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I should mention something very important here if one is trying to get a correct understanding of U.S. money operations, and that is to recognize U.S. Treasury securities as a form of money. Many explanations for central bank operations that appear on the internet, such as those from...

I have posted in ET forums, and this is more than just my personal opinion, that the U.S. has no debt in the sense of private sector debt arising from borrowing. To understand what underlies a statement like this, one must first accept that all money issued by the U.S. government, regardless of...

All modern democracies have mixed economies with elements of both capitalism and socialism. May I suggest you "Unlearn everything you've been taught and rebuild your entire belief system based on critical thought & analysis."

I have to agree that the overturning of Roe was a step in the other direction. It showed us that even minority religious beliefs, when well organized, can still exercise powerful influence over politics and selection of Court Justices. Nevertheless, I don't see anything to convince me that the...

Got a related story. Many years ago, when I lived in Albuquerque, the local news paper had a story about an Albuquerque family that was moving to Salt Lake City. The article explained that the family was moving to Salt Lake City because the dad was a "moron." I think I still have the clipping...

Perhaps "ruined" is a bit of an overreaction to describe what's happened to the Western EU countries as a result of immigration. Seems quite unlikely any of the EU nations will become theocracies in either of our lifetimes. And even less likely after we are both gone. Education, technology...

Although I agree there are problems, such as the ones you mention, that may lead to the breakup of the EU, there are two separate kinds of EU entanglement to consider. One is the EU trade, or economic, union; the other is the EU monetary union. Most of what we think of as EU countries are a...

I wouldn't have put this quite the way you have, but it does seem the poorer EU countries erred in giving up total sovereignty over their money. It is not, however, because adopting a common currency is a bad idea; this is a very good idea. Rather its because the poorer nations did not insist...

I was taught that when you are proven wrong, just admit it and quit digging, That was good advice for me, and i would think it good for you as well.

No. Sorry but it is not OK. You are helping to repeat and spread disinformation from the internet that arises, in part, from crackpots like Senator Paul, who must surely know the Fed is audited, both internally and externally several times over. All government agencies are audited. I resent...

The Fed is not Private. Understanding Fed and Treasury operations must start with a correct understanding that ever since the banking laws of the 1930s the Fed has been thoroughly government, despite legacy Private bank participation in the running of the Regional Banks. The bottom line is the...

Ha ha. You never cease to entertain

: This stuff isn't easy. I realize that. It took me a years, I am apparently a slow learner. Stuff like: "government spending is always financed through creation of fiat money rather than through tax revenues or bond sales.." seems pretty damn radical. I guess that's one of the reasons I...

You needn't be sorry. We are in agreement here. I have posted on the differences between private sector debt and government*, ersatz "debt" elsewhere. I will probably post again on this topic at some point. If you are interested in reading an explanation of why U.S. government bonds don't...

I see something in your post (see my underlining above) that is going to create a difficulty in your acceptance of newer ideas coming from younger economists that I am often posting. The idea that the Central Bank is somehow a private for profit bank created by Congress but somehow separate from...

Actually, I thought I gave a rather succinct and reasonable answer. I also pointed out that the "debt limit" is actually a limit on deficit spending, as Treasury securities are issued to match, dollar for dollar, the deficit. The debt limit is purely political. It is an invention of...

Now wait just a G.D. minute, young man. I'm not "effectively" saying anything of the kind. I certainly am implying however that I know far more about Fed and central bank operation then the majority of folks posting in these fora. I get my information from the writings of Fed bankers and...

I'm sick and tired of it myself. Reasonable solutions to funding of Social Security and Medicare were proposed years ago, but are routinely blocked by the growing radical, right wing of the Republican party that is ideologically opposed to social programs. For many years now their approach has...

It is called a debt ceiling, I suppose, because what the Treasury does when it auctions bonds looks like it is borrowing. Because the English lexicon has no word that correctly describes the bonds issued by the Treasury, and because most people are convinced we are borrowing, we all refer to...