Modern International Financial and Monetary Systems Reformation. 2013.
A new vision is needed of wealth and equality, its existence and how it is administered.
Excerpts from: “Pontifical Council for Justice and Peace”.
Comments by Justaluckyfool ( http://bit.ly/MlQWNs )
( “You are always welcome to share, copy, plagiarize, improve, etc..any comments.)
‘ ***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha’‘”)
Pontifical Council, “…“(T)he trajectories of the Church’s close relation with the world. These trajectories intersect in the profound value of human dignity and the quest for the common good, which make people responsible and free to act according to their highest aspirations. The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence. What is more, the crisis engages private actors and competent public authorities on the national, regional and international level in serious reflection on both causes and solutions of a political, economic and technical nature. In this perspective,…the crisis “obliges us to re-plan our journey, to set ourselves new rules and to discover new forms of commitment, to build on positive experiences and to reject negative ones. The crisis thus becomes an opportunity for discernment, in which to shape a new vision for the future. In this spirit, with confidence rather than resignation, it is appropriate to address the difficulties of the present time.” The G20 leaders themselves said in the Statement they adopted in Pittsburgh in 2009: “The economic crisis demonstrates the importance of ushering in a new era of sustainable global economic activity grounded in responsibility.”
It is time to be united as Monetary Sovereign Nations that has as a social goal , “to form a more perfect union along with acting for the benefit of all mankind. While sharing the redistribution of wealth of these nations while at the service “… of the good of each and every one will necessarily be super partes (impartial): that is, above any partial vision or particular good, in view of achieving the common good. Its decisions should not be the result of the more developed countries’ excessive power over the weaker countries. Instead, they should be made in the interest of all, not only to the advantage of some groups, whether they are formed by private lobbies or national governments…. and no longer for the development of one group to the detriment of another group.
Capitalism is the “best” system to date devised by mankind. As it is administrated, perhaps, is where the “flaw” is manifested. If capitalism used its Central Bank properly,that is for the betterment of the common good, with equality and justice for all, capitalism would be the best ways and means to help “form a more perfect union….”
The ECB may have described where we went wrong working with our Fed; thereby giving us the opportunity to fix our “flaw”.Perhaps, the ECB has shown that the USA has taken the wrong path to prosperity because the Fed has allowed some one else to issue our liabilities and done so not for the common good.
Quote,” The ECB remains stuck in a totally outdated and rigid view of money, like the supporters of the gold standard, as it refuses to grasp that, in our current context of deflation/disinflation, losses on its capital have no significance, quite the contrary. It can even operate with negative capital, given that it is the sole issuer of its own liabilities, and create as many euros as it sees fit.
The US Fed has understood this truth for quite some time, given its inclusion in bylaws of a rule allowing it to delay indefinitely, without any need for recapitalization, any loss posted on its investment portfolio by assigning to them to future seigniorage revenue (MG).”THE TIPPING POINT: “… It can even operate with negative capital, given that it is the sole issuer of its own liabilities…”
The Fed must become a Central Bank Working For The People (CBWFTP) instead of working for the Private For Profit Banks (PFPB) and MUST take away from any other entity
the ability to issue sovereign currency which based upon todays rules is ” a CB liability”.
Why would you not want betterment of the common good?
Why not challenge, improve, endorse;
GOOGLE:
” A Central Bank Working For The People (CBWFTP)
instead of for Private For Profit Banks (PFPB).”
When will the people of Italy ( Read, Greece, Spain, any Sovereignty ) realize they have a Central Bank that does not work for their people, in fact it works to make profits for the top 1% of the people in the world.
Italy (Read…Greece, Spain, any Sovereignty), you can take back your right to prosperity. Create the Central Bank Of Italy, (Greece, Spain, any Sovereignty) and your Central Bank with an account showing 2 trillion “NEW LIRA”, that being todays wealth of the Italian peoples goods and services as of this date. All monetary transactions shall be recorded in “NEW LIRA”. All balances shall be equal in number and converted to “NEW LIRA”. All receipts in an equal denomination of “NEW LIRA” for each Euro. The balance of all debt will be fixed on this date , set with a specific redemption plan.(E.g., 72 or 96 equal monthly payments) The debt will no longer accrue interest.
Who would not accept this nation as not having a wealth of all that is Italian as not being at least 2 trillion,”NEW LIRA”? As for those who would be that stupid, not to accept that capitalization, please allow them to accept default.It is not the cost of government but the cost of money itself that has bankrupted the nations.If any country wishes to free itself from the shackles of debt and restore the prosperity it once had, it will need to take back its monetary sovereignty and issue its own money, either directly or through its own nationalized central bank.(This is the solution for any sovereignty).
For any nation to be a Monetary Sovereignty….
.. it must be the sole creator of its sovereign currency.
…it must have the ways and means to control its sovereign currency for quality and quantity.
…it must under modern money systems be fiat since its money is transferable “thru thin air”.
…it must understand that it is the guardian of the value of the currency , if it wishes to be capitalistic; otherwise that nation will be totalitarian. As a guardian (recording and exchanging) it does not own the value of the currency it creates.
…it must use that currency knowing that it must also return it back to the community (the rightful owners).
…all transactions using sovereign currency must be “REAL”, meaning backed by 100% of issued sovereign currency.In order to prevent “systemic failure” it must make available the currency as loans at a fixed rate and duration in amounts deemed necessary to allow the private banking system to be solvent.
Based upon an opinion by “Justaluckyfool” of the concepts of Noble Laureate Frederick Soddy, “The Role Of Money” (1926,1933)
*****The Switch Game;USA
*********************
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) .
The government can not win against ‘compound interest’ on debt for that can be infinite in amount. IF ‘compound interest were eliminated then there would be no “systemic failure”. Or better yet; take that most powerful weapon, use it for the people .
Let’s try this game: Substitute the words “Central Bank Working For The People” (CBWFTP) where ever” Private For Profit Banks” (PFPB) appears.
