(written by Bill in early March, when the global economic system was confronting total collapse): ""Now it is different. This crisis has the potential to wipe out the middle classes and the professional classes. And suddenly, who would have thought – the nation state is apparently back, all powerful and being begged to intervene. It is wake up time. Now no-one can be unclear about the fiscal capacity of the state. They now know that politicians who claim they don’t have enough money to do things were lying all along." Bill is here assuming his readers know that when he speaks of "the state's fiscal capacity", he is talking about the capacity of the currency-issuing state to issue debt free money, by changing the digits in the bank accounts of whoever it is deemed appropriate, to enact specific public policy.