Richard Murphy says:
August 22 2020 at 8:41 am
When did NS&I last repay all deposits, simultaneously?
If the answer is never, indeeed, if you cannot even find periods when they fell massively except by policy, then they may technically be a liability but repayment is not an issue
So, yet more nonsense
Holding deposits is not a matter to be concerned about
If it was, declare all banks at major risk now
But you know they’re not
But that, of course, is because their liabilities are guaranteed by banks: the one organisation that can never fail to meet its liabilities, which is why no one need claim on it and why NS&I will nit be making net repayments.
Also, a very good point:
August 21 2020 at 6:44 pm
If you don’t consider BoE as part of the UK state, the so-called state “debt” is £2,000bn.
If you do consider BoE as part of the UK state, the so-called state “debt” is £2,000bn, including £745bn of reserve balances issued by BoE.
You can’t consolidate BoE’s assets with HM Treasury and at the same time not consolidate its liabilities.
Doesn’t Spud keep telling us that government debt is just the money we use? Therefore the money we use is government debt?