Rodger Mitchell — The Big Lie

In economics we suffer the BIG LIE. It is a lie, because it is untrue. And it is big, because it adversely affects every facet of our lives. The BIG LIE, in its simplest, most basic form is this: 

“A Monetarily Sovereign government unwillingly can run short of its sovereign currency.”

The U.S. became Monetarily Sovereign on August 15, 1971, when it went off a gold standard. The government creates dollars by paying bills. It pays bills by instructing banks to increase the numbers in checking accounts. It can do this endlessly, now that it no longer needs supplies of gold to collateralize dollars. In short, the BIG TRUTH is: 

It is not possible for the U.S. government unwillingly to run short of dollars.

Monetary Sovereignty
The BIG LIE: It’s everywhere. Repetition creates belief, which creates more repetition
Rodger Malcolm Mitchell