However, I share the quote for a reason. Steve rightly says:
To really answer [the question ‘How are you going to pay for it?’] you have to understand the dynamics of our monetary system—and that means you have to understand double-entry bookkeeping, because that’s the way banks and governments create money, and keep track of financial transactions.
For that reason, I am going to have to explain the double-entry of banking in the forthcoming book. But nothing like the way Steve does with a Godley model. That’s not to say they are wrong because they are not. It is because most people will not follow them, and everyone has a right to know this.
The actual explanation he won’t use.
Society has a number of resources, we can use resources to do a number of different things. Government can make the decision that we, the people, don’t get to do what we want with our resources. Instead, they are taken from us and used to do what government wants to use those resources to do.
And that’s it.
All the talk of money, taxation, debt, is a discussion of ways to do that, not the doing itself. Government takes our stuff and does stuff with it.