Apologies to those expecting insight from me. Trying something a bit different.
There has been a tendency for politicians to speak about government finances as being analogous to household finances.
And there has been an equally persistent tendency for economists and marke-folk to giggle at them for so doing.
That this state of affairs has persisted for such a long time speaks to the profound failure of economists and market folk to effectively communicate in plain English why the analogy (at least in the case of monetary sovereigns) is a bad one.
I was hoping to use the comments section of this blog to elicit attempts at explaining why it is a bad analogy, with minimal use of technical jargon, abstract terms, etc.
Anyone up for giving this a shot? I reckon 50 words max, but the shorter the better.