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the national credit

letsgetitdone's picture

Government Financial Asset Addition = “Deficit”; Government Financial Asset Destruction = “Surplus”

The word “deficit,” when applied to the Government financial accounting of a monetarily sovereign nation, that is, one that issues a non-convertible fiat currency, with a floating exchange rate, and no debts in a currency it doesn't issue, is a problem, because the label “deficit” when applied to such a Government doesn't mean what most people think it means. As Michel Hoexter points out: Read below the fold...

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