****PFPB (read CBWFTP) have $100 trillion in assets as mortgages on residential and commercial real property (RE) loans. The average compound interest rate is 4% for a term of 36 years. The PFPB (read CBWFTP) would have created that $100 trillion ‘out of thin air’ which would have an attachment that would require $400 trillion to be paid to the PFPB (read CBWFTP). YES, take away the smoke and mirrors, this is a fact-the Rule of 72. Now we must replace (reduce to zero ) the Horizontal Money by subtracting $100 trillion leaving a profit,income,taxation from ‘somewhere else’ of $300 trillion. This amount goes as profits to the PFPB.(read CBWFTP) Revenue they may use for their own selfish purposes. That’s not the bad news-what the bad news is :That $300 trillion is real money, real currency, sucked up by the PFPB, (CBWFTP).
NOW DARE YOU ;
READ IT AGAIN,
BUT THIS TIME REPLACE “PFPB” WITH “CBWFTP”.
Why would you not want prosperity for yourselves and your children?
Why would you not want $300 trillion
THAT MUST BE PLACED BACK INTO THE ECONOMY IN ORDER TO PREVENT DEFLATION !
Share: “You are always welcome to share, copy, plagiarize, improve, etc..“
Modern International Financial and Monetary Systems Reformation. 2013.
A new vision is needed of wealth and equality, its existence and how it is administered.
Excerpts from: “Pontifical Council for Justice and Peace”.
Comments by Justaluckyfool ( http://bit.ly/MlQWNs )
( “You are always welcome to share, copy, plagiarize, improve, etc..any comments.)
‘ ***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha’‘”)
Pontifical Council, “…“(T)he trajectories of the Church’s close relation with the world. These trajectories intersect in the profound value of human dignity and the quest for the common good, which make people responsible and free to act according to their highest aspirations. The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence. What is more, the crisis engages private actors and competent public authorities on the national, regional and international level in serious reflection on both causes and solutions of a political, economic and technical nature. In this perspective,…the crisis “obliges us to re-plan our journey, to set ourselves new rules and to discover new forms of commitment, to build on positive experiences and to reject negative ones. The crisis thus becomes an opportunity for discernment, in which to shape a new vision for the future. In this spirit, with confidence rather than resignation, it is appropriate to address the difficulties of the present time.” The G20 leaders themselves said in the Statement they adopted in Pittsburgh in 2009: “The economic crisis demonstrates the importance of ushering in a new era of sustainable global economic activity grounded in responsibility.”
It is time to be united as Monetary Sovereign Nations that has as a social goal , “to form a more perfect union along with acting for the benefit of all mankind. While sharing the redistribution of wealth of these nations while at the service “… of the good of each and every one will necessarily be super partes (impartial): that is, above any partial vision or particular good, in view of achieving the common good. Its decisions should not be the result of the more developed countries’ excessive power over the weaker countries. Instead, they should be made in the interest of all, not only to the advantage of some groups, whether they are formed by private lobbies or national governments…. and no longer for the development of one group to the detriment of another group.
Capitalism is the “best” system to date devised by mankind. As it is administrated, perhaps, is where the “flaw” is manifested. If capitalism used its Central Bank properly,that is for the betterment of the common good, with equality and justice for all, capitalism would be the best ways and means to help “form a more perfect union….”
The ECB may have described where we went wrong working with our Fed; thereby giving us the opportunity to fix our “flaw”.Perhaps, the ECB has shown that the USA has taken the wrong path to prosperity because the Fed has allowed some one else to issue our liabilities and done so not for the common good.
Quote,” The ECB remains stuck in a totally outdated and rigid view of money, like the supporters of the gold standard, as it refuses to grasp that, in our current context of deflation/disinflation, losses on its capital have no significance, quite the contrary. It can even operate with negative capital, given that it is the sole issuer of its own liabilities, and create as many euros as it sees fit.
The US Fed has understood this truth for quite some time, given its inclusion in bylaws of a rule allowing it to delay indefinitely, without any need for recapitalization, any loss posted on its investment portfolio by assigning to them to future seigniorage revenue (MG).”
THE TIPPING POINT: “… It can even operate with negative capital, given that it is the sole issuer of its own liabilities…”
The Fed must become a Central Bank Working For The People (CBWFTP) instead of working for the Private For Profit Banks (PFPB) and MUST take away from any other entity
the ability to issue sovereign currency which based upon todays rules is ” a CB liability”.
Why would you not want betterment of the common good?
Why not challenge, improve, endorse;
GOOGLE:
” A Central Bank Working For The People (CBWFTP)
instead of for Private For Profit Banks (PFPB).”
Italy (Read…Greece, Spain, any Sovereignty), you can take back your right to prosperity. Create the Central Bank Of Italy, (Greece, Spain, any Sovereignty) and your Central Bank with an account showing 2 trillion “NEW LIRA”, that being todays wealth of the Italian peoples goods and services as of this date. All monetary transactions shall be recorded in “NEW LIRA”. All balances shall be equal in number and converted to “NEW LIRA”. All receipts in an equal denomination of “NEW LIRA” for each Euro. The balance of all debt will be fixed on this date , set with a specific redemption plan.(E.g., 72 or 96 equal monthly payments) The debt will no longer accrue interest.
Who would not accept this nation as not having a wealth of all that is Italian as not being at least 2 trillion,”NEW LIRA”? As for those who would be that stupid, not to accept that capitalization, please allow them to accept default.
It is not the cost of government but the cost of money itself that has bankrupted the nations.If any country wishes to free itself from the shackles of debt and restore the prosperity it once had, it will need to take back its monetary sovereignty and issue its own money, either directly or through its own nationalized central bank.(This is the solution for any sovereignty).
For any nation to be a Monetary Sovereignty….
.. it must be the sole creator of its sovereign currency.
…it must have the ways and means to control its sovereign currency for quality and quantity.
…it must under modern money systems be fiat since its money is transferable “thru thin air”.
…it must understand that it is the guardian of the value of the currency , if it wishes to be capitalistic; otherwise that nation will be totalitarian. As a guardian (recording and exchanging) it does not own the value of the currency it creates.
…it must use that currency knowing that it must also return it back to the community (the rightful owners).
…all transactions using sovereign currency must be “REAL”, meaning backed by 100% of issued sovereign currency.In order to prevent “systemic failure” it must make available the currency as loans at a fixed rate and duration in amounts deemed necessary to allow the private banking system to be solvent.
