{"id":13975,"date":"2012-02-02T10:04:12","date_gmt":"2012-02-02T10:04:12","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=13975"},"modified":"2012-02-02T10:04:12","modified_gmt":"2012-02-02T10:04:12","slug":"theres-at-least-one-economist-who-realises-government-debt-owned-by-the-central-bank-isnt-debt-at-all","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/02\/02\/theres-at-least-one-economist-who-realises-government-debt-owned-by-the-central-bank-isnt-debt-at-all\/","title":{"rendered":"There&#8217;s at least one economist who realises government debt owned by the central bank isn&#8217;t debt at all"},"content":{"rendered":"<p>I'm pleased to note that at least one major economist realises that public debt owned by the central bank of the\u00a0government\u00a0that issued that debt isn't debt at all.<\/p>\n<p>The\u00a0economist\u00a0is Paul Krugman. The economy he wrote about is Japan.\u00a0<a href=\"http:\/\/en.wikipedia.org\/wiki\/List_of_countries_by_public_debt\" target=\"_blank\">Japan\u00a0has public\u00a0debt\u00a0of\u00a0about\u00a0220% of GDP<\/a> - way, way beyond anyone else's debt. Except<a href=\"http:\/\/krugman.blogs.nytimes.com\/2010\/09\/09\/lost-in-translation-2\/\" target=\"_blank\"> as Krugman noted in 2010<\/a>:<\/p>\n<blockquote><p>Oh, and about that debt; it\u2019s not good \u2013 but net debt is about 100 percent of GDP, not 200, because the BOJ holds so much of it.<\/p><\/blockquote>\n<p>Precisely. When you own your own debt it's no longer debt at all.<\/p>\n<p>Now that needs to become part of the\u00a0mainstream\u00a0narrative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m pleased to note that at least one major economist realises that public debt owned by the central bank of the\u00a0government\u00a0that issued that debt isn&#8217;t<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/02\/02\/theres-at-least-one-economist-who-realises-government-debt-owned-by-the-central-bank-isnt-debt-at-all\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-13975","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=13975"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13975\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=13975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=13975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=13975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}