> The thesis is that mortgages are not primarily a service a bank provides to a homeowner.
An insightful point. And here's a related one. The worst thing the financial industry could endure is for government to run a balanced budget year after year.
In the same way that a homeowner is not the primary customer of a mortgage, the government is not the primary customer of its deficit. That debt is absolutely necessary not only to finance the services provisioned by the government, but for the successful operation of the entire financial industry.
An insightful point. And here's a related one. The worst thing the financial industry could endure is for government to run a balanced budget year after year.
In the same way that a homeowner is not the primary customer of a mortgage, the government is not the primary customer of its deficit. That debt is absolutely necessary not only to finance the services provisioned by the government, but for the successful operation of the entire financial industry.