Martin Wolf: The tree of debt must stop growing on.ft.com/3TLvWZU
All true under the accepted constraints, but we should recognise that we control the constraints. After all, the next time we have a zero rate recession, and one is coming soon, we can monetise the debt without ill effects. Quantitative Pleasing: seizing the moment to reduce debt:
@martinwolf_ LOL, I said that back when W doubled the debt to $12 trillion
@martinwolf_ That just demonstrates a lack of understanding of State 'borrowing'.
@martinwolf_ Great quote from Dornbusch: “In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”
@martinwolf_ Wealth inequality is the problem. The government debt is the nation's wealth, in the hands of the few. A country with billionaires and foodbanks is broken. As is the NHS, water companies, energy companies, etc. Read about Modern Money Theory #MMT mmt.works