Govt borrowing to fund deficits is a convention, not a necessity. Money can be created, & the effect is largely the same. In any case, surely spending to keep people employed and producing is better than spending on social security, social problems, mental health & prisons, etc?
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But when money is created then you have inflation, which causes all its own problems. And again, potentially it’s better, potentially it isn’t depending on the limitations of the two methods. Anyway, I’m turning in so goodnight. I’ve enjoyed this conversation.
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No, it all depends on how the money is spent, and whether the economy has the capacity to react to the spending by increasing output. Inflation is more money chasing static output. It's nothing to do with whether it's borrowed or created. I hope we can pick this up tomorrow.
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Als antwoord op @AfroForward @DarrellChaloner en
Pennies for every pound spent. It's a bulk product. We have to import ore even if we made steel here. Either way we are import dependent re: blast furnaces.
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With regards to the preferential contracts, I’m fairly certain that is currently illegal under EU law. I remember Vince Cable saying as much. I do agree that without them though it has little hope, as the U.K. has a negligible effect on world steel production.
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Als antwoord op @AfroForward @APDBullock en
We import iron ore. It's a false argument. Steel for what? The world of war is not steel based anymore. Not for decades.
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Als antwoord op @AfroForward @JonMarcStanley en
I presume that would have to go to the courts to be proven, especially as we already have some steel making facilities left in the U.K. such as in Scotland, though I do believe they have had some financial assistance.
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They roll steel. They don't make it. If embargoed no ore means not iron production anyway
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