My wallet used to hold US Notes. When Congress spent them, it did not owe interest for printing dollars, and sometimes was not in debt.Bonkers. But some on the left will believe this.
Then Congress gave the power to print money, a duty the (second) US Constitution expected of Congress, to the central bank (who made their notes look just like the US’s). Now Congress borrows money from the “Federal Reserve”. To lend the US money, the “Fed” uses dollars that never existed until spent on government bonds. The “Fed” gets to charge interest, putting the US trillions of dollars in debt....
And it goes downhill from there.
Progess.org
Money, a Symbol, vs Rent, a Real Surplus
Jeffery J. Smith
https://www.progress.org/articles/money-a-symbol-vs-rent-a-real-surplus
Progess.org
Money, a Symbol, vs Rent, a Real Surplus
Jeffery J. Smith
https://www.progress.org/articles/money-a-symbol-vs-rent-a-real-surplus
“ because they don't see social surplus”
ReplyDeleteHe’s reifying the Accounting abstractions…. “they don’t see” like the the abstractions are real and you can see them…
Modified Accrual does not let you accrue the Assets on the left hand side so you don’t illustrate any surplus on the left hand side…
Under Modified Accrual A-L < 0 so A-L = C or “Equity” .. so Equity is always negative under Modified Accrual…
Maybe this commie could take a couple Accounting courses….