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6 Feb
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Posted by mbank
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The public debt hoax
How a government chooses to finance its activities can have important effects on the distribution of income and wealth. Those who do not understand the difference between money sovereignty and monetary non-sovereignty, do not understand economics. Money must be created before government bond auctions can occur and before taxes can be enforced. Otherwise, there is no currency in the system to tax and no money to raise via bond auctions. This is just basic logic in terms of the way the current system works. It can be no other way. Goggle The Web: Central Bank Treasury MMT Modern Money Theory…
