Should we BAN money printing?

[@mattlongman543]

This should be understood by everyone. Sadly I don't think the UK government understand this at all.

[@AndreMonthy]

They understand it, but they know the general public does not.

[@paulmatthews9366]

99% yes. But it's too late. We've already destroyed the currency. We're just now waiting for everyone else to realise

[@malkeri2107]

💯 A Man should not work for something another Man can print. - Jack Mallers 🧡

[@antitheistpansy]

What about Fractional Reserve Lending? The amount of money created is staggering.

[@Music5362]

I wonder if all banks should also be full reserve banks. Banks would then need to borrow new currency only from the central bank, and pay the central bank (Government) the interest. That way the central bank can directly control new currency creation, and make a profit for the treasury.

[@tropics8407]

When you hear the government is here to ‘help’ you need to be worried 🤦‍♂️

[@BioHazardCL4]

Unlike billionaires who always have the common peoples' best interests at heart.

[@Noallegiance]

​@BioHazardCL4 They don't. They have their own. Which, when tied to a government with unlimited currency, results in the fascism we've had for the last 50 years.

[@AndreAmorim-AA]

@12:40, Bitcoin is more decentralized because of proof of work; EtherIum and others are pre-mined and have more centralized networks with infinite supply, etc., along with a lot of hype and buzzwords for pump-and-dump schemes. They should basically be treated as securities, not digital commodities. So..Bitcoin only.

[@Music5362]

What about quantum computers eventually breaking the encryption of currencies such as Bitcoin. Why should one cryptocurrency be any more favoured than any other? I quite like the idea of decentralised currencies, which don't rely on encryption but networks, backed by real assets like gold.

[@JamieEnglish-x3x]

Qe is wealth transfer from poor to the asset holders the U.K. debt is near 3 trillion which the poor will pay twice first there savings lose value secondly they have to pay the debt back which didn’t benefit them. The asset owners and the rich have benifited there assets have doubled in value to fix this a true government would tax higher on the assets when sold and recover the debt so everyone is equal

[@Dennis-xj8nh]

Regressive taxation

[@clydedufffyaway]

No child should be burdened with the debts of their parents. No one should be able to acquire debt based on someone else’s credit.

[@Dennis-xj8nh]

It's just so wrong

[@pickashole]

You mention the weimar republic a lot. Who was running the banks then? Can it be the same as now?

[@milannemecek9198]

Shall we ban money printing by commercial banks too?

[@Derek-Trotter]

@@milannemecek9198 no

[@jamesgeorge8915]

Maybe we should ensure commercial banks loan money for productive reasons and not speculation.

[@celiacresswell6909]

@@jamesgeorge8915I would include controls on mortgage lending. We have inflated house prices and the only real winner is the bank to whom we now all pay rent.

[@fanfeck2844]

@@jamesgeorge8915is buying a house a productive reason or speculative?

[@jamesgeorge8915]

@@fanfeck2844 a necessity I would say but often it's speculative or a means to profit as a landlord from another's work.

[@TonyHills-c2d]

Rupert for chancellor. Nigel for PM

[@Music5362]

Thought 'inflation' was the inflating of the currency supply leading to higher prices, which people think is inflation.

[@Cyime]

Can we ban "Think Tanks" too?

[@Dennis-xj8nh]

What does that even mean?

[@mahmoudghoneim8004]

The world's monetary system has a lot of elements that can go wrong.

[@drew1784]

Is there an ever a time when quantative easing is needed in extreme circumstances?

[@vvwalker7261]

It would have good to present a solution now that the money has been printed. The way the video finishes, inequality has worsened and cost of living is higher - not exactly an uplifting message

[@williambrown5966]

Quality work on Quantitive Easing !!

[@CharlieBrown-c5x]

How to ruin an interesting video? Add constant pointless distracting annoying background muzak!

[@JamieEnglish-x3x]

Money should be made by the people for the people like crypto Or money should be backed by something rare like land gold or silver Money created by the state is the worst things

[@pickashole]

Coin clipping practiced by a cetain class of people that forced them out of many countries

[@harrparr8988]

So why can't the Bank of England just sell the bonds it bought? (I'm not an economist)

[@twoforty252]

no one wants to buy them

[@Derek-Trotter]

Because that's the opposite of QE, which would spike interest rates to the moon.

