The language surrounding government bonds confuses many.
So too does their use.
QE just makes everything more complicated.
So, some explanation is required.
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Given that we ought to know the human invention of money technology has to consist of an endless cycle of inflow and outflow and Warren Mosler says the so-called National Debt is nothing but an inflow that hasn’t yet been taxed do we also have an outflow that is hypothecated for the creation of government bonds?
The answer of course lies in a 17th English cock-up where the reckless Stuart monarchy continued to be hell bent on avoiding being accountable to Parliament!
Chapter Six “Making Money: Coin, Currency, and the Coming of Capitalism” by Christine Desan
Richard,
How much of the government ‘debt’ is in gilts, and how much in other forms of ‘debt’?
I will be publishing this information soon
It is far from straightforward