Alan Greenspan eta diruaren sormena

Geoff Coventry‏ @gladkiwi

(https://twitter.com/gladkiwi/status/945920413925892096)

Geoff Coventry(e)k Bertxiotua Stephanie Kelton

Even Greenspan got some things right 😉 But read the full thread as he never got to this level of clarity.

2017 abe. 26

Stephanie Kelton‏@StephanieKelton

(https://twitter.com/StephanieKelton/status/908799052506124289)

“There’s nothing to prevent the federal government from creating as much money as it wants and paying it to someone.” ~ Alan Greenspan

2017 ira. 15

Stephanie Kelton‏ @StephanieKelton ira. 15

This should not be a controversial observation. We are not on a gold standard. The US government controls its currency.

Stephanie Kelton‏ @StephanieKelton ira. 15

It’s a fiat currency, & the US can issue it at will. It never needs to borrow or tax in order to spend, and it can never “run out of money.”

Stephanie Kelton‏ @StephanieKelton ira. 15

It is nothing like a household and nothing like Greece, which borrows in a currency (the euro) that it does not control.

Stephanie Kelton‏ @StephanieKelton ira. 15

It is not dependent on China (or anyone else) for funding.

Stephanie Kelton @StephanieKelton ira. 15

It can afford to buy anything that is for sale in US$. It can outbid and outlast any other bidder. Always.

Stephanie Kelton‏ @StephanieKelton ira. 15

What comes to mind when you hear this? I bet it is inflation! And that is a legitimate risk

Stephanie Kelton‏ @StephanieKelton ira. 15

The government could abuse the power of purse and try to spend too much money into an economy that just can’t handle all the demand.

Stephanie Kelton‏ @StephanieKelton ira. 15

But what about the inherent *benefits* of our modern (not gold standard) system?

Stephanie Kelton‏ @StephanieKelton ira. 15

A fiat money system like the one we have means never having to worry about “how to pay for” anything.

Stephanie Kelton‏ @StephanieKelton ira. 15

We should spend more time thinking about how to take advantage of the *benefits* of our monetary system.

Stephanie Kelton‏@StephanieKelton ira. 15

The risks are real, and we cannot ignore them. But our system also affords us the opportunity to build a far more prosperous economy.

Stephanie Kelton@StephanieKelton ira. 15

It’s time for a grown-up debate over the best way to balance inflation risk against the benefits of a safer, cleaner, more secure America.

Genti C., CFP®, CAIA‏ @genticici ira. 15

Replying to @StephanieKelton

What are the inflation expectations if we pay off debt, say $20T of the national type?

Stephanie Kelton‏ @StephanieKelton ira. 15

Look to Japan for clues

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