Katie Cannon
@katiecannon
Since the Fascists have seized our national currency, we need to get busy using sub federal public institutions to create public money. @moneyontheleft has been doing the work on this. Highly recommend.
Only reason FDR devoted a tax to SS was that he thought it would protect it from political attack. Many of his advisors wanted our gov to just create dollars and deposit them directly into SS accounts.
Here’s an older graph. Yours is surprising. Especially considering automobile & education debt that young people carry.
Anyway, NY Fed Chair wrote a paper & traveled around the U.S. giving talks to business organizations explaining the new role taxes & bonds play in our economy
Small d democrats: We like democracy, but how do we pay for it? Trump: I like Fascism, which is why I seized state power to create the currency so I can pay for Fascism.
You just need to paste some golden doilies on your walls to feel better
And, her in America, households carry much, much, more private debt because our government decided to reduce government spending for our General Welfare, deregulate banks, and overly rely on household debt to fuel our economy. Which resulted in the graph to the right (below):
Our government creates our national currency when Congress votes to pay for something. If the votes are there, the money is there. Period. St Louis Fed:
Republicans decided that our government should create our currency to pay for a little bit of our General Welfare. If the votes are there, the dollars are there. How does our currency creating government pay for anything? By voting to create our national currency.
Please, whenever mentioning Theil always include that he and his friend Epstein wanted to rid the world of democracy
No Eccles wasn’t the architect If you’re interested in this history, google around for @rohangrey.bsky.social stuff on this history Anyway, Eccles trying to defend FDR’s idea that our federal government should provide good education to all vs relying on unequal property taxes