Independent think-tank offering economic analysis from a Scottish perspective.
Scotland, United Kingdom
Joined January 2019
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❓ What do experts and economists think about Scottish independence?
📢 Below is a collection of quotes from both domestic and international voices...
Modern Money Scotland retweeted
The supposed certainty many neoliberal thinkers have about accounting and economics is entirely misplaced. The idea that anything in economic data has an objective reality is just wrong. Note: I wrote this infographic. I used AI to create the final image.
🤖 Made with AI
Modern Money Scotland retweeted
Compass, on the neoliberal road to nowhere taxresearch.org.uk/Blog/2026… @CompassOffice appears to want to end many of the consequences of business as usual without ending the economic thinking that makes business as usual possible, and that won't work.
Modern Money Scotland retweeted
Paying interest on central bank reserves "is essentially a publicly funded guaranteed income to private finance that does nothing to encourage lending to the “real economy.” Too true @ptcherneva levyinstitute.org/blog/the-d…
Modern Money Scotland retweeted
For a monetary sovereign there is a huge difference between the currency they create and a real resource, plus deficits are the norm in most countries. Japan has been running a very large one for a long time and hasn't collapsed in on itself.
Am I correct @ProfSteveKeen ?
Modern Money Scotland retweeted
40 years of bad economic advice destroyed 40% of our prosperity.
The economists who advised Reagan and Thatcher promised their policies would accelerate growth. The opposite happened.
US per capita growth before Reagan: 2.5% annually. After: 1.7%.
UK growth before Thatcher: 2.4% annually. After: 1.75%.
That 0.8% difference means our per capita income is now 40% lower than it should be.
What went wrong?
Textbook economics is based on accounting errors.
China understood this. They ignored Western economists and used strategic deficits for infrastructure.
China's per capita growth for 30 years: 8.5% annually. US and UK: 1.5%.
If that continues, by 2070 the average Chinese person will be 60 times wealthier than today. Americans and Brits? Only twice as wealthy.
We need economics based on reality, not ideology.
P.S. Full explanation with model demonstrations in the comment.
Modern Money Scotland retweeted
Left #populism lets liberalism dominate the coalition. @sdgrumbine talks w/ @TuttReal & @TheRealVarnVlog about why #DSA electoralism abandoned #ClassStruggle and what socialist strategy requires now.
New ep Sat 8/15 @ 8 am ET. All our eps in link 👇
Modern Money Scotland retweeted
The quid pro quo is Scotgov will take over the state and civil service pensions. The National Debt along with other assets and liabilities stay with England.
Modern Money Scotland retweeted
This is perhaps the biggest political issue in the UK. A dysfunctional press.
The BBC increasingly just report on what is being said by the billionaire press.
They allow them to set the agenda which means our national conversation becomes about same trivial nonsense the Daily Mail are talking about.
And it's becoming deadly.
novaramedia.com/2026/08/13/b…
Modern Money Scotland retweeted
No. The National Debt is UK National Savings and that stays 100% with the UK.
Modern Money Scotland retweeted
What is microeconomics? It's about how society really makes economic choices youtu.be/_9NJGSKksqM?si=DeaP… And you cannot understand economics without knowing about it.
Modern Money Scotland retweeted
Still thinking about the Adam Smith Global Foundation’s Symposium on the Future of the Economy and Ed Balls and Stephanie Flanders interviewing Bank of England Governor, Andrew Bailey.
We seem to have lost Smith’s reasonable optimism and his faith in the capabilities of society.
Modern Money Scotland retweeted
"new regional banks that would then attract private investment for a huge programme of new subsidised homes."
Really, more private investment - and higher profits? Why remove Starmer for this?
Modern Money Scotland retweeted
The imperial core has gained $15 trillion through exorbitant privilege since 1970, getting higher returns on foreign assets than what they pay on foreign debt. This privilege is financed by transfers from the global South, outstripping aid flows many times over.
Modern Money Scotland retweeted
Ministers are actively turning what might need only be a crisis into a disaster taxresearch.org.uk/Blog/2026… We have a food crisis coming our way - and ministers are completely ignoring it.
Modern Money Scotland retweeted
🌍🏴New Episode!!
Scotland’s independence fight through the lens of class power, sectoral balances, and monetary sovereignty. @Williamgallus & @sdgrumbine on how EU-style fiscal rules and foreign ownership undermine real self-determination. realprogressives.org/mnc-pod…
Modern Money Scotland retweeted
Why is the left still terrified of the state’s power to create money?
In this video, I set out a straightforward truth, which is that modern governments create money every single day. That is the foundation of public authority in the UK and every other country with its own currency. The government spends money into existence — and then uses taxation, not to fund that spending, but to manage inflation, redistribute wealth, and steer the economy. And yet much of the political left denies this reality.
From Labour’s fiscal rules to tax justice organisations and NGOs obsessed with “fully funded” pledges, left-leaning politicians cling to the false belief that the state must:
- Tax before it spends
- Borrow from the markets to “afford” investment
- Balance budgets like a household
These ideas are myths — inherited from neoliberal economics and reinforced by the power of the City of London. And they severely restrict what democratic politics can achieve. When the left refuses to use the state’s power to create money, the consequences are enormous. It means:
- Unemployment becomes a choice
- Austerity becomes a choice
- Poverty becomes a choice
- Failing public services become a choice
- Climate breakdown by inaction becomes a choice
Because the truth is: money isn’t scarce. Political courage is. In that case, what this video explains is why the left fears being held responsible for the results of power, and why that fear must end. If democracy already has the tools to transform society, why aren’t we using them?
youtu.be/7O_3wR87yvo?si=8-8S…
Modern Money Scotland retweeted
New Episode! 💰
Federal Reserve independence? Myth.
Who wins when the Fed hikes rates? Not you.
@sdgrumbine and OG Randy Wray give us a breakdown of the inner workings of this unruly creature of Congress & its detrimental effects on the working class.
realprogressives.org/mnc-pod…
Modern Money Scotland retweeted
My analysis is up, and the numbers are shocking:
- 40% loss in potential prosperity over 40 years
- #US growth fell from 2.5% to 1.7% after Reagan
- #UK growth dropped from 2.4% to 1.75% after Thatcher
Meanwhile, #China ignored Western economists and achieved 8.5% growth by doing the OPPOSITE of what textbooks recommend!
Analysis attached in comments.
Modern Money Scotland retweeted
Why the 1970s stagflation myth still misleads our politics youtu.be/OcrGuICZUWc?si=n90e… In this video, I unpack what really caused stagflation — and why repeating those mistakes today risks another lost decade for Britain.
