Calling out the omission of facts from a recent Counterpunch article concerning the U.S. Federal Reserve.
Modern Monetary Theory (MMT) represents a lens from which to view the various operational levers within the macroeconomy. It is simply the observable facts about how the monetary system works. Not "believing in" MMT is, in essence, denying reality.
As a supplement to my article from yesterday regarding the operational reasons why federal taxes are not revenue, today, I wish to briefly touch on further operational realities of federal taxation and bonds sales and why they are veils that only obscure the underlying reality of how federal spending works.