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View Diary: Why deficits don't matter - the reality of government finance (116 comments)

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  •  It's not a theory that we are no longer (3+ / 0-)
    Recommended by:
    psyched, jellyyork, Roger Fox

    on the gold standard.  It's a fact.

    It's not a theory that every dollar is both a public liability and a private asset.

    It's not a theory that 2 plus 2 equals four, and that if you reduce the public liability by 2 dollars, you reduce private assets by 2 dollars.  It's simple accounting.

    It's not a theory that if you had a money making machine in your kitchen, you could never go broke.  Just a fact.  Likewise, the US can never go broke.

    It's not a theory that there's no internal, logical reason, for a monetary sovereign of a fiat currency to sell bonds, borrow in any way nor tax to fund it's spending.  It's just facts.

    Anyway......

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