It never went anywhere. It has yet to be created. Countries have financed current expenditure using tomorrow's money. This has been achieved by borrowing money.
Much like a person who borrows £20,000 to buy a car today. They are spending future earnings. Future money. Spent today.
Problem is that interest is applied to the loans, that makes the problem even worse...
It never went anywhere. It has yet to be created. Countries have financed current expenditure using tomorrow's money. This has been achieved by borrowing money.
Much like a person who borrows £20,000 to buy a car today. They are spending future earnings. Future money. Spent today.
Problem is that interest is applied to the loans, that makes the problem even worse...