Everyone speaks of money as if the taxpayer created it and passed it across to the government, if not with outright hostility then certainly with great circumspection.
But since the financial crisis we know that we spend first and tax later. Where otherwise, did that almost half a trillion of ‘Quantitative Easing’ come from? Was it in the warehouse out the back? And if it was, how long had it been there? How many more are there and where are they?
Yet still the government and mainstream media particularly, insist on calling it taxpayers’ money. It isn’t and that’s why the notes in our pockets have written on them “I promise to pay the bearer on demand” signed not by a taxpayer or a group of them but by the Chief Cashier of the Bank of England.
Continue reading “Calling it “Taxpayers’ money” creates bureaucracy”