Beyond the clear stand up to the power banks have today over governments, this return to sovereign stock is a much more fundamental change in our Society.

It is neither. There is nothing system altering about issuing consols rather than bullet bonds. And standing up to the power of banks would involve simply printing the money at will, rather than pretending to borrow it from the private sector.

The fact is that with the physical expansion of the economy on hold, money supply cannot grow as it did up to 2008.

Why not? No law of nature prohibits adding another zero or two to the money bills every century.

- Jake

Friends come and go. Enemies accumulate.