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Well, bonds can be repaid from the increased tax revenue resulting from the benefits of the public works being undertaken?
by Colman (colman at eurotrib.com) on Fri May 11th, 2007 at 06:03:41 AM EST
[ Parent ]
I don't understand why the State, which is the guarantor of the money in the first place, has to borrow it in order to undertake public works.

Bush is a symptom, not the disease.
by Migeru (migeru at eurotrib dot com) on Fri May 11th, 2007 at 06:10:09 AM EST
[ Parent ]
Borrowing is an accounting act: on someone balance sheet you have a pile of currency going out and on the other side the promise someone has made to pay back over a period of time is in.

The power to do this accounting magic is privatized in the current "independant" central bank system in that only private banks can do it.

Even within this banking system there are things states and people can do if they don't like what's going on.

I'll be writing a diary on it shortly.

by Laurent GUERBY on Fri May 11th, 2007 at 02:30:40 PM EST
[ Parent ]

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