stilldunnowho check on Reddit

neweconomicperspectives.org billyblog these are the main ones and will no doubt lead you to lots of other blogs. on here, valuable sources of info are to be found on the channels of alberto veronese (lots of vids of about a minute's duration which make the point simply) and mike norman. also watch 'soft currency economics by warren mosler' (27mins)

Check out Real Progressives on FB.

True

Dollars are created by the US federal government. They can create as many as they want. They create dollars by spending them on the goods from the private sector. Taxation (at the federal level) destroy dollars by removing them from the private sector. By spending more than they tax, the federal government is creating dollars and putting them into circulation. Deficit spending (by the federal government) does not create debt. So why does the US have debt? Why do we sell treasuries? Because the private sector wants to store dollars somewhere safe, and nowhere is safer than with the creator of dollars. So, the federal debt is really just the savings of the private sector. The federal government can ALWAYS pay back their debt -- WITHOUT raising taxes.

bilbo.economicoutlook.net/blog/?p=34594 Any currency issuing government owns THE SET OF ALL dollars, yen, pounds (whatever the currency). That is an infinite set. At any given time whatever the total 'debt' of any currency issuing government is that of your currency in circulation held by banks, domestic and foreign currency users. Our savings and ability to spend in that given currency in accounting terms is an 'asset' for us. On the currency issuers side is a 'liability'. So when you think of debt you're not thinking about it from the point of view as a currency issuer (which is natural because we don't see the world the other way). "at some point you have to pay it off right" So yes if government has issued a treasury bond (debt) at the point it matures government will draw from its infinite set of dollars to pay it off. But to entirely remove all its liabilities? If government were to extinguish all its 'debt' its effectively doing so by withdrawing its currency from circulation. Then of course nobody would have any savings in that currency making it pretty useless. At this point it becomes apparent that your savings are the government issuing liabilities. Your ability to save, be credit worthy, find a job, pay taxes, have customers walk through the door of your shop with dollars is a cumulative effect of budgets and laws which were flows of government liabilities to its citizens. This has existed in civilization ever since there was a need for a system of credit probably as old as farming on a scale that produced a stock of food. Hence clay tablets in Sumeria (ancient Iraq) are often accounts tracking liabilities and assets of various elements of that civilisation.

but if it cancels the debt all at once that would cause huge inflation in the economy. So everything's value would just reduce.....wouldn't it?

ya we gota pay it off, it's just that no one is asking for it for now.....

The US gov't has had a debt since 1835. When do you think this 'pay off' will happen?

more than what?

the only reason her theory of printing more money to reduce debt works is because america has a monopoly over the dollar. Once the other countries catch up, the dollar starts to freefall like a house of cards, infact i wouldn't be surprised if in the near future China deliberately tries to hurt america by competing with it's currency because unlike america they don't have debt..... and if the euro evolves into a stable currency in a few decades america would collapse.....CREDIT- it's all good until you get a call from the collection agency....

one, it's not a theory, it is what happens. When someone redeems a treasury (we reduce fed debt) the gov't credits their bank account with new money. Yes the US has a monopoly on the US dollar. What does "other countries catch up" mean? The US will always have a monopoly. No one else will create US dollars. China will not deliberately try to devalue the dollar, even if they could, because of the harm it would do to the Chinese economy (it would cause massive unemployment from reduced exports) and they hold $4 trillion of savings (our 'debt') with which they could buy $4 trillion dollars worth of stuff unless they devalue the currency in which case they could not buy as much. Why would they cheat themselves like that? China has an enormous amount of debt, however it is denominated in the yuan. How do you think they built all that infrastructure? They do not pay their workers in $, they pay them yuan. They don't publish their numbers and therefore no one freaks out. The Euro is clinging to life and the ECB has made it obvious that they are unwilling to produce enough euros due to their own deficit phobia.It will not be a reserve currency like the US dollar. Credit = money. When the 'collection agency' calls it in, the Fed goes ''tap, tap, tap' and the Treasury Notes are now Federal Reserve Notes. So what? It is the same thing that happens when you tell the bank to move your money from a savings account to a checking account. Nothing happens except now you can spend it and you collect no interest. If China cashed in all their $ savings for $, all they can do with it is spend it on stuff that is for sale in $ which is the stuff we make in the US, which means we will have lots of jobs making stuff, which leads to my original question which you did not answer, more than what? The correct answer is more than the productive capacity of the US economy, which we are not even close to. mo money, no problem.

www.nationaldebtclocks.org/debtclock/china

Well the ECB isn't a "real" central bank. They cannot perform the same functions that the Fed/US Treasury do. The Eurozone is stuck in a trap of its own design.

You evidently are too stupid to understand what was said. Either that, or you were high.

Hello! This is how is already works. That's exactly what Congress does-create/print money. Sadly, they are creating it for war, corporate welfare and for elite tax breaks, rather than program a for the people.

and what do you have a PhD in stupid

Must be a Trumpster happy with 1% taking it ALL.