I actually think full membership is pretty unlikely, at least in the short to medium term. Well, unless we get a Lib Dem majority government (not going to happen). The far-right hate the EU because their brains have been cooked on Telegraph and Murdoch slop and the left is flirting with MMT, something the fiscal rules of the Lisbon treaty prohibits.
Even with a LibDem majority government I don’t think it would be a currency union. They’re rejoiners for sure, but I think it’s to re-establish what was lost. Not go further.
The keep your own currency deal and stay out of Schengen permission was only ever for existing members. It isn’t open to new joiners. Neither is the membership fee rebate, which was only ever for us.
Not going further is a power we used to have, but lost permanently when we left.
Modern Monetary Theory. Technically it’s just a description of how money works, but MMT people tend to advocate positions about increasing spending and that government debt isn’t actually a factor in the state of the economy.
Does anybody have anything other than an “introduction” to MMT? I find that everything I see stops short of answering the questions I have.
MMTers will say it’s just a new (more accurate) way to think about how the existing system works, but how does it effect a governments options for policy?
They will also say it’s not a license to spend recklessly, as the difference between money issued and money reclaimed drives inflation. This sounds like having a limit on a budget deficit / borrowing to me, so how is this different?
They will also stress that it means you don’t have to wait for growth (i.e. increasing tax income) to start government spending as spending is money creation. Fine, but it’s still a feedback loop, and after year 1 why does it matter where the loop started?
I actually think full membership is pretty unlikely, at least in the short to medium term. Well, unless we get a Lib Dem majority government (not going to happen). The far-right hate the EU because their brains have been cooked on Telegraph and Murdoch slop and the left is flirting with MMT, something the fiscal rules of the Lisbon treaty prohibits.
Even with a LibDem majority government I don’t think it would be a currency union. They’re rejoiners for sure, but I think it’s to re-establish what was lost. Not go further.
The keep your own currency deal and stay out of Schengen permission was only ever for existing members. It isn’t open to new joiners. Neither is the membership fee rebate, which was only ever for us.
Not going further is a power we used to have, but lost permanently when we left.
What is MMT?
Modern Monetary Theory. Technically it’s just a description of how money works, but MMT people tend to advocate positions about increasing spending and that government debt isn’t actually a factor in the state of the economy.
Modern Monetary Theory, this is a decent explanation about what it is.
Does anybody have anything other than an “introduction” to MMT? I find that everything I see stops short of answering the questions I have.