This budget, amid talk of deficits, consider the lessons we ought to have learned

<https://theconversation.com/this-budget-amid-talk-of-deficits-consider-the-lessons-we-ought-to-have-learned-179310>

"So why did Gillard, Abbott, Turnbull, and for a while Morrison and Frydenberg,
have their hearts so set on ultimately unachievable surpluses?

It might be because they didn’t understand how Australia’s money system works.
More charitably, it might be because, while they did understand how Australia’s
system works, they found it convenient not to pass that knowledge on.

They have been perpetuating the “government as households” metaphor, which
ignores the role of the government as a currency issuer as well as a currency
user.

In cooperation with its wholly owned central bank, Australia’s government
produces Australian dollars. It can’t run out of them."

Cheers,
       *** Xanni ***
--
mailto:xanni@xanadu.net               Andrew Pam
http://xanadu.com.au/                 Chief Scientist, Xanadu
https://glasswings.com.au/            Partner, Glass Wings
https://sericyb.com.au/               Manager, Serious Cybernetics