Rachel Reeves stood at a Downing Street podium this morning and panicked. Three weeks before her budget, she admitted what many already feared, that she’s going to deliver austerity for most, and comfort for the City.
In this video, I explain why her panic matters, why she misunderstands how money works, and how she could take control of the economy instead of surrendering it to the markets.
Watch to understand what’s really happening behind the scenes and why this could be the most dangerous Labour budget in a generation.
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00:00 – Rachel Reeves’ panic at Downing Street
01:00 – Four reasons behind her actions
02:00 – Fear of a market crash or Farage’s influence
03:00 – The power of the City and the OBR
04:00 – Reeves’ misunderstanding of money creation
05:00 – The myth of taxpayers’ money and national debt
06:00 – Why there’s no real sovereign debt crisis
07:00 – What Reeves could do: take control of the Bank of England
08:00 – Ending quantitative tightening and tiering reserves
09:00 – Transforming savings and pensions through National Savings
10:00 – Funding public investment directly, bypassing the City
11:00 – The coming austerity, tax rises, and policy failure
12:00 – A pro-cyclical budget that will make everything worse
Credit to : Richard J Murphy