We paid off $32 trillion in the past 6 months!

The next time your friend, colleague, family member or local politician says to you, "How are we going to pay back the Chinese" you tell them...

We paid back $32 trillion in the past six months and there has been no hypinflation, interest rates are at zero, the stock market is up, the economy is growing, jobs are being created an life is going on as normal.

Then show them the proof, right from the government's own checkbook here at the Treasury: Table IIIA Total Redemptions.

That ought to shut them up or at least start a legitimate discussion.

ANY ASSERTION WHATSOEVER THAT WE ARE BROKE AND CAN'T PAY BACK OUR DEBTS IS PURE BULLSHIT (pardon my French).

Mike's Latest Bloomberg Hit: "US Budget Deficit is a Virtue"

Video below from after the market close yesterday of Mike shredding on the topic of the true nature of US "debt" and fiscal deficits.

Mike is able to reveal the truth of these issues through the use of professionally recognized terms and procedures of accounting and economics.  Mike's professionalism is played off in the piece against the metaphoric rantings of two politicians, Simpson and Bowles, who here are made manifestly morons and blind on these issues, with Simpson first referring to the debt as "16T babies" and later Bowles using the word "cancer" on the deficit.  Unfortunately "Moe and Larry" here have been selected to co-chair a US government committee on the deficit.


 

In contrast to these two government stooges, the Bloomberg host Ms. Massar seems legitimately intrigued and interested in the fresh, hopeful, positive and truthful MMT based economic perspective expertly communicated by Mike in this piece.  Here's hoping that  this interest continues at Bloomberg, and will lead to more appearances by Mike, and more reporting there that keeps the insights of MMT in view.

h/t the 'Deus ex Machina' ;)


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