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Lord Eschaton blesses MMT


The point is that there's little to be feared from either firing up the helicopters or, more realistically, simply obtaining more money to spend by moving decimal points on Treasury bank accounts instead of borrowing it, relative to the predicament we are currently in.

Ding! As Galbraith says:

[M]odern money is a spreadsheet! It works by computer! When government spends or lends, it does so by adding numbers to private bank accounts. When it taxes, it marks those same accounts down. When it borrows, it shifts funds from a demand deposit (called a reserve account) to savings (called a securities account). And that for practical purposes is all there is.

For practical purposes, indeed. Just not for the purposes of the banksters and rentier parasites who are sucking Main Street dry.

NOTE Money is created by the state (Article I, Section 8, "coin money") for a public purpose (Preamble, "provide for the general welfare"). It's our money. It's not the bankster's money.

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