Modern Monetary Theory

[sheldrake]

I'm shocked! Shocked to find that banking works to keep the rich richer!

Who can you vote for who would do something about it?

The Green Party.

I refreshed myself on their economic policies. I do see lots of concern about private banks creating money when they make loans, about irresponsible lending and also govt. debt being too high. They propose fairly clear spending figures: -

Fiscal Policy
EC710 We accept that we need to devote a significant part of our national resources to the common good, and reject moves to a ‘smaller state’ for its own sake. We would expect Government expenditure in normal times to lie somewhere in the range 45% to 55% of GDP.

EC711 The cumulative National Debt must be constrained to preserve the Government’s ability to borrow, and to prevent too much tax revenue going to pay interest.

EC712 We would aim to balance spending and taxation over the economic cycle, with Government tax and spending plans following the precautionary principle that there will be a recession sometime in the next ten years. Policy would aim to at least fund the natural deficit that appears due to higher social security payments and lower tax receipts in a recession, and may go further to apply some counter-cyclical stimulus to the economy.

This sounds like a Scandanavian-style economy on the face of it but there is a lot of detail on proposed new regulations. There is quite a lot of openly anti-EU stuff here for a party that went full Remainer at the last general election.

[plodder]

They are openly pro-EU so clearly have a reformist agenda - obviously there's a circle that needs squaring there but the multiple reforms they propose (transparency, democracy) including transfer of legislative agenda-setting to the European Parliament. It's all right up your street.

On banking, they also propose a bank asset tax and a public banking agenda including new mutually owned banks to provide funding for a Green New Deal.