The debt fetishists are back in town

July 21, 2021 | Tax Research UK

By Richard Murphy, includes “Why do we need a balanced budget more than we need education, healthcare, social care, justice services, environmental protection, new social housing, transport infrastructure reform and so much else?"

Government debt is starting to look almost as sketchy as payday loans

July 12, 2021 | Mises Institute

By Malachy McDermott, includes “… In the midst of this, our old friend Mr. Krugman, the genius who thought that the internet would be a failure and one of the architects of the 2008 crash, has been shouting from his high horse about ‘leprechaun economics’ again.”

Inflation, COVID-19 and debt top central bank worries – UBS survey

July 7, 2021 | Reuters

By Tom Arnold, includes “Inflation has emerged as one of the top concerns for central bank reserve managers, alongside a failure to end the COVID-19 crisis and soaring debt levels, showed the results of a UBS survey released on Wednesday. … ‘Inflation is back at the top of concerns for central bankers,’ Massimiliano Castelli, UBS’s head of strategy and advice, global sovereign markets, told Reuters.”

Fate of pension funds a mystery in Latin America

July 6, 2021 | Organized Crime and Corruption Reporting Project

Includes “Pension Fund Administrators in Latin America have used hundreds of millions of dollars in worker savings to finance dubious private companies and buy government debt, a new cross-border investigation has revealed. … Firms in the Dominican Republic, Costa Rica and El Salvador have used pension funds to finance up to 80 percent of the governments’ debt, which turned them into major financing sources for these countries.”

‘Get creative’ over government debt aversion

June 25, 2021 | The Tribune (Bahamas)

By Neil Hartnell, includes “The government was yesterday urged to ‘become more creative’ in the Bahamian debt markets as traditional purchasers of its bonds increasingly reject long-term paper due to the mounting fiscal crisis.”

El Salvador’s big Bitcoin mistake

June 23, 2021 | The Wall Street Journal

Op-ed by Steve Hanke and Manuel Hinds, includes “… So why try to fix the dollarized system with the dangerous and fundamentally flawed Bitcoin Law? The law’s most glaring flaw is Article 7. It mandates that ‘every economic agent must accept bitcoin as payment when offered by whoever acquires a good or service.’ This article renders the Bitcoin Law a ‘forced tender,’ not a ‘legal tender,’ law.”

The Bitcoin law: Counterfeit free choice in currency

June 18, 2021 | Alt-M

By George Selgin, includes “So, it has happened: a country—an honest to God, bona fide, country, complete with its own flag, coat of arms, seat at the U.N., army and air force—a small navy, even!—has adopted bitcoin—that's right, bitcoin!—as its official currency. ”

Who’s up for managing a $1 trillion pension fund?

June 16, 2021 | Bloomberg

By Chris Hughes, includes “A proposal to mash together all of the U.K.’s corporate pension plans into a handful of mega-funds with more than 2 trillion pounds ($2.8 trillion) of assets promises to revitalize the London stock market, give retirees more security and boost the British economy all in one go. This ingenious idea has some logic, and a wrinkle. …”

Montenegro has no plans to sell state property to ease debt -- report

June 14, 2021 | Reuters

Includes “Montenegro has denied it has plans to sell state property to ease its debt burden, a local newspaper said on Sunday, after a Reuters report quoted senior officials as saying the tiny Balkan country was preparing the way for asset sales. … In 2014, Montenegro, with a population of 628,000 people, borrowed $944 million from China to fund a stretch of a highway to the border with its neighbour Serbia.”

Financial report of the U.S. Government (2019)

June 14, 2021 | U.S. Department of the Treasury

Includes “…There are, however, other significant resources available to the government that extend beyond the assets presented in these Balance Sheets. Those resources include Stewardship Land and Heritage Assets in addition to the government’s sovereign powers to tax and set monetary policy.” In the 2020 report, these sentences were revised to read “There are, however, other significant resources available to the government that extend beyond the assets presented in these Balance Sheets. Those resources include stewardship PP&E in addition to the government’s sovereign powers to tax and set monetary policy.”

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