Fiscal Rules Are Not Worth The Paper They Are Written On

"a fixation with fiscal rules is simply absurd in an era when we know that a) there is a macroeconomy, which fiscal rules deny by adopting a household analogy b) money is created by governments and so they cannot be constrained by a shortage of it and c) the impact of fiscal rules has always been to constrain the role of government, impose austerity and to create unemployment as a wholly unnecessary and profoundly socially costly buffer against inflation in the interests of the wealthy."