Emeritus Prof Christopher May on Nostr: To the latter Q. - no, it relatively middle rage by historical standards.... States ...

To the latter Q. - no, it relatively middle rage by historical standards....

States can create credit (in much the same way private banks do) - there are issues about money supply, but equally, money supply has been expanding (due to private credit creation at an alarming rate & yes this is part of the house price issue), but credit creation for investment need't if done carefully by inflationary to a dangerous extent.