A Calvinist wealth seizure is utter madness

As Keynes pithily put it (with a little exaggeration), the country would not be any richer if the entire national debt was paid off. We owe the debt to ourselves (mostly). We print our own currency. This is smoke and mirrors.

The collective nation is not the singular and proverbial Schwabian Hausfrau. The Bank of England is currently mopping up the entire debt issuance of Her Majesty’s Treasury. This QE will never be unwound or “repaid”, whatever the pro-forma assurances.

It is pure monetary financing of the fiscal deficit – People’s QE, helicopter money, MMT, or whatever you want to

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