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
Topics:
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:
Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model
Mike Norman writes The Accursed Tariffs — NeilW
Mike Norman writes IRS has agreed to share migrants’ tax information with ICE
Mike Norman writes Trump’s “Liberation Day”: Another PR Gag, or Global Reorientation Turning Point? — Simplicius
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