Given the way the UK economy is looking, this might give some perspective. It dates from 3 years ago
This is a problem that has puzzled some of the greatest minds. Apparently the world is several trillion dollars in debt. That’s a lot of money, isn’t it? But who the hell do we owe it to? I think the answer there is that the total debt may be all those trillions, but that’s a false figure. If A lends B £50, then B lends C £50, the total debt seems to be £100 if you add the debt together. But it’s not right, is it? In effect, C owes A £50. Half the apparent calculation. On a more massive scale you can see that in effect, there’s hardly any debt at all.
Governments clearly cannot organise a pissup in a brewery when it comes to the economy. They’re bloody useless. What you need to do, whether you’re a Galbraithian or a Keynesian, is operate the whole shooting match as…
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