The Cairngorm Railway cost and economic illiteracy from the Herald

I’ve been on the old funicular railway up Cairngorm. Fantastic thing and well worth the money for the repair, even if it is coming from my taxes, but is it?

Surely Williams, a senior reporter, know better.

See this from Ann Pettifor – Director of PRIME and author of The Case for the Green New Deal (Verso, 2019) and The Production of Money (Verso, 2017):

Mrs Thatcher, whose microeconomic views on the economy still inform the policies of most of our political parties, gave clearest expression to the wrong and economically flawed notion that ‘there is no money’ – in the 1983 speech cited above. David Cameron repeated that speech verbatim thirty two years later, on Monday 6th April, 2015 as part of the campaign to secure his re-election as prime minister. “We know that there is no such thing as public money – there is only taxpayers’ money” he is reported to have said, without crediting Mrs Thatcher. [iv]

Today this assertion by both Conservative Prime Ministers sits strangely with the facts of the recent bailout of the global banking system, when the Bank of England created first, £375 billion as part of the bank bailout; and then issued another £55 billion as part of the Funding for Lending scheme. It also sits strangely with a private banking system that ‘prints’ 95% of Britain’s money supply (by creating money ‘out of thin air’), and uses some of that money to finance government debt.

You knew that, didn’t you Martin? Fake news gets more clickbait?


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