Politicians, the media and most economists are obsessed with government debt – now more so than ever. But, as Modern Monetary Theory has shown, there is no issue with governments perpetually running budgets in the red, providing the extra money supply resulting from it is not inflationary. This week Phil Dobbie suggests some of the debt issued in the form of bonds could be given to the public as a form of universal income, which increases when government debt is highest – when the economy is in most trouble. So, what does Steve Keen think of this approach – and are there any downsides to the introduction of People’s Bonds?

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