by Summary:
Skimpy article and non-committal.But a positive thing is that a lot of people are coming to understand more about how the monetary system works as a ledger system. The bottom line is that while taxes and debt-issuance "fund" government spending in an accounting sense, they do not "pay for" spending when the government is sovereign in its currency and issues the currency through an institutional process. Where "the coin" fails is potentially confusing the coin as a money thing (token) for "the money," which is actually a matter of ledger entries. "Money" is not a "thing" but credit.AxiosThe coin that could avert a federal debt defaultFelix Salmon
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Mike Norman considers the following as important:
This could be interesting, too:
Skimpy article and non-committal.Skimpy article and non-committal.But a positive thing is that a lot of people are coming to understand more about how the monetary system works as a ledger system. The bottom line is that while taxes and debt-issuance "fund" government spending in an accounting sense, they do not "pay for" spending when the government is sovereign in its currency and issues the currency through an institutional process. Where "the coin" fails is potentially confusing the coin as a money thing (token) for "the money," which is actually a matter of ledger entries. "Money" is not a "thing" but credit.AxiosThe coin that could avert a federal debt defaultFelix Salmon
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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But a positive thing is that a lot of people are coming to understand more about how the monetary system works as a ledger system. The bottom line is that while taxes and debt-issuance "fund" government spending in an accounting sense, they do not "pay for" spending when the government is sovereign in its currency and issues the currency through an institutional process. Where "the coin" fails is potentially confusing the coin as a money thing (token) for "the money," which is actually a matter of ledger entries. "Money" is not a "thing" but credit.
Axios
The coin that could avert a federal debt default
Felix Salmon