Recently, the Green Party of Tennessee posted this and also the first reply (timestamped 12:38 PM) to a comment by Sylvia Saadati on that post. My message below is a critical reply to the main text of this comment, excluding the final portion about AMI. It breaks that paragraph up into its component statements for purposes of a more systematic critique. My conclusion is: whether private or public, neither a Fed bank, nor the Fed’s Board of Governors, can deny the sovereign will of Congress as it is being implemented by the Treasury. It must create the necessary reserves in the Treasury spending account, whenever Congress mandates spending requiring those reserves, and Treasury pushes the right buttons to force the Fed to create them in its spending account.
Part 3 of a direct rebuttal to the original Powell Memo, offering a progressive plan to take back the country from the ravages of the corporate oligarchy.
"Federal Taxation doesn't fund Federal spending" sounds like a simple statement, but for the amount of cognitive dissonance one sees when trying to express this idea to the unaware, it would be. The reason for this dissonance is because this information goes counter to the narrative pushed by our leaders and orthodox economists.
What if I told you that everything we have been taught about US economics is wrong? Before your eyes start to glaze over in anticipation of boring economic jargon, let me acquaint you with 5 simple facts that might just wake you up.
Let's get down to business and understand some practical economics, and why its time for you to stop allowing yourself to get sidetracked with old thinking. Sources (as always): Can we print our way out of 'debt' http://www.bloomberg.com/news/videos/... Monetary Sovereignty: the foundation of economics https://mythfighter.com/2010/08/13/mo... 7 Deadly Innocent Frauds http://moslereconomics.com/wp-content... Money Growth Does Not Cause Inflation http://www.forbes.com/sites/johntharv... Taxes for revenue are obsolete http://neweconomicperspectives.org/20... Tax payers don’t fund anything http://bilbo.economicoutlook.net/blog... What taxes are for? http://neweconomicperspectives.org/20...
The term ‘innocent fraud’ was introduced by Professor John Kenneth Galbraith in ‘The Economics of Innocent Fraud’, which was the last book he wrote before he died. He used the term to describe fraudulent concepts that were being sustained by the ‘conventional wisdom’ (a term he created in a previous book). The presumption of innocence by those perpetrating the frauds is characteristic of Professor Galbraith’s cynically gracious approach.