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The debt deception — Peter May

Summary:
...why would the government borrow from a private bank when, in the form of the Bank of England, it actually owns its own? If we persist in the idea that asking the Bank of England to create money puts us in debt, then given its only shareholder is the government we are actually in debt to ourselves – and that is no debt at all. And logic dictates that if you are not indebted you do not have anything to pay back. Progressive PulseThe debt deceptionPeter May

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...why would the government borrow from a private bank when, in the form of the Bank of England, it actually owns its own?
If we persist in the idea that asking the Bank of England to create money puts us in debt, then given its only shareholder is the government we are actually in debt to ourselves – and that is no debt at all.
And logic dictates that if you are not indebted you do not have anything to pay back.
Progressive Pulse
The debt deception
Peter May
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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