tag:blogger.com,1999:blog-8764541874043694159.post4006770379930347957..comments2024-03-28T12:23:39.665+00:00Comments on Coppola Comment: The NI Fund's reserves don't pay down the National DebtFrances Coppolahttp://www.blogger.com/profile/09399390283774592713noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-8764541874043694159.post-25777508908364174542020-01-14T15:01:53.227+00:002020-01-14T15:01:53.227+00:00An informative and entertaining read as ever - thx...An informative and entertaining read as ever - thx, Frances.<br /><br />If that's how these institutions work, it does seem like a lot a Byzantine hoopla concealing what boils down to an MMT reality.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-86100975187091393262020-01-14T12:21:22.645+00:002020-01-14T12:21:22.645+00:00I have removed your comment because it was off top...I have removed your comment because it was off topic. The funding of the NHS has nothing to do with this post. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-80675945238478092962020-01-14T11:59:34.209+00:002020-01-14T11:59:34.209+00:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-47938303520410157272020-01-14T10:14:25.775+00:002020-01-14T10:14:25.775+00:00Excellent article, Frances.
It will never be enou...Excellent article, Frances.<br /><br />It will never be enough to convince those who truly do not want to understand, and who would rather deal in fantasy rather than fact to reinforce their pet conspiracy theories.<br /><br />For those with a clear and open mind though, it's an objective breakdown of the workings of the NIF. As you point out, there is zero evidence to support any of the outlandish claims being made.Sean Mosleynoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-51977991020334981682020-01-14T08:43:01.015+00:002020-01-14T08:43:01.015+00:00Lovely article. What you wrote is clear as opposed...Lovely article. What you wrote is clear as opposed to what other people & parties have issued in misleading so-called explanations.<br /><br />One improvement to article might be the inclusion of a diagram of how it all works. A picture can be worth a thousand words.Anonymoushttps://www.blogger.com/profile/15265058065293014370noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-42082642772307029462020-01-13T23:22:50.628+00:002020-01-13T23:22:50.628+00:00I am coming up as Anonymous sorry, but this is my ...I am coming up as Anonymous sorry, but this is my only comment here. The other ' Anonymous' aren't me. Just wanted to clarify that as I certainly read in great detail and think it excellent. Anonymoushttps://www.blogger.com/profile/06001702517762482948noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-26386127536575439732020-01-13T23:19:30.245+00:002020-01-13T23:19:30.245+00:00Thank you Frances
Lynne H xThank you Frances <br />Lynne H xAnonymoushttps://www.blogger.com/profile/06001702517762482948noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-59667916460671224732020-01-13T23:05:16.801+00:002020-01-13T23:05:16.801+00:00May I remind you that comments posted here must be...May I remind you that comments posted here must be about the subject of THIS post. I will summarily delete all further comments that are off topic. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-40620800991936527052020-01-13T23:03:39.760+00:002020-01-13T23:03:39.760+00:00The link you have kindly provided leads to an arti...The link you have kindly provided leads to an article that I have discussed comprehensively in a previous post entitled "The real victims of the "rape of the National Insurance Fund" ", the link for which you will find under Related Reading at the end of this post. It is not relevant to this post. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-77051389571755144612020-01-13T23:00:42.324+00:002020-01-13T23:00:42.324+00:00This is a factual post correcting a widespread and...This is a factual post correcting a widespread and very damaging misunderstanding of the way the NI fund works. Whether or not the 1950s women have a justifiable grievance is beyond the scope of this post. Your comment is off topic. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-31953945452555372772020-01-13T22:51:17.677+00:002020-01-13T22:51:17.677+00:00This comment has been removed by a blog administrator.Anonymoushttps://www.blogger.com/profile/08650495915952633590noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-336799087193137672020-01-13T22:50:39.787+00:002020-01-13T22:50:39.787+00:00http://www.singernet.info/southwarktv/spag/spagNIF...http://www.singernet.info/southwarktv/spag/spagNIFund.aspAnonymoushttps://www.blogger.com/profile/08650495915952633590noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-75936582416736071362020-01-13T22:32:53.611+00:002020-01-13T22:32:53.611+00:00All I ask is that whatever your beliefs, please st...All I ask is that whatever your beliefs, please stop for a moment and listen to the well documented suffering that is being endured by women at a time in their lives when they need the pension they worked hard for and trusted the government to honour that contract. You surely can’t deny the compassion that is needed for your sisters. Kindness&humanityhttps://www.blogger.com/profile/10537652165506530840noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-74874498570481304622020-01-13T22:02:11.924+00:002020-01-13T22:02:11.924+00:00No, that's not quite correct, Perry. Banks cre...No, that's not quite correct, Perry. Banks create deposits when they lend. But when a deposit created in the course of lending is drawn down, the bank has to obtain new deposits to plug the gap. It can't create a new deposit because that would create a new loan as well. So it has to borrow the money from some external source. For most banks, that external source is predominantly customer deposits (i.e. money deposited in the bank by the customer, not borrowed from the bank by the customer). That's what I'm referring to when I say banks use deposits to fund lending and spending. For the DMO, the NI fund's reserves are such an external source. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-33587045588377020102020-01-13T21:52:31.857+00:002020-01-13T21:52:31.857+00:00"Like any other bank, the DMO uses deposits t..."Like any other bank, the DMO uses deposits to fund its lending and spending."