paul meli said…
I don’t know about Britain, but in the USA the outstanding balance of private credit is about $46T and the total of all government spending since WWII about $68T, so someone is confused. I already debunked this here:
http://economicsrantsnmusings.blogspot.com/2013/06/does-credit-drive-economy.html <– Private link, looking for cached version somewhere to support what he’s talking about.
Looks to me like someone thinks taxes accrue only against public spending, which cannot be the case.
The outstanding credit balance is dollar LIABILITIES, not dollars. These things are not the same.