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View Diary: New IRS report confirms upcoming retirement crisis (95 comments)

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  •  won't be a crisis... (3+ / 0-)
    Recommended by:
    tcdup, ladybug53, antirove

    if our political class decides to tax the people who have all the money. I am so sick and tired of politicians encouraging people to borrow instead of taking the money companies the rich folks who run them are hoarding and put it back into circulation.

    In the words of Jesse Pinkman "Keynesian Economics, Bitches"

    I sing praises in the church of nonsense, but in my heart I'm still an atheist, demanding sense of all things.

    by jbou on Fri Sep 06, 2013 at 02:28:46 PM PDT

    •  As the head of the Fed Reserve said back in (0+ / 0-)

      1932 when FDR took us off the gold standard for national settlement:  "Taxes are obsolete to fund federal gov spending".

      When you create money out of thin air, you become self funding.  Just like you would be if you had a money making machine in your kitchen.

      Thus, the Fed Gov, having a fiat currency, which is nothing more than accounting entries, does not need to tax in order to spend.

      And dollars that are taxed aren't recirculated, but removed from circulation.

      So, being forced to borrow money instead of having higher social spending, or lower taxes, or higher wages, etc...  is one issue.

      Taxing dollars out of existence is another.

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