A critique of Gary Stevenson's claims about bond market dominance over government policy
By
Richard Murphy
4d ago· 8 min readenInsight
Summary
A critical analysis of Gary Stevenson's video on bond markets and government finance. The author agrees with Stevenson on wealth concentration shifting political power and government belief in bond market dominance, but argues Stevenson fundamentally misunderstands how government finance works. The piece contends that governments are not financially dependent on bond markets, and that Stevenson's incomplete explanation leads to incorrect conclusions about government policy being dominated by bond markets.
Source
bskyA critique of Gary Stevenson's claims about bond market dominance over government policytaxresearch.org.ukKey quotes
· 4 pulledThe problem is not that his politics are wrong. It is his explanation of how government finance actually works that is wrong, because it is very incomplete.
Governments do not borrow because they need money
He is right to argue that wealth concentration has shifted political power.
He is right to warn that governments believe...
Gary Stevenson has produced a long video explaining, he claims, bond markets and why he thinks they now dominate government policy.
There is some material in this that I agree with:
He is right to argue that wealth concentration has shifted political
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