1 Ingelesez: “In other words MMT teaches us there is no such thing as the U.S. Government running out of dollars, that the U.S. Government is not dependent on foreign borrowing to be able to spend, and that hyperinflation comes only from sustained over spending far beyond full employment and our capacity to produce. Nor can the U.S. government become the next Greece or Ireland. MMT teaches that financially, joining the euro zone put those nations into the positions of U.S. states. So while California or Illinois can become the next Greece or Ireland, and need a federal bailout to avoid default, just like Greece and Ireland needed a bailout from the European Central Bank, the widely proclaimed analogy of Greece and the U.S. Government is entirely false, and tragically counterproductive.”

2 Ingelesez: “And as for the U.S. national debt and all the talk about borrowing from China, MMT recognizes that U.S. Treasury securities are, functionally, nothing more than savings accounts at the Fed, which the Fed in fact happens to call securities accounts. Yes, the trillions of dollars of U.S. national debt is nothing more than that many dollars in savings accounts at the Fed. (…)” (1 trilio amerikar = 1 bilioi europar)

3 Ingelesez: “So when China buys Treasury securities, which we call going into debt to China, all that happens is the dollars they got from selling things to us that went into their checking account at the Fed, get shifted to their savings account at the Fed. And when we pay back China, which happens every month as some of their Treasury securities come due, all the happens is the Fed shifts those dollars (plus interest) from China’s savings account back to China’s checking account, all on the Fed’s books. (note: there are no grandchildren involved in this process!)”

4 Ikus https://twitter.com/wbmosler/status/813430674640093184.