https://www.philadelphiafed.org/-/media/publications/economic-education/ben-franklin-and-paper-money-economy.pdf
For example, take our dimwit reporters ... please! In an otherwise incredibly useful article, this fateful comment was still found lurking.
"How would government pay for prolonged 'deficits?' It would get the money by selling securities to the central bank in exchange for cash."
BMHOTK! Whatever! [That dull throbbing you hear is the sound of logicians pounding their heads on tables in frustration.]
If we "get" money by selling securities, how do we pay off the securities? Let me guess. We "get" securities back by selling money? So why bother?
What do YOU do when you have a prolonged deficit in fiat? Nothing? :(
(Does anyone bother speaking intelligible language anymore, or only sophism?)
As an alternative to "buying" fiat, a public could just track & monitor currency issuance, as north american colonies did, starting from ~1680 onwards. If not for our revolution, we might still be using someone else's currency, and in the same position as Greece today.
Today, issuing & tracking our own currency supply could be done with cell phone apps. As MRW notes, we don't need a semi-independent, supposedly private Central Bank to pretend to independently "own" or even administer our currency supply. We only need a Central Bank by any other name, without all the mystical baggage. As has been noted in past MMT discussions, all CB functions could easily be run out of a basement room in the Treasury Dept, maybe one called the "Ministry of Money."
Since we let Central Bankers simply mark up bank accounts by striking a key on a keypad, then we can also just get rid of our Central Bankers, and instead automate the process of denominating transactions between ALL debtors and creditors! Fiat by fiat. Wotta concept! Sovereign currency could be just another Automatic Stabilizer (instead of an Automatic Destabilizer).
That way we could bail out regulators instead of bailing out banksters. :( Ya think?
Wake me if this electorate ever wakes up (to logic-101).
However, until then, it's full head of steam towards convenient wall.
As an alternative to "buying" fiat, a public could just track & monitor currency issuance, as north american colonies did, starting from ~1680 onwards. If not for our revolution, we might still be using someone else's currency, and in the same position as Greece today.
Today, issuing & tracking our own currency supply could be done with cell phone apps. As MRW notes, we don't need a semi-independent, supposedly private Central Bank to pretend to independently "own" or even administer our currency supply. We only need a Central Bank by any other name, without all the mystical baggage. As has been noted in past MMT discussions, all CB functions could easily be run out of a basement room in the Treasury Dept, maybe one called the "Ministry of Money."
Since we let Central Bankers simply mark up bank accounts by striking a key on a keypad, then we can also just get rid of our Central Bankers, and instead automate the process of denominating transactions between ALL debtors and creditors! Fiat by fiat. Wotta concept! Sovereign currency could be just another Automatic Stabilizer (instead of an Automatic Destabilizer).
That way we could bail out regulators instead of bailing out banksters. :( Ya think?
Wake me if this electorate ever wakes up (to logic-101).
However, until then, it's full head of steam towards convenient wall.
