Sunday, February 26, 2012

All the computers...

...have been turned off in the U.K. How else to explain this statement by the Chancellor:

Osborne: UK has run out of money

In a floating, fiat currency system, a Government cannot functionally "run out of money", nor does it need to "get" money from somewhere else in order to spend its own currency.

Its all spreadsheets now. I am not saying this current system does not have its problems, but "solvency" or running out of money is definitely not one of them.

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