National debt? There is no national debt!

Fear and Loathing in Great Britain

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The following is probably not entirely accurate in places, that’s because I am still learning and looking behind the myths and bullshit. It’s not easy because the myths and bullshit rule.

One the many egregious crimes of George Osborne was to liken the national economy to a household economy. He knew it was a lie and yet it was a necessary lie if he was going to get away with an even bigger lie – Austerity.

People may recall David Cameron making much of the note (a tradition) left by Liam Byrne for his successor at the treasury, which read, “no money, kind regards” [1]. It was a joke and, as it happened, it was a pretty good one, given the crisis the bankers had created and passed on to the entire world. It was a joke because it was not remotely true. Britain cannot run out of money. Let…

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