Labour leadership: key moments from Channel 4 News debate

[@Archivian01]

Burnham really comes across as 'middle management' in this debate. Also, with his whole 'making excuses for Putin' bit, well if thats all he took from that, then it shows how simple a view he seems to apply to things.

[@meisam14]

Jeremy Corbyn could have debunked the inflation humbug a lot better. But I think he was cut off and interrupted.

[@meisam14]

***** Solid argument...

[@meisam14]

***** The neoliberal strand of economics, yes, which is no more natural an economic system than any other. Economics is a religion dressed up in equations. It obfuscates and hides the fact that a democratically elected government can simply create and issue the nation's money supply for public projects and services *without* borrowing or taxation.

[@meisam14]

***** It's not a pretentious word. It's the mainstream label for free-market capitalism. I don't believe you actually know what it is you're talking about when you aren't even aware of such a basic term. Neoliberalism uses the term 'liberal' to mask the highly illiberal consequences of its ideology. Currently, private banks create money as debt in the process of loan-making. This has created asset price inflation in the property and financial markets. If money creation was restored back to a democratic representative public body, the government, there would be no inflation. The government would create and issue money free of debt on infrastructure, projects and services, which would naturally entail demand going up alongside supply, while the private banks would only be involved in intermediation, taking from savers and lending to borrowers. This would lead to dramatically low private debt levels and the abolition of taxation and public debt.

[@meisam14]

***** You are certainly right when you state that borrowing money does not increase the stock of money. But you don't seem to ask about the origin of that money: it was created. By whom? By private commercial banks in the process of loan-making. All money is debt and all debt is money. If you want more money in the economy, you need more debt. If you want less debt in the economy, you will have to suffer with less money. Such is the bipolar nature of our monetary design. Money and debt require separation from one another. The debt-free monetary system was implemented in the past by the US (Greenbacks), the UK (Bradbury pound) and China following the coup of its emperor. (refer to Web of Debt for more information.) A place where money is currently being conjured up and spent debt-free is the Island State of Guernsey on the British Channels. Of course, most countries haven't adopted this system due to the misinformation campaign peddled by the economic ideology you support. kentfreedommovement.com/profiles/blogs/the-magic-isle-of-guernsey-by-bill-still-director-of-the-best-doc Rather than engage with my counterargument to the inflation humbug, you ignored it and reasserted your same misinformed point. How can I take seriously someone who wilfully repeats soundbites without any care for the detail? Jeremy Corbyn is most likely going to "fund everything by printing money" given that he signed an early day motion for restoring debt- and interest-free system in the footsteps of previous Chancellor John Bradbury. Here's the proof: www.parliament.uk/edm/2013-14/748

[@ethelthecat1]

Polymath is right. Look up invention of double entry book keeping & fractional reserve banking- these ideas made modern capitalism possible. According to the BoE 97% of all money is now created on computers. That means 97% of debts is based on money that never existed. Printing money doesn't necessarily cause inflation. The biggest cause of inflation is increased demand, decreased supply or both. Eg: house prices. Lots of countries print money, like China, Japan, USA, EU and UK. Canada will start printing money/QE soon. They do this to make exports more competitive and encourage people/businesses to borrow money so they can invest & grow the economy. However, a lot of this money has been used to buy government bonds which offer a fixed amount of interest and then are used to cover public spending. This is what the Tories and the U.S. Government have done. Where's the hyperinflation? Biggest problem we face is deflation because wages aren't rising fast enough.

[@NickLip09]

Debate? 6 minutes of assault on Corbyn, more like.

[@PVflying]

3 identikit liars and one honest man

[@ChompGaming]

VICTORY FOR CORBYN

[@Channel4News]

Watch the full debate: kzbin.info/www/bejne/b2qZfaGbpZx7nM0

[@boulevard14]

Jeremy Corbyn was a lot more digestible here than in 2019. Now it's 2024, and a game-changing general election is 4 weeks away.

[@NB-nk1qy]

It’s very interesting to watch this is 2020! I wonder how many people who got sucked in by their rubbish then who simply won’t fall for it now!!!!!

[@conorkieran8196]

Ikr

[@conorkieran8196]

Politics in Ireland is still like this from in government parties

[@policja8police]

Interesting

[@mattlm64]

"rather than give it to the banks" He doesn't know what QE is: it's exactly giving "it" (money) to the banks.

[@Smitho94]

+Matthew Mitchell and he's saying don't give it to the banks, invest it in infrastructure etc.

[@ethelthecat1]

There was a liquidity shortage after 2008 so QE was used to allow banks to lend each other and businesses, 80% of which would have folded in the UK if the credit crunch had continued. Unfortunately the QE loaned to businesses by banks wasn't used as investment for growth as intended, but was used in asset bubbles (like housing) and for company share buy-back schemes that kept stocks artificially high.

[@ethelthecat1]

People's QE brings to the public's attention that when governments run out of money, unlike you or I, they can just print more. BoE says 97% of money in the world (July 2015) is created on computers by private banks and loaned out as credit. Many people don't even realise fractional reserve banking is taking £10 and turning it into £100. We should be debating whether it is better to use QE for the corrupt/bankrupt financial system, or use it to build houses & high speed internet for the benefit of nation. Even stranger; QE in the U.S. has effectively been used to loan the US govt money in order to cover public spending, because the Government doesn't raise enough through taxes. So QE needs to be on the table when discussing ways to grow economy and cut the deficit. Personally I think a Tobin/Robin Hood Tax is way to go on city transactions. U.S. & EU want to sign international agreement with us for it, but Cameron keeps vetoing it and fighting it in courts.

[@mattlm64]

QE is a way for the banks to make money out of thin air while the rest of us straggle behind due to wages/earnings not exceeding inflation as it should otherwise be. It's a way to secretly transfer wealth to a small elite. The fiat monetary system is fundamentally corrupt and flawed.

[@mattlm64]

Inflation done in anyway is a hidden tax on anyone that owns money, so particularly a tax on savers.

[@scubasausage]

RIP Labour. The demise is being broadcast! Great viewing.

[@freebornjohn6876]

+Scuba Sausage No, I really don't think that's going to happen. There's a whole generation of young people who are leaving university, in debt, unable to find affordable housing, unable to find a job that pays the bills, and utterly without hope of a decent future. Then there are the unemployed and the disabled being hammered by the present government. It's apparent now that 35 years of free market economic policy has failed to provide a decent standard of living for a sizeable proportion of society and they will see socialism as the answer. Just as socialism was successful post WW2, wiping away the misery of the dreadful poverty of the 1930's, so it will be successful again. It will happen whether you like it or not, because things just cannot continue as they are.

[@scubasausage]

Freeborn John Well things will continue how they are for the next 5 years at least. Then if you think people are going to vote for a terrorist loving, military hating, climate change denying, immigration loving, benefits loving man like Corbyn then fine. I definitely dont.