“The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other post-war crisis policy.” MoneyEconomicsCovid 19PandemicMacroeconomics Book:Modern Monetary Theory: Key Insights, Leading Thinkers Source: Modern Monetary Theory: Key Insights, Leading Thinkers
“governments budgeted anywhere from one-tenth to more than one-half of their economies to fight the pandemic. No taxpayers were called upon to foot the bill, no creditors were asked to lend them money. Governments voted for the budgets they considered to be necessary and their central banks made the payments. The size of the response was all the evidence one needed to grasp the monetary reality. Governments which issue and control their own currencies face no financing constraints and no threat of insolvency or default.” PoliticsEconomicsCovid 19MacroeconomicsGovernment Spemding Book:Modern Monetary Theory: Key Insights, Leading Thinkers Source: Modern Monetary Theory: Key Insights, Leading Thinkers