View Single Post
 
Old 02-01-2019, 03:21 PM
Danny B Danny B is online now
Platinum Member
 
Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,385
MMT is not new

MMT is something that has been around for a long time.
Thomas Edison, "Objecting to the fact that the Government planned, as usual, to raise the money by issuing bonds which would be bought by the banking and non-banking sector — which would then have to be paid back with money raised from taxes, and with interest added — they proposed instead that the Government simply create the currency it required and spend it into society through this public project."

"“That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt.

“Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 — that is what it amounts to, with interest. People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. That is the terrible thing about interest. In all our great bond issues the interest is always greater than the principal. All of the great public works cost more than twice the actual cost, on that account. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost."
"“But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good. The difference between the bond and the bill is that the bond lets the money brokers collect twice the amount of the bond and an additional 20 per cent, whereas the currency pays nobody but those who directly contribute"
Prosperity UK » What Is Money? » Thomas Edison on Government Created Debt-Free Money

You can see that the problem has long been recognised.
The bankers insist that all money must be created through the bond market and, passed through their greedy hands.
The Federal Reserve has an education department. You can bet that they don't teach that Central Banks are an enormous drain on the economy.
https://www.federalreserveeducation.org/
__________________
 
Reply With Quote