tag:blogger.com,1999:blog-1879770534244304287.post6131287254748426184..comments2011-02-03T09:09:34.852ZNeil Wilsonhttp://www.blogger.com/profile/11565959939525324309noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1879770534244304287.post-53580858116082141682011-02-02T22:52:43.887Z2011-02-02T22:52:43.887ZStrowger.<br /><br />But communism is state ownership of all property.<br /><br />The logic of budget surpluses is that the government taxes the private sector to death until it owns all property. Is that what you really want? Then net government spending is needed to inject cash into the economy and enable/fund private saving. National debt is simply a stock of private wealth.<br /><br />The reason the private sector isn&#39;t spending/investing is because the economy/demand is weak because it&#39;s paying off mountains of debt and, unlike government in a modern monetary paradigm, private financial constraints are very real. Private debt binge bubbles have a naturally limited shelf life, don&#39;t they?WillORNGhttp://www.blogger.com/profile/03759801640058517521noreply@blogger.comtag:blogger.com,1999:blog-1879770534244304287.post-49880065341657333402010-06-28T14:08:00.373+01:002010-06-28T14:08:00.373+01:00Political and psychological constraints are real, if hard to express with neat mathematics. <br /><br />While enough people believe that a large deficit is frightening, their fear works like a financial constraint, even though the model says there aren&#39;t any of those. <br /><br />To quote point 4, we need to &quot;achieve balance through fiscal policy (currency issuance and taxation) and monetary policy (interest rates), based on analysis of data&quot; This a baldly-stated requirement to build a new Gosplan. That didn&#39;t work so well last time.strowgerhttp://www.blogger.com/profile/02152694000041025748noreply@blogger.com