Frances Coppola — Government debt isn't what you think it is

Government debt is not debt in any meaningful sense of the word.

Well, actually that's not quite true. Let me clarify. The debt of genuinely sovereign governments that issue their own currencies, have properly functioning central banks and full control of monetary policy is not debt in any meaningful sense of the word.

Coppola Comment
Government debt isn't what you think it is
Frances Coppola

UPDATE:

So what's the catch?