herbkarajan
CBO: Federal Debt and the Risk of a Fiscal Crisis
by , 08-03-10 at 01:39 AM (603 Views)
with this Kelton article you can't be serious, the lady claims government has no theoretical constrains? The "state theory" of money, except most of the nominal paper is produced in the private banking/corporate system (cdo's, corp/junk bonds, equities, etc etc), so if the govern "didn't spend it" we'd have no money?Originally Posted by ThePythonicCow
then to say taxes gives money 'value', except half of the population pays no taxes and the 1% that owns most of the money successfully shelters it off shore. Corps don't pay taxes. Let's come out and say it -"scarcity' is what gives value to money , money is issued against tangible e.g houses assets in a real economy and paper/obligations in the financial. Money center banks issues debt when someone wants to 'buy' anything from a house, to a Man United soccer club to a multinational corp. At that point property becomes banks' and the new "owner' hustles for a few decades trying to get money out of the system to pay it off, if he's lucky and good he will.. but the chances are he'll be bought out way before than, and it starts all over
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