The "Big Lie" arises from the fact that individuals in the Public Sector are essentially DEFINED as a "drain" on the Private Sector.

In the same way there can be no such thing as "Public Sector" investment because all "investment" is by definition "Private" (ie through a Corporation).

So the Public Sector may only borrow (from Private Banks) to invest - hence fantasies like Gordon Brown's "Golden Rule", National Debts,and the rest of the surreal nonsense that passes for national accounts.

It's all bollocks of course, since there are a couple of ways that the Public Sector may maintain ownership of assets and still bring in long term "investment".

But you won't read about them in the FT,the Economist or any publication which looks to banks for advertising.

 

"The future is already here -- it's just not very evenly distributed" William Gibson