Wandering the information superhighway, he came upon the last refuge of civilization, PoFo, the only forum on the internet ...
Moderator: PoFo Economics & Capitalism Mods
Puffer Fish wrote:Spend massive amounts of money the country doesn't have, get the country deeper into debt, print more money to pay for that debt.
Pretty much sums it up.
I'm not even sure all of this money is being used the most wisely or the most efficiently. A lot of it seems to be going to special pet projects.
I predict all this spending now might force massive cuts much later, and there will be a lot of suffering.
Many on the Left don't understand that. History repeats itself, it might be a situation like in Greece where the people were rioting in the streets because the government couldn't keep spending more money and had to have a balanced budget and start dealing with the debt it already had. Led to a decade of suffering.
You all will probably sabotage the country, and then when things turn south you'll just blame the rich, and conservatives when they try to steer things back to a balanced budget.
Steve_American wrote:He refuses to explain why Japan has been "spending money it doesn't have and printing money" for 29 years now and still has almost zero inflation and bond interest rates. It also has no problem selling its bonds and has one of the strongest currencies on earth.
Steve_American wrote:He refuses to explain what other nation can replace the US in terms of 'the world's reserve currency'. Nobody will trust China, Germany sells few bonds in any year so it will not meet the demand.
Steve_American wrote:a blank sheet of paper. Just scroll down to see the first page. But keep scrolling down to the 7th "page" to see "page 13".
The 1st Deadly fraud starts on page 13.
http://www.moslereconomics.com/wp-conte ... 2jcnBszQP6
Steve_American wrote:@Puffer Fish,
So you're going to disappear.
If the Gov. doesn't shread the paper dollars you paid your taxes with, then they would need to put it in a safe in the building or move it with an armored truck. At least, if it was a lot of money. It really makes sense that it is easier to shread it. Shread it the same day too.
Steve_American wrote:Also, the US Gov. did have its credit rating rduced. It made zero difference, just as MMTers said it would.
Puffer Fish wrote:You're not making sense, and your argument is incoherent.
It's mostly irrelevant whether those taxes were paid in actual paper money or not.
We can both agree that they're usually not.
It's paid with money in bank accounts that represents a future obligation to theoretically pay paper money. That obligation is secured by a mortgage on property.
Of course it's a lot more complicated. Using simple words will never be technically correct.
Let's suppose, just for the sake of argument all taxes were paid in paper money and they shredded it as soon as they got it. How would that matter? Printing money and then destroying it is not really any different from collecting the money and then spending the money you've collected. The two are economically equivalent. (Sort of, not really, it's actually a lot more complicated, but not in the way that matters in this situation we are arguing about)
Puffer Fish wrote:That's wrong too. That is the whole point of worrying about the national debt, because of the country's credit rating, long term.
Yes, it's true it might make not much difference in the short term if the entirety of that debt is being monetized, meaning government is printing money to pay it.
But even that's not really true. There still are some private lenders even if most of the debt has been monetized, and if those private lenders panic it could suddenly accelerate inflation when government has to monetize their share of the debt.
You claimed it makes "zero difference". Zero difference to what exactly? Please be more specific.
October 24, Saturday Early in the morning at C[…]
I sincerely hope that police officers and conserva[…]
Wish I could say the same... No, that is just an[…]
Why are you speaking of an ongoing colonialism re[…]