Based upon an opinion by “Justaluckyfool” of the concepts of Noble Laureate Frederick Soddy, “The Role Of Money” (1926,1933)
*****The Switch Game;USA
*********************
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) .
The government can not win against ‘compound interest’ on debt for that can be infinite in amount. IF ‘compound interest were eliminated then there would be no “systemic failure”. Or better yet; take that most powerful weapon, use it for the people .
Let’s try this game: Substitute the words “Central Bank Working For The People” (CBWFTP) where ever” Private For Profit Banks” (PFPB) appears.
****PFPB (read CBWFTP) have $100 trillion in assets as mortgages on residential and commercial real property (RE) loans. The average compound interest rate is 4% for a term of 36 years. The PFPB (read CBWFTP) would have created that $100 trillion ‘out of thin air’ which would have an attachment that would require $400 trillion to be paid to the PFPB (read CBWFTP). YES, take away the smoke and mirrors, this is a fact-the Rule of 72. Now we must replace (reduce to zero ) the Horizontal Money by subtracting $100 trillion leaving a profit,income,taxation from ‘somewhere else’ of $300 trillion. This amount goes as profits to the PFPB.(read CBWFTP) Revenue they may use for their own selfish purposes. That’s not the bad news-what the bad news is :That $300 trillion is real money, real currency, sucked up by the PFPB, (CBWFTP).
NOW DARE YOU ;
READ IT AGAIN,
BUT THIS TIME REPLACE “PFPB” WITH “CBWFTP”.
Why would you not want prosperity for yourselves and your children?
Why would you not want $300 trillion
THAT MUST BE PLACED BACK INTO THE ECONOMY IN ORDER TO PREVENT DEFLATION !
Share: “You are always welcome to share, copy, plagiarize, improve, etc..“
Switch Game. Replace “PFPB” WITH “CBWFTP”. It’s real easy, just say Central Bank Working For The People instead of Private For Profit Banks (or even TBTF Banks).
Dear Mr President, Just do what you said on ” 60 minutes” (12/11/11)” President Obama said,”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.” ?
Taxation does not mean “federal income tax”.
The Encyclopaedia Britannica defines taxation as “that part of the revenues of a state which is obtained by the compulsory dues and charges upon its subjects.” That is about as concise and accurate as a definition can be; it leaves no room for argument as to what taxation is. You can even lower federal income taxes and FICA to ZERO, if you find taxation from “somewhere else” .As a matter of fact with a simple mandate by the Fed Reserve you could raise $11 trillion a year revenue while reducing federal income taxes and FICA to ZERO.
GOOGLE “Justalucky” Solution:Take the taxation (read 2% for 36 years) that Private For Profit Banks need to borrow (read “QE 4 The People”) in order to become solvent. If as low as $200 trillion QE (read non deficit spending since a loan is an asset) it would produce a revenue stream of $11 trillion a year for 36 years.
A simple solution that which you have already stated.
How this for an unintended consequence:
The President that ended Federal Income Taxes, FICA taxes, while at the same time insured the people that in order to prevent DEFLATION, we must increase “entitlement” payments.
IF you get this message, I will again believe:”God bless America” “Some would propose that we develop a new economic system that will serve most people’s needs..”
Why.? We have the “best system” there is: capitalism, we need only to properly administrate that system.
We need only correct : Where we went wrong.
What if…we were to agree that for a Monetary Sovereignty to be a true capitalistic society, that MS would have to abide by certain rules.
(A)..IT alone is the only legal entity that can issue, “print” the sovereign currency.
(B)..It must control the quality and quantity of that issuance.
(C).. It does not own that issuance because the entire group (society of that MS) never has to give up its rights (wealth) that is the redemptive value of the sovereign currency. That wealth is ‘the good faith and credit ‘ of the MS.
(D) When the MS issues this legal tender (fiat currency) it is acting as a distributing agent of the wealth in order for the society to be able to transfer their wealth in exchange for any other wealth within that society or any other society.
(E) The processor of the distribution would be a CENTRAL BANK.
The CB must be totally transparent, and work for the betterment of the entire social group.
Conclusion:
1. Separate the private for profit banks (PFPB) from government.
(A). Cancel their right to issue currency and mandate 100% capitalization on all financial transactions.
2.The CB must work for the people.
(A). Since taxation is the mover of currency, The Encyclopaedia Britannica defines taxation as “that part of the revenues of a state which is obtained by the compulsory dues and charges upon its subjects.” That is about as concise and accurate as a definition can be; it leaves no room for argument as to what taxation is. Taxation should be as interest on money no longer an appropriate of Personal income.
The solution is a CBWFTP instead of PFPB”.(Google it). Maybe, perhaps you would go just one more step toward ending FICA and Federal income taxes,that is to have the CBWFTP take away from the PFPB the taxation (interest) they collect for themselves as “profit”.
As Einstein said, “Keep it simple”
**** Stop the CB from working for the Private For Profit Banks(PFPB) and have them become a Central Bank Working For The People (CBWFTP). Why not challenge, improve, and endorse. Please play the “Switch Game- Where ever your read PFPB, switch CBWFTP”
As Einstein said, “A simple solution.”
The doorway to prosperity is ,Only allow a CBWFTP to do for US, what PFPB are doing to US.
***WHY NOT do what your economist (those you believe to be correct in many matters) have said.”SEPARATE” banks from government not nationalization ! Keynes, Minsky,Desoto, Soddy, hundreds of others: SEPARATION. Separate the government bank from the PFPB (private for profit banks).Mandate 100% capitalization. To prevent “collapse of the currency” the Fed can lend them the $200 trillion at 2% for 36 years. There would be no need for FDIC if 100% capitalized. Mandate two types of accounts-1.Deposits owned by the people are “safe storage”, escrow that would be criminal to violate that safety. 2. Deposit that pay interest because they will be legally allowed to be used by the banks for ‘investments’ with the owners willing giving up that safety for the interest reward. As an unintended consequence of this action the Fed would become a CBWFTP.. (“CBWFTP”- GOOGLE IT) It would turn over to the US Treasury revenue for Congress to spend, just a little over $11.1 trillion a year with a note they must spend it (SS, Medicare, Jobs,etc.,) so as to prevent deflation!
