What an incredibly depressing tale of private greed and public incompetence, based on the ignorance about the government's sovereign currency issuing powers, which still persists today. The Government should terminate all PFI contracts immediately - the private sector has benefited enough already - and never ever engage again in this crazy transfer of wealth from public to private sector. But obviously they will, because the Government has been captured by private financial interests.
But it is not backed by tax payers. It is backed by worker output plus the might & power of the state to force workers to need to earn the tax credit. The worker need not be the tax payer, it is just normally that they are among the tax players.
What an incredibly depressing tale of private greed and public incompetence, based on the ignorance about the government's sovereign currency issuing powers, which still persists today. The Government should terminate all PFI contracts immediately - the private sector has benefited enough already - and never ever engage again in this crazy transfer of wealth from public to private sector. But obviously they will, because the Government has been captured by private financial interests.
MMTweeTruth
“Why fund public infrastructure with interest-bearing bonds when the Govt can issue interest-free currency backed by the exact same taxpayers?
One serves citizens, the other enriches bankers.”
Henry Ford & Thomas Edison 1921
~100 years later, nothing much has changed
#MMT
Pretty good.
But it is not backed by tax payers. It is backed by worker output plus the might & power of the state to force workers to need to earn the tax credit. The worker need not be the tax payer, it is just normally that they are among the tax players.