3min chapter

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Ep357 - Yanis Varoufakis | And the Weak Suffer What They Must?

Talks at Google

CHAPTER

The State's Tax-Backed Liquidity

"I can give you a pin number and you may owe money to another of your suppliers," he says. "Then the third party can use this money to repay its taxes to me." The idea is that even in good times when the state doesn't have a liquidity problem, it uses tax-backed liquidity created through the tax system. He adds: 'This is peer to peer lending for the state'

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