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

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  •  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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