<br /><br />I seem to recall BoE has clarified that banks creates money when they lend and it has nothing to do with deposits.<br /><br />Does the DMO creates money in this way too? Perry Ismangilhttps://www.blogger.com/profile/14637900207024115379noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-70473110759224466532020-01-13T21:30:53.924+00:002020-01-13T21:30:53.924+00:00On 31/01/2019, shortly after the FOI response in q...On 31/01/2019, shortly after the FOI response in question had been issued, Pension Minister Guy Opperman has also rebutted, in Parliament, the notion that the NI Fund is used to reduce the national debt. Although I don't think he explained it quite as comprehensively as Frances Coppola did, the MPs asking the questions appear to have been satisfied with his explanation as none of them has raised the matter since.<br /><br />Moreover, the alleged abuse of the National Insurance Fund was never once raised in the state pension age Judicial Review that has since taken place, and which has dismissed 100% of the claims presented by Michael Mansfield QC.<br /><br />https://hansard.parliament.uk/Commons/2019-01-31/debates/7AE0C9D9-157D-46F9-8A68-09766D29FCA1/StatePensionAgeWomen?highlight=%22national%20debt%22#contribution-03B690B6-A59D-4282-8174-61E377867420<br /><br />https://hansard.parliament.uk/Commons/2019-02-07/debates/765DBB6E-E037-4526-A401-53892C12A424/WorkAndPensions?highlight=%22national%20debt%22#contribution-65D2EE0E-C120-4785-9EAB-2B2EB7B864EASuzyhttps://www.blogger.com/profile/14167531528738592273noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-59093432908460687792020-01-13T21:15:30.535+00:002020-01-13T21:15:30.535+00:00Regarding heavily weighted scales: can you please ...Regarding heavily weighted scales: can you please list which statements in this blog are factually incorrect, and why they are so?Suzyhttps://www.blogger.com/profile/14167531528738592273noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-28273259349450840322020-01-13T21:15:14.040+00:002020-01-13T21:15:14.040+00:00I'm afraid your points are not relevant to the...I'm afraid your points are not relevant to the subject, and some of them are wrong. <br /><br />1. There was no "green scheme fraud". <br />2. Contributory welfare benefits come from the NI Fund. I provided a link in the post to the full list of benefits paid from the NI Fund. Please click on it. <br />3. I have explained the tripartite system in a previous post called "The Real Victims of the 'Rape of the National Insurance Fund' ", the link to which is in "Related Reading" at the end of this post. <br />4. National insurance is in fact a tax. <br />5. NHS payments doubled, but NI contributions also increased. <br />6. This fund is not "the people's fund", it is under Parliamentary control. Governments have every right to alter the system, provided they can get Parliament to agree. The changes made by successive governments have actually helped to keep it alive. Without those changes, the NI Fund would now be insolvent - as I said in the post. <br /><br />I'm sorry if this isn't what you want to believe, but it is the truth. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-22096024410619824122020-01-13T21:12:51.301+00:002020-01-13T21:12:51.301+00:001. There is no green scheme in the state pension s...1. There is no green scheme in the state pension scheme<br />2. There is no such thing as a social fund in the UK<br />3. This blog isn't about the triparte system or why is was replaced<br />4. The NI Fund is, effectively a tax, even if you keep claiming that it is not<br />5. This blog isn't about the NHS budget<br />6. There is no such thing as a "people's fund" in the UKSuzyhttps://www.blogger.com/profile/14167531528738592273noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-67343485705238413822020-01-13T21:08:49.139+00:002020-01-13T21:08:49.139+00:00You have not read the post properly. I said in the...You have not read the post properly. I said in the post that NI contributions go into the NI Fund net of 20% contribution to the NHS. <br /><br />The Treasury Supplement was ended in 1989. But as I said in the post, the NI Fund was never a savings scheme. Your pensions have not been stolen. There was nothing to steal. <br />Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-943037663276631942020-01-13T21:07:06.626+00:002020-01-13T21:07:06.626+00:00Did you even read the blog? It explains what goes ...Did you even read the blog? It explains what goes to the NHS. It also explains how Government tops up the NI Fund with money from general taxation. Nothing has been stolen.Suzyhttps://www.blogger.com/profile/14167531528738592273noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-69285393044446520672020-01-13T21:06:10.241+00:002020-01-13T21:06:10.241+00:00Yes, by all means use this post again. Yes, by all means use this post again. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-8537667916816579232020-01-13T21:03:07.983+00:002020-01-13T21:03:07.983+00:00Kindness&humanity, your comment has been delet...Kindness&humanity, your comment has been deleted as it did not comply with the comments policy of this site. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-20444830501869749442020-01-13T21:01:35.116+00:002020-01-13T21:01:35.116+00:00It seems I need to remind people of the comments p...It seems I need to remind people of the comments policy of this blog:<br /><br />- Be polite <br />- Stick to the topic. <br /><br />Comments that don't comply with these simple rules will be deleted. If you persistently break these rules, you will be banned from the site. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-87312673582942291752020-01-13T20:33:49.251+00:002020-01-13T20:33:49.251+00:00Frances Coppola if that was intended to be a balan...Frances Coppola if that was intended to be a balanced viewpoint ...then your scales are heavily weighted .WHY?<br />1. The green scheme fraud <br />2.Welfare benefits come from the social fund . These fund only pays out if you've paid in .<br />3. You failed miserable to explain the tripartate system and how it is no longer .<br />4. That this fund is not a TAX <br />5. How the NHS payments have doubled.<br />6. That this fund is the people's fund and successive governments have altered the system which is the REAL reason why it will be in trouble .Moonhttps://www.blogger.com/profile/17274908613859542511noreply@blogger.com