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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 22/09/2026

Regular reminder that the 'shrink the state' ghouls (that get it) have a simple goal - to ensure that the few benefit most from the resources that belong to the many. The TPU run 'psy-ops'; plain and simple. They use lies and manipulation to turn the people against public and shared ownership.

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 03/07/2026

As you can see below, countries that run deficits with the rest of the world ALL run continuous Govt deficits - there is only NZ in the whole OECD that gets within a whisker of running Govt budget surpluses on average. How? By being private debt expansion champions. [8/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 17/02/2026

Regular reminder that money is created either by Govt spending or bank lending. The phrase 'public money' for the former seems entirely appropriate. Indeed, bank lending is effectively state licenced.

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 21/12/2025

they have no idea what they are doing, and neither do most of their advisors. Treasury don't understand the role of private debt in the economy - they think that causal mechanisms only flow one-way. It's all very embarassing.

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 17/12/2025

We are so back. In other words, we have stopped falling. It is truly remarkable that NZ almost uniquely plunged its economy into a sustained recession in response to a global inflation shock that other countries just rode out. And, now we are celebrating ending our self-flaggelation. [1/2]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 28/11/2025

In fact, one of the biggest increases in bank deposits was the NZ Govt - a cool $5bn in just 3 months. This is Treasury magicing up dollars and adding them to Ministry bank accounts - presumably a sign that Govt is pushing accelerated delivery of capital projects into election year. [5/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 03/11/2025

2. Countries that run deficits with the world (like NZ for 50+ yrs) can only do so if Govt deficit spends and / or the private sector goes into more debt. The Clark years budget surpluses were ONLY possible because businesses and households were sending private debt levels to the moon. [10/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 29/10/2025

The NZ Govt spent $183bn into the economy in the year ending June 2025 and took back about $170bn in taxes, charges and dividends etc. This left the private sector $13bn better off. If more people understood this basic reality, we could have sensible Govt spending discussions.

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 03/10/2025

I am admittedly rage-posting now, but come the fuck on! Can we have an actual conversation about what we are doing as a country?

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 26/09/2025

Now, about the famed Clark budget surplus of 2007 (pink). How did we do that and run a chunky deficit as a country with the rest of the world (yellow)? Easy, the banks were pumping in billions of new $ as households (grey) & businesses (blue) piled into debt cos the good times would never end. [7/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 16/09/2025

... fat cat rentiers will say they're the 'big contributors' to NZ life - they pay the most taxes and 'lend' the Govt money to buy nice things. That's *horseshit*. Govt spend the $, rentiers gather it up, and then play the fking hero when they give some back (or buy interest-earning bonds!) [5/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 16/09/2025

In reality the Govt votes on how much to spend, and then spends brand new $ into the economy - paying nurses, builders, teachers etc. As those $ get spent, and then spent again, taxes get paid on every transaction. Govt also sells bonds - draining the economy of any 'residual' Govt cash $. [2/n]

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Reposted by Morgan Edwards

Bernard Hickey @bernardchickey.bsky.social · 02/09/2025

I wonder how this ends…

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 31/08/2025

Behold, the great moderation. We freed enterprise, deregulated, privatised, shrunk the cumbersome state and we got juicy growth! The genius move here was focusing the public on govt debt while we paid for growth on the private sector credit card (aided and abetted by the housing ponzi).

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 26/08/2025

Now, let's look at retail sales vs jobs vs private debt growth. See how in 2010 we got job growth without going nuts for more debt? That was Govt fiscal and cheaper imports doing the heavy lifting - boosting domestic demand. Compare to the current *longer* slump... [4/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 02/08/2025

Quick 🤓 update on Govt/RBNZ money magic. Reminder first: 1. Govt spending adds brand new $ into the economy. Taxation destroys used $. 2. Govt debt goes up when Govt spends new $ into the economy. Govt debt goes down when Govt collects tax. 3. Bond sales destroy $. Govt debt does not change. [1/n]

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 23/08/2025

Govt net spending picked up strongly at the end of the financial year. We won't get the annual accounts for a while, but it will be interesting to see what's going on here.

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 23/08/2025

For the avoidance of doubt, any politician trying to answer the 'how much interest is govt paying on its debt' gotcha question should simply answer 'gross or net?' They should then ask who receives the interest Govt pays, and, for good measure, point to the real issue (blue and pink lines below).

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Reposted by Morgan Edwards

Musical Chairs @musicalchairs.bsky.social · 19/08/2025

Our financial liabilities (debts, loans, bonds, shares etc) are perfectly balanced out by our financial assets (cash, bonds, shares, etc). In fact, that's an accounting certainty. Our financial wealth is the mirror of our financial debt. Let's have a look at some examples... [4/n]

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Morgan Edwards @morganedwards.bsky.social · 09/06/2025

My latest Substack post! Feel free to share, comment, like - all that good stuff. neweconomicmanagement.substack.com/p/the-infini...

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Morgan Edwards @morganedwards.bsky.social · 25/02/2025

My latest post on Substack. Feel free to like, share and subscribe (if you want to of course). neweconomicmanagement.substack.com/p/child-pove...

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Morgan Edwards @morganedwards.bsky.social · 13/02/2025

A new Substack post! Feel free to like, share and subscribe - I'd really appreciate it. neweconomicmanagement.substack.com/p/the-state-...

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Morgan Edwards @morganedwards.bsky.social · 10/02/2025

A new Substack post for your enjoyment. This post will provide some ideas and frames of how to frame your own thoughts and conversations about how government spending actually works. Like, share and subscribe for more (if you want)!

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Reposted by Morgan Edwards

Bernard Hickey @bernardchickey.bsky.social · 16/01/2025

This is the core of a different and better way to understand how our economy actually works, and what to do about it.

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Morgan Edwards @morganedwards.bsky.social · 17/01/2025

A new, long overdue post on Substack. neweconomicmanagement.substack.com/p/how-the-ne...

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