June 30, 2017

The end of austerity does mean that were going to allow the deficit to rise, and we dont care. And that is totally honest, because nobody in Britain should care if it rises. The UK Government is what we call monetarily sovereign. Osborne knows this as well, but he doesnt want you to know that he knows.

The reality is this: The Federal Reserve could maintain a zero interest rate policy and the federal government could stop issuing bonds and just spend dollars into existence and tax them out of existence, which is precisely what it does right now. Bonds and tax accounts only obscure the reality.