[...]
How’s this for a win-win. Working toward equality while at the same time preventing deflation?
Ben Bernanke could deserve the Noble in Economic Sciences.He has proven that QE can purchase massive amounts of assets without any increase in deficit spending. He has proven QE can produce a stream of revenue income. He needs only to do it FOR THE BENEFIT of the PEOPLE, rather than for the benefit of the private for profit banks(PFPB).Then Ben Bernanke would deserve the Noble in Economic Sciences.
MAY GOD CONTINUE TO BLESS UNINTENDED CONSEQUENCES,SURELY THEY MUST REALLY BE MANKINDS INNOVATIONS.
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) ?
The government can not win against ‘compound interest’ on debt ,simply because the accumulation of interest over time is an infinite amount, one that never ends unless paid in full. Compound interest is the most powerful force in the universe and it is being used by the PFPB. We must take back that most powerful force in the universe and use it FOR THE BETTERMENT OF MANKIND.
Substitute the words “Central Bank Working For The People” (CBWFTP) where ever” Private For Profit Banks” (PFPB) appears.
****PFPB have $100 trillion in assets as mortgages on residential and commercial real property (RE) loans. The average compound interest rate is 4% for a term of 36 years. The PFPB would have created that $100 trillion ‘out of thin air’ (Horizontal Money)(Fictitious Money) which would have an attachment that would require $400 trillion to be paid back to the PFPB in order for the loan to be paid in full.. YES, take away the smoke and mirrors, this is a fact-the Rule of 72.Any sum compound at 4%/yr. over 36 years will quadruple. Now we must replace (reduce to zero ) the Horizontal Money(created out of thin air) by subtracting $100 trillion leaving a profit,income,taxation from ‘somewhere else’ of $300 trillion. This amount goes as profits to the PFPB. Revenue they may use for their own selfish purposes. That’s not the bad news-what the bad news is :That $300 trillion is real money, real currency, sucked up by the PFPB,yes Vertical Money !!
Did our government forget to mention that “Mortgage interest should be tax exempt simply because it is already being taxed by their friends the PFPB ?
READ IT AGAIN,
BUT THIS TIME REPLACE “PFPB” WITH “CBWFTP”.
Why would you not want prosperity for yourselves and your children? Why would you not want $300 trillion (really $ 400 trillion since real money is used by CBWFTP and need not be subtracted (replaced).
[...]
How’s this for a win-win. Working toward equality while at the same time preventing deflation?
Ben Bernanke could deserve the Noble in Economic Sciences.He has proven that QE can purchase massive amounts of assets without any increase in deficit spending. He has proven QE can produce a stream of revenue income. He needs only to do it FOR THE BENEFIT of the PEOPLE, rather than for the benefit of the private for profit banks(PFPB).Then Ben Bernanke would deserve the Noble in Economic Sciences.
“QE 4 The People” and even “QE 4 Disaster Relief” No change is needed for the feds TO PURCHASE assets, assets like a state issue ” STATE 36 Year Bonds ” for as much as $50 trillion with a rate of 0.25%. If $1 trillion per state were available that would be a stimulus of $50 trillion with NO DEFICIT SPENDING and the money being returned at a profit to the US Treasury at @ $1.5 trillion a year.
MAY GOD CONTINUE TO BLESS UNINTENDED CONSEQUENCES,SURELY THEY MUST REALLY BE MANKINDS INNOVATIONS.
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) ?
The government can not win against ‘compound interest’ on debt ,simply because the accumulation of interest over time is an infinite amount, one that never ends unless paid in full. Compound interest is the most powerful force in the universe and it is being used by the PFPB. We must take back that most powerful force in the universe and use it FOR THE BETTERMENT OF MANKIND.
Substitute the words “Central Bank Working For The People” (CBWFTP) whereever” Private For Profit Banks” (PFPB) appears.
****PFPB have $100 trillion in assets as mortgages on residential and commercial real property (RE) loans. The average compound interest rate is 4% for a term of 36 years. The PFPB would have created that $100 trillion ‘out of thin air’ (Horizontal Money)(Fictitious Money) which would have an attachment that would require $400 trillion to be paid back to the PFPB in order for the loan to be paid in full.. YES, take away the smoke and mirrors, this is a fact-the Rule of 72.Any sum compound at 4%/yr. over 36 years will quadruple. Now we must replace (reduce to zero ) the Horizontal Money(created out of thin air) by subtracting $100 trillion leaving a profit,income,taxation from ‘somewhere else’ of $300 trillion. This amount goes as profits to the PFPB. Revenue they may use for their own selfish purposes. That’s not the bad news-what the bad news is :That $300 trillion is real money, real currency, sucked up by the PFPB,yes Vertical Money !!
Did our government forget to mention that “Mortgage interest should be tax exempt simply because it is already being taxed by their friends the PFPB ?
READ IT AGAIN,
BUT THIS TIME REPLACE “PFPB” WITH “CBWFTP”.
Why would you not want prosperity for yourselves and your children? Why would you not want $300 trillion (really $ 400 trillion since real money is used by CBWFTP and need not be subtracted (replaced).This amount, $400 trillion goes as profits to the PFPB.-NO, NO, to the CENTRAL BANK WORKING FOR THE PEOPLE.
REAL MONEY THAT MUST BE REPLACED BACK INTO THE ECONOMY IN ORDER TO PREVENT DEFLATION !
REAL MONEY THAT CAN BE USED TO BRING
LOWER GAPS TO INEQUALITY, AND RAISE THE LIVING STANDARD!
Real money to replace FICA and federal income taxes.
Let me repeat…Why would you not want prosperity for yourselves and your children?
QUOTE: “Summing up, Offit writes; “The special ingredients that are necessary to have a dramatic bubble event are not currently present.”
Justaluckyfool, “Nor were they present in 2000, or 2006 when others said,’The special ingredients… to have a dramatic bubble event …’( ARE IN FACT NOT KNOWN).
