The Crown's own bank account has been overdrawn 272 times, and no one noticed because payments never stopped. Obviously, a negative balance doesn't tell you about inflation, the exchange rate or what a small open economy can import. Those are the real limits. But none of them is solvency. A currency user has to find money before it spends. The Crown as currency issuer spends, and then squares up the account. So when someone asks where the money is coming from, point them to the data. The question is whether we have the real capacity to deliver the policy. The New Zealand Government Has ‘Run Out of Money’ 272 Times Since November 1997… neweconomicmanagement.substa…