Austerity does not save money

Like almost all economic truths, austerity works in the opposite way to that which most people think. It does not save money. Instead, it prevents the government creating the money required to deliver what the economy is capable of.

#uk #money #economic #politics #bank #austerity

The Economic Truths Series:

1. An introduction to the economic truths series
   • An introduction to the economic truth...  

2. You’ve got no money in the bank
   • You’ve got no money in the bank  

3. Banks don’t loan out depositor’s money
   • Banks don’t loan out depositor’s money  

4. Bank loans create bank deposits
   • Bank loans create bank deposits  

5. Austerity does not save money
   • Austerity does not save money  

ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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