An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, January 4, 2013
Izabella Kaminska — On the new purpose of government debt
Izzy picks up on Frances Coppola's post on the purpose of government debt being to provide safe assets rather than finance expenditure.
Which is why I'm not particularly enthralled by the no-bonds argument and why I believe the "future debt burden" argument is so much bullshit.
The big unfunded liability of the future will possibly come from out-of-work neo-classical economists and academics that can't be re-trained to do anything useful.
Which is why I'm not particularly enthralled by the no-bonds argument and why I believe the "future debt burden" argument is so much bullshit.
ReplyDeleteThe big unfunded liability of the future will possibly come from out-of-work neo-classical economists and academics that can't be re-trained to do anything useful.
They shoot horses don't they?