The U.S. can never become insolvent!

Les Leopold — 8 Facts That Prove Our Govt. Is Not Going Broke

The Republicans are out to shred our social safety net -- and they're using debt as their excuse [with the help of some Third Way, Peterson, Rubinite, Establishment "New" Democrats].

AlterNet
8 Facts That Prove Our Govt. Is Not Going Broke
Les Leopold

John Harvey — It is IMPOSSIBLE for the US to default!!!

With so many economic, political, and social problems facing us today, there is little point in focusing attention on something that is not one. The false fear of which I speak is the chance of US debt default. There is no need to speculate on what that likelihood is, I can give you the exact number:

there is 0% chance that the US will be forced to default on the debt.

We could choose to do so, just as a person trapped in a warehouse full of food could choose to starve, but we could never be forced to. This is not a theory or conjecture, it is cold, hard fact. The reason the US could never be forced to default is that every single bit of the debt is owed in the currency that we and only we can issue: dollars. Unlike Greece, we don’t have to try to earn foreign exchange via exports or beg for better terms. There is simply no level of debt we could not repay with a keystroke.

Forbes
It is IMPOSSIBLE for the US to default!!!
John T. Harvey | Professor of Economics, Texas Christian University

Video clip — Greenspan lays the smackdown on Paul Ryan

Greenspan lays the smackdown on Paul Ryan (1 min.)


Allan Greenspan explains to Paul Ryan that the problem of Social Security is not insolvency but availability of real resources in the future — just like MMT.

(h/t Dan Lynch at MMT DALLAS DEFICIT OWL COMMITTEE on FaceBook)