MMT at it's core is basically just the argument that a monetarily sovereign country can't run out of its own currency. In other words they do not need to worry about public debt in of itself and selling bonds is optional.
In other words they do not need to worry about public debt in of itself and selling bonds is optional.
Central banks and governments sure do spend a lot of time worrying about it though.
Governments do, central banks generally don't. Governments think that 'there's no magic money tree', Central banks understand that there is one.
Governments do, central banks generally don't.
Come on man, join reality.
https://tradingeconomics.com/united-kingdom/mortgage-approvals
As you can see, mortgage approvals plummeted approximately more than 2/3rds after 2008.
Plummeting house prices is not the saviour you think it to be, unless you're a cash buyer.
So as you can see, many people still bought houses. Mortgage rates were over 5% for most of their history. We had emergency low interest rates since 2009 and that has caused massive price rises, pricing millions of youngsters out the market. It also caused huge asset inflation everywhere. Interest rates should never have been kept that low for so long and we're now suffering much worse because of it.
And your solution is "more of the same".
When did I ever say my solution is more of the same? I simply said plummeting house prices is not the saviour you think it to be, I didn't offer a solution in my comment. You're projecting what you think my solution would be.
They will still not be able to buy a house, as lenders will restrict mortgages and they will not be able to afford payments with 8%+ interest.
That's not true. There is no magic level of interest rates that allows people to buy houses and anything deviating doesn't.
The market will adjust, just like it always does.
People could afford houses at 10% interest rates and they will at 6% interest rates in the future.
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There might be some positives for the rental market in the short term as many landlords have been exiting the market because of this (and other measures) which helped push rents up.
Unfortunately, any potential positives might be entirely negated by the increases in interest rates…
And, obviously, the rental market desperately needs more regulations so that it is sustainable in the long term. But this government is incapable of thinking more than a couple of days ahead…
There might be some positives for the rental market in the short term as many landlords have been exiting the market because of this (and other measures) which helped push rents up.
FFS, what a stupid argument.
"People shouldn't have security in their homes because landlords might sell up".
Bonkers.
They also blame Boris, which is understandable, but also a side-step.
Pick a brexiter, any brexiter and ask them to deliver brexit. The result would be no better. Boris was a problem, but he was enabled by brexit, just as the rest of the liars have been.
My recommendation would be to spend a few hundred of that money and consider seeing a therapist or someone for some support.
Already tried this but without sharing too many details, I believe the issue is my environment. For some reason I am the happiest, healthiest person alive when I'm outside of the UK.
You've got to do it. Do the working holiday visa somewhere sunny. You will never look back at it and regret it but you definitely will look back and regret it if you don't do it.
If things don't work out, the worst case is coming back to your situation now and looking for a new job. I bet things will work out though.
The worst fucking thing about this I that I doubt anyone, even the most stout remainers, wanted very high immigration to continue long term. The UK is actually a fairly crowded country by European standards in terms of traffic density etc.
We (well speaking for most that I know) thought the concept of FOM was a good one across Europe and realised it was on the way to slowing down into the UK anyway as countries caught up.
So now we've lost our own FOM rights, we've left a seamless single market into which our small businesses could buy and sell (latest stats show SMEs are the worst impacted by leaving that), we've taken a massive hit to our economy which means lower funds for our hospitals and schools,
For what? Higher immigration? Years of uncertainty and chaos?
Fuck these ultra brexit right wing think tanks that seem to be the only ones benefiting from this mess.
I don't consider the current younger generation lazy at all tbh.
I just don't see how the economics and political events of their lives are more staggeringly awful than those of my generation or my parents generation (who had it particularly rough).
And home ownership is not a barometer of wealth. In many wealthy European countries it is normal to rent for most of your adult life.
Right, so boomers get to own their homes mortgage free, not paying rent, while the younger generations must pay rent for life, and you consider this no less wealthy.
This is the reason why the generational warfare persists, this type of stubborn ignorance.
No, it's just a different way of spending money. European countries that have a more predominant rental market aren't poorer than the UK, in fact their overall standard of living could be higher because people aren't servicing debt.
Downvoted because you are not interested in understanding.
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