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Governments don’t borrow from financial markets

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Manage episode 432005828 series 3475482
Content provided by Richard Murphy. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Richard Murphy or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The obsession with the national debt is absurd. The UK government has no need to ever borrow money. It can create all the money is wants, when it wants, from the Bank of England. The reality is that the City is desperate to save its excess funds – created by government spending more than the sums it reclaims in taxation – with the government because the government alone can always guarantee to repay funds saved with it. But that’s not borrowing. That’s the government offering savings facilities as a favour to the City.

  continue reading

199 episodes

Artwork
iconShare
 
Manage episode 432005828 series 3475482
Content provided by Richard Murphy. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Richard Murphy or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The obsession with the national debt is absurd. The UK government has no need to ever borrow money. It can create all the money is wants, when it wants, from the Bank of England. The reality is that the City is desperate to save its excess funds – created by government spending more than the sums it reclaims in taxation – with the government because the government alone can always guarantee to repay funds saved with it. But that’s not borrowing. That’s the government offering savings facilities as a favour to the City.

  continue reading

199 episodes

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