.