Yesterday's first substantive post in the Economic Truths series seemed to meet expectations.
So far it has been viewed 15,300 times on YouTube, with most viewers watching it all the way through.
TikTok has seen it run away, with 95,000 views, with that number growing rapidly. The number viewing it all the way through is, however, lower there,
And less than four months after starting that TikTok channel we have hit 10,000 followers, which was our first target. The advantage of doing so is two fold. First, we get very small payments for views from now on. Second, TikTok promotes people with 10,000 followers a lot more as it is assumed that what they are saying is of interest. I am told growth is more rapid as a result.
I am not presuming that this series will be a success on the basis of one video, but it's a good start.
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It is striking to me that in your well-informed blog here, Richard; nobody has yet been able to clarify whether banks are actually paying for the Treasury/BoE guaranteed £85,000 deposit insurance on all deposits, or if so – how much.
The big takeaway for me from yesterday was that once more the idea of sovereignty of the state concerning money was made clear, supporting Kelton and others who support MMT.
AS we march on with electronic money, the state as payer of last resort must never be lost.
Except that I just want the state to be the payer of ‘first resort’ and stop pretending that it has no cash from which to solve our problems.
Good morning Richard I’ve just been looking through some of your old videos from 2020 and how you got some predictions wrong.I am not going to go through every thing you got wrong but two stuck out for me one how unemployment would increase to 4 million and how interest rates would remain low. It would be good to see an exclamation and what is quantitative tightening?
Sincerely Derek Toyne
Derek
I didn’t get things wrong. I forecast based on facts then known.
We did not get 4 million unemployed because we had furlough for longer than expected when I made the video. The facts changed.
Interest would gave remained low until markets were crashed by speculators. I did not anticipate their stupidity. Nut did I realise the Banks would react so inappropriately. I gut that wrong.