surely buying bonds will save you when you are running 8% yearly deficits to buy votes with welfare payments

There's no natural law saying that budgets have to be balanced. Most countries run constant deficits.

	▲	rayiner 8 minutes ago \| parent \| next [-]
		Are you serious about this?
	▲	SubmarineClub an hour ago \| parent \| prev [-]
		Governments being able to borrow money (to run that deficit) relies on people believing that they will be paid back. The more the debt grows, the less likely people are to believe they’ll get paid back. The other option is endlessly printing money, which causes hyperinflation and you get an Argentina/Turkey/Weimar Republic situation.

The author writes for Jacobin.

Of course it’s promoting Communism.

	▲	ahartmetz 12 minutes ago \| parent [-]
		Stop the hyperbole. Jacobin is more like social democrat (what most nominally social democrat parties used to do, but aren't doing anymore). That's about two significant notches less communist than communism.