GhostOnTheHalfShell, (edited )
@GhostOnTheHalfShell@masto.ai avatar

@msbellows @economics@a.gup.pe

Ah yes. OK.

Keynes was wrong in this sense: government deficits are private deposits.

So there should be no surplus because government is deleting the credit potential of the economy; taxes deletes fiat currency and a surplus is a state shrinking private wealth.

That said, spending when the economy is bad is creating credit.

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