I seen you push this narrative many times. So who will run on a platform of higher taxes for everyone? Do you believe that person will win with that platform?
Wharton professor sees $34 trillion debt triggering 2025 meltdown as mortgage rates spike ab
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Damn. I think for the first time I have been here, you have shown a crack in your own beliefs.
You keep going on and on about how the USG borrows money from the Fed with interest, but try to tell us that the USG does not "owe" money to the Fed, because...who the fuck knows?
I'm not recognizing myself here. Do you perhaps have me confused with someone else?
Nope. I know you, sir.
Of course no one will run for political office on a platform that includes "higher taxes for everyone." I haven't seen anyone propose that, have you?
Apparently not.
Apparently yes.
The Fed makes money and charges interest for the government to borrow it. The government turns around and charges interest to their people, on the money they borrowed it with, via taxes on the people on that money that it came from in the first place.
Where am I falling down here?
If it starts at any point beyond the central bank charging the government money, you lose the argument, because it means you do not understand what debt is.
It means all you know is "bonds, non-debt obligations, and all that nonsensical shit" which means nothing to the PEOPLE that make this all work.
The universal debt clock is wrong, the deficit is wrong, there is no national debt, EVERYONE according to you is worng. That's it. It is YOUR way or the highway. NOBODY but you knows what is going on.
You can singularly pull this country out of our debt crisis, because according to you, the US government has no debt, ergo no deficit.
Or something.
This is you, not me, posting this, which is incorrect by the way. Congratulations are in order. You've achieved the seemingly unachievable. You've confused yourself with me.
Suggestion: Going forward, try to watch fewer Zeitgeist videos on You Tube.
This is you, not me, posting this, which is incorrect by the way. Congratulations are in order. You've achieved the seemingly unachievable. You've confused yourself with me.
Suggestion: Going forward, try to watch fewer Zeitgeist videos on You Tube.
I try to Iike you on this subject, bur cannot.
That's one of the reasons you're one of my favorite posters! You try, you're clever, and sometimes you're humorous as hell. You can read about the stuff I post in many different places. The best is still L. Randall Wray's, now classic, "Understanding Modern Money", but unfortunately that book is now pretty damn expensive if you can find a copy.. However Wray has new book out that i haven't looked at, but it looks to be an updated version and a lot less expensive. Wray and Mitchell also have a new undergrad Macro economics text out that is the first text ever to get some of these money and banking topics right. Wray is a Minsky protege and both were at Bard College Levy Economics Institute at different points in their careers. Wray, as a young professor at my undergrad Uni (University of Denver, "Go Pioneers" -- Hockey playoffs about to start --- gird your loins!!!) There is an inexpensive pop version of this stuff, written for those who have no background in economics by Stephanie Kelton (the former U.S. Senate economist) called "The Deficit Myth" (I think. It's in my library, but I don't have it in front of me.) Kelton's book is very easy reading, but I take minor issue with her explanation for why the U.S. doesn't actually borrow when we sell Treasury bonds. There are also many blogs by other economists that are up to date on this topic. Bill Mitchell and Nathan Tankus come to mind. (maybe Google them). If I get you interested, the same thing is likely to happen to you as happened to me. You'll think, OMG, I had no idea. But it all makes sense, and you soon enough realize that most of what we thought was true about our money is nuts. And then, armed with a little bit of information, it suddenly hits you that what we always thought was true, can't possibly be.I try to Iike you on this subject, bur cannot.
P.S. I think you'll find most of those names I mentioned have You Tube lectures available. I also forgot to mention Warren Mosler. A key figure in what's now called Modern Money Theory (MMT). Mosler may have been the one that coined the phrase "Modern Money Theory." (Google MoslerEconomics.com)
https://www.google.com/search?clien...e=ive&vld=cid:e4bc8574,vid:YnyDRwSqp2E,st:383
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