[@josiahkane9883]

The term you want to search for is "Quantitative tightening." There was a flurry on it in the financial news in the second half of last year, because they tried to do exactly that. Of course it has side effects, as all things do when a big player like a central bank does them.

[@Derek-Trotter]

@ they're still doing it

[@tropics8407]

They are selling them…to get money to fund be more and more govt spending into the economy. More money for everyone 🥳 unfortunately inflation may remain high.

[@jackdeniston6150]

´linked to inflation´. taking 3 steps to get there is still causing inflation

[@firstmateau]

Did you read what the Bank of England writes about Quantitative Easing? Firstly, it injects no new money into the economy as it exchanges one form of Government debt for another. Secondly, it is designed to push up the price of bonds and thus reduce interest rates in the economy. This frees up funds of people with a mortgage so they can spend more. There may be two impacts (both at the same time) of this action. One: the increased spending increases economic activity, potentially (but not necessarily) pushing up inflation. Two: the cheaper finance encourages borrowing for investment, pushing up asset prices and potentially (and as it turned out actually) creating asset bubbles. Large amounts of new money are created, not by the Bank of England but by commercial banks, when they create those new loans. There was very little inflation whilst Quantitative Easing was pursued, but a huge spike in asset prices. I believe the consensus is that post-Covid inflation was driven by supply shortages, a too generous Fiscal response by the Government (helicopter money), and corporate greed.

[@messiahshepherd9266]

I think Austrian Business Cycle Theory explains what's going on pretty well. But all this won't be an issue when it might become legal to use cryptocurrency. If it has a better stock to flow as an asset even when compared to housing as an asset, for example. Bubbles form because they want to put their money into other assets that aren't money but maintain some liquidity. They pop when they lose value.

[@Derek-Trotter]

@@firstmateau So, explain the two forms of debt. If asset prices were sent up, don't you think that's another way of describing inflation? Isn't the government selling debt and the BoE buying it? The government gets the money. The BoE receives the interest.

[@tyronebraithwaite6157]

Exactly

[@jackdeniston6150]

spike in asset prices.......so.....inflation

[@Noallegiance]

They monetised the entire welfare budget of the last 15 years.

[@charlierob4377]

Rupert is right, people need to know there place. us and them, to many want to become us. Why do you think Brexit has been such a success

[@bradleybaker2571]

"People"

[@nemurerumaboroshi]

"dislike" just for the bitcoin part. "Offer real alternative" 🤦‍♀

[@BioHazardCL4]

As if currency manipulation was not common under the Gold standard.

[@Dennis-xj8nh]

It has always been common, letting go of any kind of anchor just made it even worse

[@tyronebraithwaite6157]

I'm embarassed that Fiat money issuance is being conflated with Q/E here. Q/E is an enitrely seperate process and only exists to appease people that don't understand you don't need to borrow in your own currency. Q/E has never been responsible for inflation upticks - it literally has only occured when there has been a supply shock. Every other time inflation has been stable. Q/E is bond purchasing programme which swaps reserves for Bonds. There is no NET extra going into the economy. Money issuance (not printing BTW) always happens every day without Q/E. It's a part of most major economies regular spending operations. How hard did you study for this piece?

[@Noallegiance]

You don't understand what inflation is.

[@tyronebraithwaite6157]

That it?

[@clydedufffyaway]

An insignificant nuisance used by the state to convolute and camouflage the counterfeiting. Buying upside down bonds at face value from zero reserve banks so they can start loaning again and expanding that money supply is QE. The money supply expansion (inflation) would not have happened without the QE. On top of that who owns the entity that accrued the upside down assets? And who benefited from a tax payer backed entities losses? QE simply transferred the liability of depreciated bonds from the banks to the taxpayers. Without charges to legalities the fed was never allowed to buy mbs’. Next popping of the bubble the fed will be buying nft’s lol.