Beyond People’s QE

Beyond People’s QE

A day or two ago, Alex Little, published a blog post called ‘Lessons for Corbyn in “Lerner’s Law”’. Lerner’s law suggests that using your opponents language limits your ability to make the argument. Little quotes Bill Mitchell, the inventor of Modern Monetary Theory (MMT) as to how Labour’s leadership in articulating the Darling Plan and its successors talk about balancing the budget and fixing the deficit concede the argument to the Tories. Little’s article also points at Lerner’s economic theories, described as “functional finance” and points at the wikipedia article on it. He argues that by describing the proposed pump priming as PQE, and accepting that when growth takes off, the government may transition to bond financing, by even accepting that we need to live within our means, the theory and benefits from the a more overt radical financing will be lost.

Labour’s next leader, economics, defence and the mandate

Labour’s next leader, economics, defence and the mandate

In the dying days of Labour’s Leadership selection, the key issues remain those of economics & strategy, but also unfortunately now one of mandate.

The debate on economics has come to be between Cooper and Corbyn. Demanding credibility is not an economic policy and so we can ignore Kendall & Burnham. I summarise the other’s two positions below and conclude that Corbyn’s economic manifesto is not just a shopping list of desirable reforms, they are a single set of reinforcing measures to fix and rebuild the economy so it works in the interests of the majority of people.

This was meant to be a short blog, emphasising the economy and virtuously circular, self reinforcing nature of Corbyn’s programme, but I also take the opportunity to look at the defence and foreign policy debate and conclude with some comments on the election process itself and Labour’s future.

I am glad I voted for Jeremy Corbyn, but I am not a Corbynista, I am Real Labour.

Deference

I shouldn’t admit it, but I have just been watching a documentary on QE II our longest reigning monarch, and they marvel at her input to statecraft from Winston Churchill to David Cameron. It makes me puke, and it’s another reason to vote for Jeremy Corbyn. That’s an interview I’d like to see.