The closest a nation has to equity is notes and coin, and of course, QE, which is analogous to a redeemable preference share.
I reckon - and both Taleb and Buiter are making noises along these lines - that the solution to the credit crunch lies in a debt/equity swap on a cosmic scale. Just not equity as we know it, Jim.
It could be a sort of a once and for all Jubilee, if you think about it. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Me thinks it is propaganda to create the proper climate for neolib reform. A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
You mean that only governments debts and not their assets are counted?
Essentially, although there's a bit more to it.
