1. National accounting shows us that a government surplus equals a non-government deficit. If fiscal austerity does generate fiscal surpluses it does so by swapping public for private debt.

2. In a stock-flow consistent macroeconomics, the sectoral balance stocks all sum to zero.

3. The payment of a positive interest return by the central bank on overnight bank reserves eliminates the need for it to conduct open market operations to ensure its policy rate is sustained (ignore any reserve requirements).