Rebuild and Transform Britain | Paul Mason Interviews John McDonnell

[@DavidWilliams-Uxbridge]

This is the man who took the time to visit my wife on her death bed. He raised her spirits and for that I will be eternally grateful.

[@gfy8729]

A bad choice of words david.

[@MisterDusterix]

If only everyone could see this video, it clearly sets out what Corbyn's Labour is about.

[@DimetriKhan]

What Labour needs to do is focus on broadcasting their messages. Catchy slogans, good attack lines on the Tories and hammer home the message.

[@MisterDusterix]

Harry Strong Yes.

[@MidnightRambler]

Mister Dusty yes and it’s terrifying

[@Secular_Scot]

I love you John.

[@urnazirahmad]

Good man. We are with you.

[@TheYopogo]

When this man talks, I have hope again.

[@wecandothiswarriors]

Top man

[@theicyridge]

Tough questions well answered.

[@rorysmith9382]

UP WITH LABOUR STANDING UP FOR THE WORKING AND LOWER MIDDLE CLASS. Diolch.

[@chriscox3109]

Wow, a interviewer asking questions that ordinary people want to ask and an politician who actually answers without spin, how refreshing.

[@gfy8729]

My god your gullible .Time and life will cure that

[@chriscox3109]

gfy , I'm 48 mate so do one yeah

[@amandaknopp4255]

Chris Cox - absolutely!

[@amandaknopp4255]

WTG, JOHN!

[@Silver-st2zq]

The way the Torries went after the disabled and the sick along with people having to use food banks is a disgrace, soon as the Torries are out the better.

[@SuperLdennis]

Great interview. Right lets get the bbc to play this?

[@englemanbluenose7356]

Peoples Politics! Peoples Prospects! Peoples Prosperity! Peoples Peace! 👏💗👋💖👆💓👌💟👍

[@mariokart6118]

Famous last words, 'it will pay for itself ' 😳

[@toms4552]

JM is on fire atm

[@22grena]

Dream team

[@rchave]

Sadly this sense will struggle to cut through the specious narrative we've heard for years. You need a snappier way of putting it. Point out that the economy is a circulation, not a balance book. If someone's losing blood and a doctor tells you the best solution is to stop the heart pumping anything out, wouldn't you worry about the doctor?

[@nickmuscat2913]

Nice Music. Though kinda Sinister in an way...

[@meisam14]

I'm slightly disappointed. Actually, I'm very disappointed. Why borrow the money when it can created and issued without debt? The repayments on state issued loans could then be recycled back to the Treasury in place of taxes.

[@meisam14]

Todd Sadler You're all over the place. I don't believe you understand what I'm referring to.

[@meisam14]

Todd Sadler What do you understand from my comment?

[@meisam14]

Todd Sadler An assertion isn't a valid substitute for an actual argument.

[@alexnsam2]

Perhaps it could but isn't printing money a dangerous business?

[@meisam14]

alexnsam2 There is nothing dangerous about "printing money." Money always needs to be created for growth, development and welfare. Currently, money is "printed" in digital form by private commercial banks. To restore the function of money creation to government would mean that all socially desired and necessary projects would be rendered financially viable as money would be no object.

[@miamha]

cheer up lassalle, oh what can it mean, to a kautskyist believer and a reformist queen 🙄

[@bethanyhunt2704]

The government can't go bust - that's absurd. The UK government is a currency sovereign - they create the money! As long as their debts are in pounds, they can never go broke. So whenever you hear anyone talking about balancing budgets, or fiscal responsibility, like the government is a household, or business, you know they don't know anything about macroeconomics. Check out Modern Monetary Theory to see how the money system works, now that we have no gold standard.

[@MidnightRambler]

Bankrupt within one year.

[@real1t1ychek]

Excellent. But let's stop being frightened to tell the truth that as a sovereign *issuer* of its own fiat currency, the UK Gov need not borrow *from anyone* in order to net spend, for the National Investment Bank, or any other purpose. UK Gov, by definition has no 'means' or Finance limitation - ever. That does *not* mean it can *spend* without consideration of the macro economic *effects* of increased spending. But that is true for spending into the economy money from *any* source, public or private. The potential for inflation must be considered in light of prevailing economic conditions. But Gov is unique in being able to be the ONLY counter cyclical actor, for the purpose of stabilising the economy when it moves in either direction. Gov can readily remove money by net taxation, or add money by net spending, according to the current economic conditions. Providing there is idle economic capacity, or ability to grow in timely fashion to meet demand, no excess inflation will occur. With high unemployment and underemployment at present, it is abundantly clear that the UK Gov both can, and should, increase its net spending position. With money issuance, no 'debt' required.

