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Joined 3 years ago
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Cake day: July 3rd, 2023

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  • The US is a financial sovereign. It has the monopoly over its currency: You don’t need the rich ! Govments within a financial sovereign can decide/agree in congress to pay for things they want with the only limit being that the thing/service is available in that currency. It’s called MMT, as american as apple pie, and no MMT is not communist.

    Why do the rich hate MMT? Because they get paid risk free interest by offering the guvment their money.



  • On federal level the deficit is actually the sum of wealth the US gov injects/ed into its economy. There is no such thing as ‘my taxdollar’ on fed level. The gov proposes policy, congress ok’s it and FedRes pays the bills. Through creation of new money from the 12 magic computers Elon discovered during his doge tenure.

    Not so on state level: states have no monopoly over a currency and have to hold up their own pants or go bankrupt. ‘My taxdollar’ absolutely applies on state level.

    Source: MMT/Sectoral Balances