Just one question….3 parts…
IF the people were to cash in their $14 trillion stock market recovery,gain, where would they get their “money” IF they demanded “real money” and not a ‘Mickey Mouse” electronic transfer.?
IF the REIT funds (warned by Fed even today) were to cash in their $7 trillion …?
IF the win side of the massive amount of derivatives were to cash in they little winning of a lousy 2% (USA at least $300 trillion would be $6 trillion)….?
Not to worry, for the Fed has proven that “the banks are in good shape, at 11.1% capitalized”. What the public doenot understand is that means 88.9% of all those trillion are “HOT AIR” in that bubble just waiting to be pricked.
I know this will not be challenged because: “Summing up, Offit writes; “The special ingredients that are necessary to have a dramatic bubble event are not currently present.”
GOOGLE: “JUSTALUCKYFOOL”
Read: http://www.forbes.com/sites/robertlenzner/2013/03/28/everybody-is-furiously-looking-for-bubbles/?fb_action_ids=307935182667202&fb_action_types=forbessocial%3Acomment&fb_source=other_multiline&action_object_map={%22307935182667202%22%3A438719172883134}&action_type_map={%22307935182667202%22%3A%22forbessocial%3Acomment%22}&action_ref_map=[]
aka/justaluckyfool :WHY NOT do what your economist (those you believe to be correct in many matters) have said.”SEPARATE” not nationalization ! Keynes, Minsky,Desoto, Soddy, hundreds of others: SEPARATION. Separate the government bank from the PFPB (private for profit banks).Mandate 100% capitalization. To prevent “collapse of the currency” the Fed can lend them the $200 trillion at 2% for 36 years. There would be no need for FDIC if 100% capitalized. Mandate two types of accounts-1.Deposits owned by the people are “safe storage”, escrow that would be criminal to violate that safety. 2. Deposit that pay interest because they will be legally allowed to be used by the banks for ‘investments’ with the owners willing giving up that safety for the interest reward. As an unintended consequence of this action…please tell me I am wrong….the Fed as a central bank working for the people (“CBWFTP”- GOOGLE IT) would turn over to the US Treasury for Congress to spend, just a little over $11.1 trillion a year with a note they must spend it (SS, Medicare, Jobs,etc.,) so as to prevent deflation!
Read more:
You must read and post: Michael Hudson:Video and transcript:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=767&Itemid=74&jumival=9881
Prosperity is but one step: “CBWFTP”
Reform Money,Take MONEY POWER Back For The People. Have a Goal Of Equality: 50% of the people have 50% of the Wealth.
“QE 4 The People” and even “QE 4 Disaster Relief” No change is needed for the feds TO PURCHASE assets, assets like a state issue ” STATE 36 Year Bonds ” for as much as $50 trillion with a rate of 0.25%. If $1 trillion per state were available that would be a stimulus of $50 trillion with NO DEFICIT SPENDING and the money being returned at a profit to the US Treasury at @ $1.5 trillion a year.
MAY GOD CONTINUE TO BLESS UNINTENDED CONSEQUENCES,SURELY THEY MUST REALLY BE MANKINDS INNOVATIONS.
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) ?
BUT THIS TIME REPLACE “PFPB” WITH “CBWFTP”.
*********************
MAYBE,JUST MAYBE, PERHAPS ECONOMIST ARE BEGINNING TO GET IT !!
****************
Amazing that Adair Turner is suggesting Quantitative Easing for the People not for banks.http://t.co/P2o6J8ux9m Copying @ProfSteveKeen?
Adair Turner recommends Quantitative Easing for the People
neweconomics.net.nz
A breakthrough speech on Monetary policy by journalist and financial economist Anatole Kaletsky was publishedMaybe,just perhaps you might read and improve : “Justaluckyfool”
Try to disprove that ” PFPB profit via taxation on their loans not only double but even quadruple the amount of the loans”
“QE 4 The People” and even “QE 4 Disaster Relief” No change is needed for the feds TO PURCHASE assets, assets like a state issue ” STATE 36 Year Bonds ” for as much as $50 trillion with a rate of 0.25%. If $1 trillion per state were available that would be a stimulus of $50 trillion with NO DEFICIT SPENDING and the money being returned at a profit to the US Treasury at @ $1.5 trillion a year.
MAY GOD CONTINUE TO BLESS UNINTENDED CONSEQUENCES,SURELY THEY MUST REALLY BE MANKINDS INNOVATIONS.
OR YOU COULD JUST HAVE THEM READ: http://bit.ly/MlQWNs
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Where MMT may have gone wrong?
BUT with due examination, there is a reply in which MMT claims TWO DIFFERENT types of sovereign currency are in action. ONE: “horizontal”, and TWO: “vertical”. Here is where MMT may have a fatal flaw.This is also the “flaw ” of modern capitalism as well as the “systemic failure” being mentioned.The claim: “Vertical money is a zero sum game,this money ‘printed’ out of thin air is temporary and upon its return it is extinguished: Money out minus money returned equals zero”
The fact: Vertical money may at times not be a zero game.
Vertical money does capture horizontal money and redistributes that portion for its own purposes.Any net loss of vertical money must be replaced by MS ‘printing’ horizontal money.
BEWARE:Vertical money over time will gain all horizontal money created.period. Perhaps we are even now beginning to see Gresham’s Law : Bad money (Vertical) will drive Good money (Horizontal) out of circulation.
Why use cash ? Use a card..debit or credit?Use PFPB vertical money, while at the same time storing cash (horizontal money)
Excerpt from :”Financial assets created in the non-government sector are different. They can never be base money per se, but claims on base money. There is an implicit assumption that they can be converted to base money at maturity. For example, regular bank deposit accounts do not hold actual base money but claims on it – sometimes called “bank money”, “credit money” or “deposit money”. The claim is resolved whenever the bank money is used, for example when it is withdrawn by the deposit holder as physical currency.”
When is this ‘vertical’ money ever not converted into ‘horizontal’ money. Who would make a loan with a bank and pay interest on that loan and just leave it in the bank?
How does MMT account for the conversion?
How do you expect to have people believe you are correct when you consider valid questions as frivolous and or simple ignore any questions?
