Ask not how much the government is set to borrow but why it chooses to borrow its own currency in the first place. http://bilbo.economicoutlook.net/blog/?p=31715 https://twitter.com/JuliannaForlano/status/1024296624632352769 …
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Another question worth exploring is, given that the government wants to borrow, why does it not finance all of its borrowing by issuing money (i.e., why does it issue liabilities other than money)?
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Or: “Why does it provide interest payments on savings accounts at our CB?”
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Govt recycles idle savings back to the productive econony. If it didn't issue Bonds savings would flow to other asset classes. Same as taxes, a wealth redistribution mechanism to recycle tax credits to provision Govt. Yes, not required but that is the economic reality we live in
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I know, I know: To 'hit' its non-zero "interest-rate" target, to supply the world's financial sector with interest-bearing truly safe financial assets, and to provide a bit of additional unearned income to its most favored parasites.
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