http://www.levyinstitute.org/pubs/wp_603.pdf Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff by Yeva Nersisyan, L. Randall Wray, p. 15
http://www.youtube.com/watch?v=4J0j5VwnD7I "Q:Why does government issue bonds? Randall Wray: Sovereign government really can't borrow, because what it is doing is accepting back its own IOUs. If you have given your IOU to your neighbour because you borrowed some sugar, could you borrow it back? No, you can't borrow back your own IOUs."