Even believers have difficult defining what is MMT belief?
Will Wray, Mosler, and dozens of others agreed to the same answer?1. Must a Monetary Sovereignty be the sole issuer of the sovereign currency?
2. A Monetary Sovereignty can issue all the currency that it needs or desires, but is constrained by moral hazard, or by its ability to control the quantity or quality of that currency?
3.Must all sovereign currency be fiat (as the actual value-goods and services are not per se electronically transferable)since the currency is merely a legal representation of all goods and services of the entire social group?
Can you get a definitive answer from 51% or more of believers, or even get a website where the questions can be asked? - February 22, 2013 at 5:45 PM
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Tom Hickey said…
- Well, you should ask the MMT pros. Mosler is out the loop now that comments are shut down at his place, but the rest of the MMT economists blog at New Economic Perspectives.1. Must a Monetary Sovereignty be the sole issuer of the sovereign currency?Every sovereign govt is sovereign in its currency, unless it chooses to use another currency by treaty, as in the EZ, where the common currency is the euro, or by voluntary choice, e.g., Ecuador has chosen to use the USD as the unit of account and medium of exchange. Since the govt cannot issue the currency it gives up currency sovereignty for as long as that choice lasts.
Convertibility and fixed rates limit the capacity of the sovereign to control its currency, i.e., limit currency sovereignty. The govt accepts conditionality in the use of currency that limits currency sovereignty.
The currency sovereign can also delegate all or some of its authority to agents, such as an independent central bank that is privately own and to private commercial banks. when govts do this they usually maintain control through imposition of law and regulation. These choices of the sovereign are always reversible since sovereignty is absolute. As long as the govt maintains control over the currency its remains fully sovereign. To the degree it subjects itself to conditions, it limits sovereignty.
Govt may also decide to limit its sovereignty by allowing other money things to be used in payment of taxes. If it accepts other money things rather than its own currency in payment of taxes it has forfeited sovereignty as long as this lasts.
The choices the currency sovereign makes in this regard affect the policy space available to it. Limitations on sovereignty limit policy space.
2. A Monetary Sovereignty can issue all the currency that it needs or desires, but is constrained by moral hazard, or by its ability to control the quantity or quality of that currency?
The limitations on issuance are availability of real resources for purchase in the currency, price stability, and the fx rate.
3.Must all sovereign currency be fiat (as the actual value-goods and services are not per se electronically transferable)since the currency is merely a legal representation of all goods and services of the entire social group?
Everything but use of commodities, e.g., bullion weight, in exchange for commodities involves fiat, which means “let it be,” e.g. if seigniorage is involved. So a government can declare a metal coin to be valued at face value instead of the value of the metal. IN this sense, “fiat” currency means any unit of account the government declares necessary that for payment of taxes of which it is the sole provider, although it can delegate this power to agents, such as a central bank, under terms that it controls.
Central banks are only independent to the degree that chooses and only for as long as govt chooses. For example, the Bank of England was privately owned until it was nationalized in 1946. But Britain still had a sovereign currency.
Generally speaking tho, “fiat currency” means currency that is not convertible into a real numeraire like gold or silver at a fixed rate of exchange, i.e., has no “real” (commodity) backing.
Questions and answers re MMT
1.. Is a MS limited as to the amount of currency it can print?
Is your response,”The limitations on issuance are availability of real resources for purchase in the currency, price stability, and the fx rate.” correct? It states there is a limitation?
Isn’t that contrary to it MMT ?
2.”Everything but use of commodities, e.g., bullion weight, in exchange for commodities involves fiat, which means “let it be,” e.g. if seigniorage is involved. So a government can declare a metal coin to be valued at face value instead of the value of the metal.” IF the MS ‘declares its value’ it is fiat currency and no longer a commodity since its value is now dependent upon redemption by the ‘good faith and credit of the sovereignty.
Most important, after having read: MMP BLOG #6: WHAT IS A SOVEREIGN CURRENCY? one must go back to the question, Why are legitimate questions un answered ?
Excerpt:
“The sovereign government, alone, has the power to determine which money of account it will recognize for official accounts (as discussed, it might choose to accept a foreign currency for some payments—but that is the sovereign’s prerogative). Further, modern sovereign governments, alone, are invested with the power to issue the currency denominated in its money of account.
If any entity other than the government tried to issue domestic currency (unless explicitly permitted to do so by government) it would be prosecuted as a counterfeiter, with severe penalties resulting.
Please note comments and questions …..unanswered.
Anonymous | July 13, 2011 at 10:48 am | Reply
“If any entity other than the government tried to issue domestic currency (unless explicitly permitted to do so by government) it would be prosecuted as a counterfeiter, with severe penalties resulting.”Is the monetizing of private bank debt created on a ledger accounted for in the MMT model?My understanding is that banks issue checks denominated in the sovereign’s currency by creating the money from nothing but the asset/liability basis of the debt instrument and the collateral, summing both together to zero on their account. This is a privilege granted by the sovereign government to a private entity which endangers economic stability. When money supply is diminished by saving during a recession by paying up debts, while at the same time issuance of new money is dependent upon the banks judgment that new borrowers have sufficient collateral and income to assure their profit, money supply becomes dependent upon these private banks. How is the seigniorage of a “trillion dollar coin” not issued through bank debt accounted for? Does MMT show a public benefit to treasury issued money, not passing through a private bank system, but spent directly into circulation?
economicresearchdump | July 13, 2011 at 9:38 pm | Reply
When you write “currency”, you refer to coins and paper notes. Only the government issues those. So far so good.Later, you write:”Most modern sovereign governments make payments in their own currency, and require tax payments in the same currency.”I pay taxes using a checking account, not with coins and paper.To me, as customer of a private bank, it appears as if, not only the government, but also a private bank can issue the thing with which I pay taxes: when a bank grants a loan and credits my checking account, I can use the credits to pay taxes.
