{"id":16388,"date":"2012-07-13T10:06:04","date_gmt":"2012-07-13T09:06:04","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16388"},"modified":"2012-07-13T10:06:04","modified_gmt":"2012-07-13T09:06:04","slug":"moneys-money-because-you-have-to-pay-your-taxes-with-it","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/13\/moneys-money-because-you-have-to-pay-your-taxes-with-it\/","title":{"rendered":"Money&#8217;s money because you have to pay your taxes with it"},"content":{"rendered":"<p>Someone just asked on Twitter if they could <a title=\"The untold truth about quantitative easing is it simply cancels debt \u2014 and that means national debt is now just 45.1% of GDP\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/13\/the-untold-truth-about-quantitative-easing-is-it-simply-cancels-debt-and-that-means-national-debt-is-now-just-45-1-of-gdp\/\">do the debt cancellation trick that QE represents<\/a>.<\/p>\n<p>The answer is no,\u00a0because\u00a0the trick\u00a0depends\u00a0on the\u00a0ability\u00a0of the Bank of England tio\u00a0print\u00a0money. But people can't do that.<\/p>\n<p>The\u00a0government\u00a0can and for one good reason. It demands that we pay\u00a0our\u00a0tax using the pounds that it prints and that means we have to use them in the course of trade. Without tax we could use any money we liked. With tax it only makes sense to use the currency we have to pay our tax bills with because that's the only 'legal tender' we can offer to settle our debt to the\u00a0government.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Someone just asked on Twitter if they could do the debt cancellation trick that QE represents. The answer is no,\u00a0because\u00a0the trick\u00a0depends\u00a0on the\u00a0ability\u00a0of the Bank of<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/13\/moneys-money-because-you-have-to-pay-your-taxes-with-it\/\"><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-16388","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16388","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=16388"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16388\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}