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Democratic economist: US should run deficits without debt — Felix Salmon interviews Stephanie Kelton

Summary:
We don't need no stinkin' (government) debt. Issuing government securities that pay interest to offset deficits is not necessary operationally under the current floating rate monetary regime. Paying interest to park wealth in a "safe asset" constitutes a government subsidy for savers. Not being necessary operationally, it can be argued that it is wasteful unless it serves public purpose.AxiosDemocratic economist: US should run deficits without debt Felix Salmon interviews Stephanie Kelton See alsoAxios (2 Mar 2020)Inside the Bernie economyDion Rabouin

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We don't need no stinkin' (government) debt.

Issuing government securities that pay interest to offset deficits is not necessary operationally under the current floating rate monetary regime. Paying interest to park wealth in a "safe asset" constitutes a government subsidy for savers. Not being necessary operationally, it can be argued that it is wasteful unless it serves public purpose.

Axios
Democratic economist: US should run deficits without debt

Felix Salmon interviews Stephanie Kelton

See also

Axios (2 Mar 2020)
Inside the Bernie economy
Dion Rabouin

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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