[@gabsave]

That ability is licensed to privately owned monopoly called Bank of England. No one else can issue money except it as of now!

[@real1t1ychek]

No, that's a misconception. The BoE is not 'privately owned' in any common meaning of the phrase. The BoE exists by Act of Parliament, and is operated and regulated according to rules laid down by Parliament. No private individuals have any entitlement to any kind of monetary benefit from the BoE, except those engaged as employees, according to employment contract law.

[@simonagonistes8844]

Mike Hall is correct. The Bank of England is an arm of Government despite the pretence that it is 'independent.' The treasury and the BoE speak everyday and the BoE using its Asset Purchase facility bought back 375 trillion of Government debt effectively cancelling it whilst pretending it had a real asset. Government , by spending, is the only entity that can create NEW assets without corresponding debt. In other words: There IS a magic money tree and there CANNOT be a shortage of money there can only be TOO much when the amount of money exceeds the productive capacity of the economy. AT present we have debt deflation so the Government can inject billions without creating any inflation at all. Let's not forget that the BoE is failing to create inflation at 2% which is its mandate. The words surplus and deficit only make sense in relation to the overall state of the economy. In the last 100 years most developed countries have had deficits over 80% of the time. Austerity is an absurd notion based on Gold Standard thinking and has no place in a Fiat system except creating resource scarcity to benefit a minority of the population.

[@gabsave]

Simon Agonistes Appreciate your valuable input. I agree, that BoE may be Govt owned but the people inside there don't necessarily have public interest in mind, do they? Who knows who their actual God fathers are!

[@real1t1ychek]

I doubt the people running the BoE have much any public interest in mind. But the Gov could change that any time they wish. However, as we see, the Thatcher/Blair/Brown/Cameron/May governments don't care about the public much either, having all continued the neoliberal dogma which favours the Capital owning, top end of town. (And themselves of course.)

[@lizhang9898]

Paul Mason, come on, you were a better speaker, what happened to you?!

[@stevee351]

Our productivity is so low because we saddle the free market with government intervention. A higher living wage will be a nightmare for manufacturing jobs - all you will do is export low skilled jobs abroad. What will our low skilled people do? - no one is going to pay them more money for being unproductive. Higher unemployment, higher welfare, higher government spending. If they ever get in say goodbye to the globally mobile rich who are already shouldering all the burden for public spending

[@rupertsplinge6082]

Pie in the sky economics

[@rolandlaycock3472]

I remember that on the TV it was great just like John McDonnell

[@Lionboy2930]

What a load of bollocks.... just listen to him... it's not going to happen trust me...

[@WarmasAsunnedcat]

corbyn reminds me of myself when i sit thinking about what i would do if i won the lottery.....of course it's just adream and it will never happen....oh and i will never win the lottery

[@jon123xyz]

communist clap trap

[@jasonosborne3602]

Jonathan TBD fuck off clown capitalist vermin

[@paparobbo62]

Sorry I must have been on vacation to MARS for the last 60 years or so. Is this the same dynamic Labour far left movement that is proposing to transform Britain when back in the 60/70's they and their UNION chums fought tooth and nail to resist innovation and modernising the Docks, Shipbuilding, Railways, Steel & Coal industries with prolonged stoppages that almost brought this country to its knees?. That squandered countless £bn's of Scotland's NS Oil/Gas revenues. That failed to control immigration. That failed to mitigate the worst effects of the bedroom tax and voted with the Tories on Welfare cuts. Surely not? Must get back to MARS before I go insane or I might just stay in an Independent Scotland before Westminster syphons off any more of our natural resources.

[@leetaylor13]

Great, he's going to borrow hundreds of billions at below inflation interest rates from the next generation of pensioners funds. Er, what happens when they don't have enough income to fund retirement? The low interest rates as cheap borrowing is largely an illusion if it means having to prop up pensions even more in years to come.

[@leetaylor13]

Then we have the deadly trilemma that besets nearly all large-scale public investment programmes. 1. Projects will end up costing massively more than originally anticipated. 2. Projects will be delivered late, scaled back or abandoned. 3. The returns anticipated at the outset will fail to materialise. Add to that the politicking, lobbying, graft, corruption and pork-barrel issues. They'll invest in the North, even if it turns out that investment in the South yields greater returns. They'll invest in marginal Labour or winnable seats even if that is not good value for money. They'll spend in sectors where union power is more dominant. Having a much larger tax and spend function at the heart of government is going to attract more lobbyists fighting to have their taxes reduced or for a bigger slice of government spending.

[@mohammadiqbal6688]

Intarnational platform mio minori program loro mai piasere io gordare politico pagina di più rabbia per me anche loro mamma