Anonymous | July 14, 2011 at 8:36 am | Reply
“I pay taxes using a checking account, not with coins and paper.”Most people do, but the key point is that the denomination in which you pay taxes is in your domestic currency (in the US you pay $X out of your checking account etc.).”To me, as customer of a private bank, it appears as if, not only the government, but also a private bank can issue the thing with which I pay taxes: when a bank grants a loan and credits my checking account, I can use the credits to pay taxes.”That’s very true. And this is where the whole thing ties into the sectoral balances in the previous posts. The private sector — i.e. you — can indeed get access to money that is, in all essentials, created by the banking system. However, this means that the private sector as a whole takes on more debt.
LRWray | July 14, 2011 at 8:36 am | Reply
Note to commentators: We’ve got a techie problem so my response did not get up last night and we have been unable to post it so far today. Should be up later today. Meanwhile I will paste it in here, but be assured it will be properly formatted and posted later.SOVEREIGN CURRENCY, MEDIUM OF EXCHANGE, AND SECTORAL BALANCES: Response to Comments on MMP Blog #6Thanks for comments. As you may have noticed, I kept the blog shorter this week so that we could focus on a smaller range of topics. That seems to have helped—the comments this week are also well-focused. I think I can hit the main concerns by addressing three topics. due to space limitations, these will be in next 3 comments.
LRWray | July 14, 2011 at 8:38 am | Reply
1. Relation between the sovereign currency and the medium of exchange: We first introduced the money of account: the Dollar in the US and the Pound in the UK. This is a unit of account, a measuring unit like the “inch”, “foot” and “yard”. It does not exist even as an electronic entry; not even a bloodhound could sniff it out. It is representational, something only a human could imagine. Next we introduced the concept of “money things”—denominated in the money of account. (Similarly, our unit used to measure length cannot be sniffed by dog, but it does have physical things that can be sniffed and measured: the inch worm is an inch in length, my foot is a foot—more or less, and the football field is 100 times the distance from Henry the first’s nose to thumb. Probably more, actually, as we know those kings exaggerated the size of their anatomical features, like rap stars today.) This can include paper, notes, and electronic entries. We’ll say a lot more about the nature of those things that get measured by the money of account. This week we introduced the sovereign currency—the national money of account adopted by a sovereign government. While a money of account could—in theory—be created and adopted by private entities, the sovereign currency is adopted by the sovereign government; and the sovereign currency is usually at least the primary money of account if not the only money of account used within a sovereign nation. The word “currency” is frequently used to designate not only the money of account adopted by sovereign government, but also to designate a money thing issued by the sovereign government and denominated in the money of account. In the US it is the coin issued by the Treasury and the note issued by the Fed. In other words, we use the term “Dollar” to indicate both the sovereign currency (money of account) and the money thing (paper note or coin) issued by the US government. We have not yet got to the “medium of exchange”. Most textbooks begin with the medium of exchange (Crusoe and Friday look about for handy sea shells to function as convenient media of exchange). I reject that story and purposely wait to introduce the concept. But to jump ahead a bit, yes the “money thing” currency issued by government generally functions as a medium of exchange. Other privately issued money things also frequently function as media of exchange. That is a function of money things, and really does not help us to understand much about the nature of money. When you walk into a relatively new diner or any other “mom and pop” firm, there usually is a frame hanging on the wall, with a Dollar bill and some sort of statement like “the first dollar we ever earned”. Here, money functions as a momento—reflecting the pride of the owner of the establishment. Two decades ago, there were lots of stories of Wall Street traders using hundred Dollar bills functioning as cocaine delivery devices. I don’t think it is useful to put undue emphasis on the various functions of money. Let us at least first try to understand its nature.
LRWray | July 14, 2011 at 8:39 am | Reply
2. That leads us to the question about “bank money”. Again, we will get into this in detail in coming weeks. However, to break the suspense, banks (and other institutions as well as individuals) can issue IOUs denominated in the money of account. We do not call these “currency”. They are not issued by sovereign government. They are “money things”. Yes, some are more “special” than others: the IOU of the Bank of America (a private bank—not Uncle Sam’s bank) is more “special” than the IOU that you issue. Yes, it can function as a medium of exchange. The reasons for the “specialness” will be examined later. But an obvious one is that to some degree Uncle Sam stands behind BofA—for example, he guarantees demand deposits (your checking account). So, yes I do understand the worry that Uncle Sam has essentially licensed BofA to “counterfeit” Dollars—if the bank goes bust, Uncle Sam will pay out nice new Dollar bills to depositors. This raises many issues of concern, and some of those are directly relevant to the global financial crisis we are going through—in which Uncle Sam has effectively done just that. But for right now, that really would take us too far afield. Please be patient.
lrwray | July 14, 2011 at 8:41 am | Reply
3. Currencies and balances. Recall that we have discussed (briefly) unsold inventories. Suppose it is the end of the year 1974 and we are Ford motor company and we produce 1000 Ford Pintos (remember those—the ones with exploding gas tanks?) that we cannot sell. Unsold inventory gets counted as investment. Ford carries the inventory at its market price—let us say, the average price of Pintos that it actually did sell in 1974. Assume it cannot sell them in 1975, either (deep recession, bad publicity about the tanks, and so on). How to value them? All things equal, Ford would prefer not to book a loss of value—it carries them at original value, otherwise, the value of its inventory declines impacting 1975 profits and net worth. Now in 2011 it is still carrying those Pintos in inventory. You see the problem. We have to assign a dollar value to them. Now let’s address the problem of dual currencies. Suppose Ford produces cars in America but sells them in America and Japan. It imports all the electronic components from Japan. It can keep two sets of books—one for Dollars and one for Yen. It has income and outgo in each currency. Clearly it could run a deficit in one and a surplus in the other (or surpluses in both, or deficits in both, etc—you get the picture). All other firms, households, and levels of government can do the same in Dollars and Yen. Adding up all the sectors, we get to our three balances in each of the currencies. But Ford’s shareholders do not want to know that it has a surplus in Dollars of 1 billion and a deficit in Yen of 1 trillion—it wants the overall balance for Ford’s income. Just as we have to convert Pintos to Dollars, we have to convert those Yen to Dollars. We need an exchange rate. Yen and Dollars float—changing every day in relative value. It is going to make a huge difference what exchange rate we use.
