Thread by @CantillonCH

Another canard currently doing the rounds is this whole, "Yields are low ergo public debt is no burden - and yields must STAY low or it WOULD quickly become one, far too heavy to bear" schtick.

#UST #Treasury #Fed #deficit 1/x

Clearly no-one understands the difference between real costs and virtual, financial ones.

The State's gross mishandling of the #coronavirus crisis has destroyed or impaired tremendous amounts of productive #capital - a loss which should neither be understated nor camouflaged 2/x

The fact that the gazillion new IOUs #UST has issued as a partial (and temporary) recompense for this will come with artificially low interest rates is absolutely NO cause for cheer: in fact, quite the converse. 3/x

The attempt to smear out & insidiously re-allocate the bad consequences of past economic & political follies is what keeps adding to the shock felt at every speed bump. The present obfuscation seems set to dwarf all others: ergo so will its inherent risks.
#COVID19 3/x

Such misplaced efforts are what increase perceptions of inequality and corrode the body politic ("Argh! #Populism!") since these actions are (a) a means of spreading the reach of the Corporatist State and (b) of enriching leveraged speculators. 4/x

Therefore, do NOT not let yourself be fooled: we will NOT escape paying for this, one way or another no matter where #bond yields are nailed in the meantime.

#Fed #UST #fiscal #budget #coronavirus 5/x

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