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From: Larry Kazdan http://www.sott.net/
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To: letters@straight.com
Subject:Re: Douglas P. Welbanks: Debt Canada 101, December 6th, 2017
- https://www.straight.com/news/1004841/douglas-p-welbanks-debt-canada-101
- Increases in private debt are indeed worrying. Over-indebtedness led to the 2008 financial crisis when big banks had to be bailed out by governments. But national debts are different. Great Britain has had public debts for over 300 years, the U.S. for over 180 years, and total debt issued by governments typically increases with growth in their economies. These countries, and Canada as well, have central banks with sovereign currencies and consequently have unlimited fiscal capacities. When necessary, they can pay for extended wars or bail out whole financial systems in times of crises.
- Anxiety about our federal government debt is therefore misguided. When times are slow, the Canadian government must take robust action not by cutbacks which would make things worse, but by higher deficit spending to support the private sector and help put 1.2 million unemployed Canadians back to work. Those rightly concerned about rising household loans should remember that only when Canadians are employed and earning more income can they pay down their personal debts.
- Footnotes:
- 1 Alan Greenspan, former U.S. Federal Reserve Chairman, 1997
- http://www.federalreserve.gov/boarddocs/speeches/1997/19970114.htm
- "[A] government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the ones we have today, can produce such claims without limit."
- 2. Pavlina R. Tcherneva, Assistant Professor, Franklin and Marshall College
- http://www.nextnewdeal.net/deficit-nine-myths-we-cant-afford
- Myth #1: The government should balance its books like a private household.
- Reality: Our federal government is the issuer of the currency, which makes its budget fundamentally different than the average citizen's.
- ***
- A government is the issuer of the currency. The household, on the other hand, is the user.
- ***
- Government is constrained only by the inflation it can create by over-spending, but its ability to spend is numerically unlimited. Households are constrained by their ability to get dollars from some form income and from borrowing, and both of those have real limits.
- Myth #1: The government should balance its books like a private household.
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