Posted on March 3, 2021  
by Noel Guilford
With just 24 hours to go before the Budget statement from the Chancellor the news media and politicians are eager to have their say about what we can expect.
The problem – which is becoming quite annoying – is that not only are journalists are asking the wrong questions, but that politicians are answering them!
No wonder the economy is in a mess.
Or is there something more sinister going on?
The national debt is at nowhere near the headline level that is being reported, there is absolutely no need to repay the debt that does exist (the fact is that people are still queuing up to buy government debt) and the so-called ‘cost’ of debt is nothing like the figures being quoted because at least half of the interest come back to the government on the debt that it has itself repurchased using quantitative easing.
Now, the Treasury, the government, the Bank of England, politicians and economists know all this. This is evident from a paper written in 2014 from the Bank of England itself entitled Money Creation in the Modern Economy which you can read for yourself.
So why does the government, the Treasury and ministers, all of whom know better, deny the truth.

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Noel Guilford


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