THREAD: and that was one of the most idiotic statements ever uttered by him, unless he wrapped Friar Pacioli in copper coil inside s magnet in order to produce limitless electricity.
(1/11) @nglinsman @amlivemon @Halsrethink @bondstrategist @tyillc @mtmalinen @jeuasommenulle https://twitter.com/RegTech_FinTech/status/1299287931778224129

Politicians have mastered the art of "we tax X to invest in Y", egged on by #Thaler aficionados thinking that #Nudge is not lying, but it should be properly called by its name: Bulls**t. None of them ever bothered to unravel the intricacies to make that remotely true. (2/11)

That's because one of the principal functions of money is being FUNGIBLE: the bank note you hold in your hand has infinite potentialities, good and bad, up to its face value limit, irrespective of the way you earned it. It could be stolen or hard earned, it doesn't care.(3/11)

So, having taken care of the fact that ALL liabilities and income finance ALL expenses, be they current or investment, let's chew the bone of what his words REALLY meant: it's all about spending, baby.
(4/11)

By limiting his words to DEBT and specifically the #COVID related binge, #Draghi stole a page from a fellow Roman institution, namely the #Vatican: he granted an Indulgence to any and all debtors in his flock. https://en.wikipedia.org/wiki/Indulgence 
(5/11)

Thus, every spending program PREDATING the COVID spree gets its "get out of jail free" card and must not be questioned under the True Faith. Moreover, programs started previously get the same treatment. ( #GreenNewDeal anyone? #CAP? #Strasbourg? #Alitalia?)(6/11)

But bitter as it may seem, that's not the worst outtake. Just turn the phrase around a bit.
Having debunked that when he says "bad debt" he really means "bad spending", he (wittingly, I'd say) let the cat out of the bag.
Central Banks want to decide on spending. (7/11)

That's an explosive outcome since it is customarily accepted that public spending must undergo voters' acceptance. But like big Prince-Electors of the Holy Roman Empire, the #ECB and other unelected institution have a power deniede voters.
https://en.wikipedia.org/wiki/Prince-elector (8/11)

That's fine, as long as there is a clear separation of powers ensuring that proper political (and by that read "democratic") oversight is present. The indipendent #ECB that decides money supply and repo rates is a noble institution. (9/11)

But as soon as she utters inane words whose sole purpose is to shape WHERE the money goes instead of HOW MUCH money is there, think #ESG, #MIFID and other investment shaping mechanism, the system goes haywire.(10/11)

So, my main question would be: "Unless you work HARD at a level, no-intermediary investment playing field, why do you go on blabbering about "markets", a concept you willfully distorted beyond recognition?"
@amlivemon @galietti82 @macrodesiac_ @DavidBCollum @RudyHavenstein

@RobertMCutler @vtchakarova