It’s amazing that ‘debt and deficit’ politics, weaponised junk economics, has completely captured the public…

It’s amazing that ‘debt and deficit’ politics, weaponised junk economics, has completely captured the public policy space. Many even believe it, that governments need to find money to buy things. Central banks have been ignoring that mythology for nearly 20 years. 1/4 https://t.co/6oOXUAvXE5

If a government needs money, it can ‘print’ it. It’s a mechanism of exchange, it has no intrinsic value. This only comes unstuck if the country doesn’t have the resources and expertise to convert the money into goods and services. 2/4

Rich nations aren’t generally short of the capacity to use the money, they’re just short of money because high status people hoard it. So ‘print’ more, and give it to lower status people. Like we did in Covid ‘lockdowns’. Was a boon for them and for the ‘economy’. 3/4

Money is a medium of exchange. We trade it like we’re still bartering with gold and other precious metals. If there’s not enough exchanging going on because high status people hoard it, give it to people who will use instead. /end