By Tim Worstall, includes “Richard Murphy tries to tell us, again, that we don’t really have a growing national debt. Because QE means that government owes money to itself and this nets out and so keep spending boys! … As Murphy tells us: “To date none have ever been sold back to the financial markets” A certain amount of weight is being put on that “to date”. Too much in fact. … So what is the state of liabilities in those entirely and wholly correct government accounts? … Call that £2.5 trillion of net debt among friends. That is, the Whole of Government basis for the accounts shows a higher national debt even if not a higher National Debt.”
Read the full article on: Expunct