A friend just sent me a link to the 'truth about governmement debt' (hee hee). It's a document from the House of Commons Library https://share.google/eb6g6WlBjESH62ZRE Quoting - "Most borrowing takes place through government bonds called gilts . When investors buy a gilt, they lend money to the government for a fixed period.". Oops - as Steve's accountig shows that's garbage since no money changes hands when Treasury bonds are issued.

How banks actually create money 👇 Textbooks teach the money multiplier: reserves get lent out and turn into many deposits. The double-entry books do not allow that. A bank marks up loans (asset) and deposits (liability) at the same time. Loans create deposits. That is the new money. When the loan is repaid both sides fall and the money is destroyed. Steve got the repayment part wrong for years until Ravel© forced the correction. Bernanke in 2009 still talked as if excess reserves would be lent. Modelling that leaves the books unbalanced unless the borrower gets physical cash. Real system is bank-originated money and debt. Be early and check it out : youtu.be/Kkxc880n4eQ&views Which part still feels unclear? 👀

Why is the eurozone struggling while politicians keep insisting that cutting spending will fix everything? Steve explains why the euro is the worst monetary system on the planet, and why the real issue may not be government spending at all. He breaks down what happens when government bonds are sold to : The central bank, Private banks AND The non-bank private sector The difference in outcomes is huge. 😬 One system supports money creation and growth. Another cancels it, leaves GDP unchanged, and sends government debt soaring. If you have ever wondered why austerity keeps failing, this one is for you. Drop your thoughts below once you have watched. Do you think the eurozone can survive its current fiscal rules? 👇

I came upon this book because it shares a title with the workshop I recently attended by Jennifer Brandsberg-Engelmann. See https://www.skool.com/stevekeen/rebuilding-early-education-in-economics-regenerative-economics?p=c16f2fba I’m not sure if there’s a connection but this book has entirely the same viewpoint as Jennifer’s, even though she has a focus on secondary-school education. Fullerton aims at a wider audience, in a book that doesn’t offer solutions so much as frame the right questions - or rather it sets up an entirely different and appropriately-realistic attitude of mind. It address the problem that @Patrick Cunningham seems to have encountered recently with the UK Green Party. See https://www.skool.com/stevekeen/the-green-party-are-idealouges?p=4e83c3df Fullerman seems to be a classic case of the Prodigal Son, since he resigned from a top position at JP Morgan and spent at least a decade discovering all that was wrong with the world he had worked and prospered in for 20 years. I think his book is very relevant to the breadth of experience and interests that Skool members seem to have in looking for ways to reject and oppose the status quo that has led humanity to the brink. Might @Lucy Trinder especially like this book for its emphasis on holistic thinking? I especially like its insightful argument for something very innovative, suggesting an entirely new social institution based on recognising and claiming universally-shared ownership of the commons. Fullerton isn’t the source of that idea, but he makes a cracking good case for it. For me, that section alone justifies reading the book, because of the cascade of social and environmental justice that would likely result.

It may seem obvious that languages aren’t the same, but they’re different in more than their formal structure. Welsh is a far better language to be emotional in that English is. For powerful expressiveness in a few words; as for righteous indignation, I’d say Spanish takes the biscuit. See attached, about what just happened in the US. And for may be about to happen, see - https://www.theguardian.com/technology/2026/nov/05/tech-barons-america-musk-bezos-zuckerberg