1. We are not on the gold standard and thus the constraints imposed are no longer in play.
2. We have a sovereign, non-pegged, non-convertible fiat currency not backed by oil, gold, bees wax or chicken necks...
3. The Fed is a creature of CONGRESS not a private banking cartel
2. We have a sovereign, non-pegged, non-convertible fiat currency not backed by oil, gold, bees wax or chicken necks...
3. The Fed is a creature of CONGRESS not a private banking cartel
4. We aren't broke and can never go broke without an intentional act of congress. The debt ceiling is a garbage construct used for politics to force "tough decisions" and is a relic of the gold standard era.
5. The national debt is not debt as you and I know it at all but is instead savings accounts at the fed for people who want to save in US dollars. It's also can be thought of as the net money supply or the money not yet destroyed as a tax.
6. A balanced federal budget would in fact make us like Greece by taking away our ability to deal with shocks to the domestic or global economy.
7. Federal taxes do not fund spending but they are essential to maintaining the value of the US dollar
8. Taxation allows the US Government policy pace to provision itself.
9. Full employment comes before inflation.
10. Money growth does NOT cause inflation.
#MMT
9. Full employment comes before inflation.
10. Money growth does NOT cause inflation.
#MMT
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