Thread by @sdgrumbine

The Federal Reserve and the US Treasury have a consolidated Balance Sheet.

Let that sink in if you still think the Fed is private.

1/x

The Fed remits ALL profits back to the Treasury MINUS operating expenses.

When Congress writes and passes a bill, the Fed makes deposits from thin air to the Treasury's accounts to make payments. On demand. Out of thin air.

Congress created the Federal Reserve in 1913. Period.

Article 1 Section 8 gives Congress the sole authority to power of the nations purse.

Don't let conspiracies render you impotent to fight for a Green New Deal with a Job Guarantee and Medicare for All.

#LearnMMT #EachOneTeachOne #GreenNewDeal

1. There is NO government credit card. No unfunded wars in the government... no "credit card". The federal government is monetarily sovereign.

2. Don't act like the GOP... there is no debt. Not like a household. We do not borrow anything from anyone. We are monetarily sovereign.

3. Federal Taxes Do Not Fund Spending

4. Taxes are deleted.

5. Congress writes a bill and it is spent into existence.

6. The "debt" is nothing more than the total US treasuries sold... call it the national assets

7. We dont borrow US Dollars from China or any other country. We create our own currency.

8. Social Security is not insolvent, can never go broke and doesn't get funded by FICA taxes.

9. We are not on the gold standard since Nixon removed us from it in 1971.

10. Most economics you learned must be unlearned. It is imperative to learn MMT to understand how federal financing actually works from 1971 to present.

If you choose to skip the learning... know it isn't because the information is inaccessible... know you made a choice to ignore the truth.

In other words... willfully ignorant.

(Even Greenspan knows the truth)