“In the beginning, man said, let there be money: and there was money,” US researcher Scott Santens wrote in a recent article. Later, in the wake of a pandemic, the US passed three stimulus packages worth $4.8-trillion. Within a year, cash of $1-trillion was sent to 85% of Americans.

“We didn’t pay for any of this. We just did it. None of it was made possible by taxing or borrowing from anyone first, and that’s the big lesson I believe everyone needs to take away from the Covid-19 pandemic. Americans needed money, so it was created out of nothing. The thing is, that’s not new. It’s how money works in any country that issues its own currency,” Santens wrote...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.