lrwray | July 14, 2011 at 8:42 am | Reply
So, yes I am sympathetic to “Tobinesque’s” comments. The cleanest way is to keep the accounts separate and there will be sectoral balances in each currency that do balance. But, yes, a government as well as a firm needs a budget in one currency (generally it is going to be the domestic currency) and so if income and outgo occur in more than one, exchange rates must be used to get everything into that currency of denomination. This is true even if the government/firm/household actually has bank accounts denominated in the foreign currency. This complicates matters because now the sectoral balances will not balance (exactly) unless everyone uses the same exchange rate all the time—which would happen if we pegged. This issue has come up before—there are variations in estimates of the three balances. One reader pointed out that one of the graphs I used showing—say—the private deficit during the Clinton years differed a bit from a later one I showed here on the MMP. The reason was due to updated data and different sources (the older one came from Wynne Godley and the later one from Scott Fullwiler). As they say, economics is not an exact science! More seriously, you should not think that aggregate economic data like GDP or the CPI (consumer price index), or the sectoral balance are measured precisely. These are estimates, using data that is constructed. What is important is consistency. I know this always shocks students the first time they hear it. But the CPI does not come from heaven. It is constructed, it is revised, and it is subject to great debate among wonky people with thick glasses. And believe it or not, it does matter exactly how these data are constructed. But do not get misled by that. Certainly at the level of logic, the three balances do balance. If we could measure things exactly, they would balance in practice. Knowing that they should balance, the statistician who puts them together ensures they do balance—by construction. This is not easy; a “statistical discrepancy” is added to ensure they do—and if you need a big one of those, that is not good. And, yes, dealing with valuing those inventories is a big headache—I can remember when Wynne Godley used to fret over that, and I didn’t understand why. Now I do.
Justaluckyfool asks,” This raises many issues of concern, and some of those are directly relevant to the global financial crisis we are going through—in which Uncle Sam has effectively done just that. But for right now, that really would take us too far afield. Please be patient.”
Yes,it does just that also raises more questions.
BUT with due examination, there is a reply in which MMT claims TWO DIFFERENT types of sovereign currency are in action. ONE: “horizontal”, and TWO: “vertical”. Here is where MMT may have a fatal flaw.This is also the “flaw ” of modern capitalism as well as the “systemic failure” being mentioned.
Vertical money is not a zero game.
Vertical money does capture horizontal money and redistributes that portion for its own purposes.Any net loss of vertical money must be replaced by MS ‘printing’ horizontal money.
BEWARE:Vertical money over time will gain all horizontal money created.period. Perhaps we are even now beginning to see Gresham’s Law : Bad money (Vertical) will drive Good money (Horizontal) out of circulation.
Why use cash ? Use a card..debit or credit?
Why not a fair and equitable tax?Banks are taxation.Beware :Bad money may be driving good money out…
Why not have a fair and equitable tax? One that would raise more revenue, “to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…”
Please, read:
Read what Steve Keen has to say about “credit expansion, von Mises as to what the result of credit expansion could be, William Black has to say about banks and Michael Hudson about compound interest (excerpts are in the article). An explanation of where we went wrong with a solution to how we can fix it.
Challenge it. Improve it. ” ***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism. ****The Way To Eliminate Poverty and Secure Prosperity For All. by justaluckyfool
Summary To lower taxes,you must raise revenue somewhere.
Why would you not want prosperity for yourselves and your children.
Read: http://bit.ly/MlQWNs
How Obama can place his name in history as one of the greatest not only as president, but also a leader for the betterment of mankind. As Einstein said, “Keep it simple .”
As president Obama said, “(as stated on ” 60 minutes” (12/11/11)”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.”
HE NEEDS ONLY TO DO JUST THAT ! TAXATION, NOT OF INCOME;INSTEAD TAXATION OF ISSUANCE OF MONEY. “Justaluckyfool” (GOOGLE)
Based upon a fools opinion of :
http://archive.org/stream/roleofmoney032861mbp/roleofmoney032861mbp_djvu.txt
“THE ROLE OF MONEY ” -WHAT IT SHOULD BE, CONTRASTED WITH WHAT IT HAS BECOME By FREDERICK SODDY.
If the following is true than the same would be true if the doer were to do this action “for the people” instead of “for the PFPB”.
Private For Profit Banks create sovereign currency ( w/ 10% reserve and may leverage the asset produced to create even more currency).
PFPB as allowed by law may even charge interest on this leveraged printing.
Let’s see what happens if the PFPB were to have $100 trillion in residential and commercial real estate loans outstanding with an average interest rate of 4.75% for 30 years.
This is no challenge for anyones imagination.Based on 10% reserve this would only require $10 trillion in assets and if those assets are leveraged at a low 10 fold than only $1 trillion is actually only needed to “insure the good faith of the currency” and allows the PFPB to make these loans.
WOW as Soddy says, “The scheme is rigged so that for the banks (PFPB) it’s heads we win, tails you lose.”
The PFPB would receive an income of $11 trillion per year for 30 years for a total of $400 trillion.
NO MONEY OF THEIR OWN IS NEEDED!
None, the $1 trillion isn’t even theirs, it belongs to their depositors. It is money they are holding that does not belong to them. But they are “good guys” they will pay out 2% interest to the unknowing people.Say that’s $2 trillion pay out from the $400 trillion. Now we need to also replace the $100 trillion that we “created ” to make those loans, so we take $100 trillion to pay them off to zero balance. 400 minus 102 equals 298. Yes $298 trillion was raised just like taxes, but raised as a profit for the PFPB.
Maybe P T Barnum didn’t get it right because ‘you can fool all the people all the time’ .
It’s called ‘unintended consequences, innovation, or just a way to use the most powerful force in the universe- compounding.
Why would there be a federal income tax, FICA, if “We the people were to pay interest on our own money as a taxation NOT for the benefit of PFPB but for the benefit of ” “to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…”
We must take back the rights of sovereignty. We must be the only entity that can “print” our sovereign currency.
Beware, it P T Barnum was wrong about “all the time” then beware of Gresham Law.
“Bad money will drive good money out of circulation” Has anyone noticed, the absence of ‘cash’.
It may be “electronic acceptance only” sooner than you think.
