Comments on: If Obama Can Just Create A Trillion Dollar Coin, Then Why Do We Have To Pay Taxes?

By: Arrowood

Arrowood — Tue, 17 Jun 2014 10:45:00 +0000

I’m not your “bro.” You haven’t addressed anything I said, therefore I simply cannot take anything you say seriously. You are still just as uninformed as you were a year ago. I’m trying to get people to open their minds to the truth of the monetary system and how it is designed to keep the oligarchy in power. I will say it again: If Krugman believed that the debt ceiling impasse in congress could be circumvented by the simple creation of one trillion dollars (not the borrowing of it) then monetary reformists like me are correct when we say the US Treasury can just create all the money it needs. It means the Congress can instruct the Treasury to create enough money to pay off the national debt and simultaneously pass a law that abolishes the fraudulent fractional reserve banking system and mandates honest 100% bank reserves to counterbalance the creation of the new money. From that point forward no taxes will be needed because the government can just create the money needs by spending it into the economy to build roads, hospitals, schools, etc. We have the technology to monitor the money supply and Congress could pass a law limiting the rate of growth with an exception for war or other emergency. Wouldn’t it be a wonderful world in which to live? Plenty of money created debt free for the benefit of all people and no taxes. Taxes are simply a way for the oligarchs to control people. Forget left/right, repub/dem that’s all a dog and pony show to keep you busy so you can’t see the truth. I guess in your case it’s working. Please do some reading about monetary reform and educate yourself. You are being robbed by the politicians with taxes, by the bankers with interest, and by both with inflation.

By: 2Gary2

2Gary2 — Tue, 17 Jun 2014 01:16:00 +0000

bro-this article is over a year old.

By: Arrowood

Arrowood — Sun, 15 Jun 2014 13:51:00 +0000

You have just inadvertently revealed the plan. The oligarchs’ “solution” to the created crisis will be a return to “sound money” as in gold which will do exactly what you said: enslave everyone. The only answer is to abolish the Federal Reserve and take away the power to create money from the private bankers and return it to Congress and the people. Introduction of a debt-free currency will not be inflationary if bank reserves as raised to 100%.

By: Arrowood

Arrowood — Sun, 15 Jun 2014 13:32:00 +0000

Ignorance? Perhaps you should Google “currency reform.” You are living in a world of illusion created by oligarchs to control and use you. There is no reason why we must pay taxes or have a debt backed currency (except for the fact that it empowers the oligarchs and enslaves the people.) We must abolish the Federal Reserve (a privately owned corporation) and return the power of creating a debt-free money to Congress and the people, to benefit the people and not the bankers. The Treasury could print new United States notes and pay off the national debt. Simultaneously, all bank reserves would be raised to 100% so the change would not be inflationary. We don’t really need to pay taxes. When the government needs to fund activities (infrastructure, defense, etc.) it would create money and spend it into the economy. The key is keeping the supply under control. Taxes are simply a scheme to control people, they are not needed to fund government. Heck, taxes only fund half the government anyway. The other half is borrowed into existence by the government! If the government can print a bond (debt) then it can also print a note debt free. Of course there is the risk of over printing causing inflation, BUT WE’RE ALREADY DOING THAT NOW WITH THE DEBT HEAPED ON TOP COSTING INTEREST AS WELL! Wake up people! You are trapped in an illusion created for you by your masters. The power to create money must be taken away from the private bankers and returned to Congress and the people. By the way isn’t it interesting that right after they passed the Federal Reserve Act we go the income tax? Hmmm?

By: victoriacoinexchangeny

victoriacoinexchangeny — Sun, 19 Jan 2014 03:27:00 +0000

Taxes are very different with coins. Every tax we pay, government will save it as a way to build new investment. Compared to coins, if all American have coins where to find the buyers? It’s impossible to sell it because the market will be overbought. People want to sell it but another people want to sell it in the same time. who will buy it? It will eventually have no value even though it’s one the best future investment.

By: Masterlock2020

Masterlock2020 — Tue, 03 Dec 2013 17:06:00 +0000

Why indeed. But considering the Federal Reserve Act was written under cover of darkness, by bankers, for bankers, it’s no surprise.

What’s tragic is that the American people were, and continue to be, so uninformed that they see no harm in it.

By: Aester

Aester — Wed, 26 Jun 2013 15:06:00 +0000

Maybe it is possible to pay for government spending on printing currency and manage the resulting inflation not to get out of control and does not become a hyperinflation. But we know that there is no free lunch, someone will keep paying that bill. Who will pay? The poorest, because the new money loses value while circulating and when it gets into the hands of the poor is already undervalued. The poorer, the greater the burden. The result of this system would be the big increase in poverty and social inequality.

Sorry for my bad english.

By: Aester

Aester — Wed, 26 Jun 2013 05:46:00 +0000

Sorry for my bad english.

By: Tony

Tony — Wed, 30 Jan 2013 15:02:00 +0000

Sorry about the spelling, punctuation and grammar mistakes, I’m on an Iphone.

By: Tony

Tony — Wed, 30 Jan 2013 14:59:00 +0000

Taxes don’t fund federal expenditures. All taxes do is create a demand for currency because our tax liabilities are denominated in US dollars, of which the US government is the monopoly issuer. Also, taxes also help to cool the economy, as a stabilizer, to help prevent inflation.

Also, the US doesn’t borrow from anyone? Who does the US government borrow from. All money creation is ex nihilo and government spending is ‘money printing’, plain and simply. Federal spending, unlike households of municipalities, is costless for the federal government. And the US government sets the rate at which it acquires its ‘debt’ by the FED exercising its authority to do so.

All hyperinflation arguments, comparing the US to Weimar Germany or Zimbabe, are born of ignorance. Both of those countries had the industrial capacity destroyed through war and corruption or both. More importantly, there debts where denominated in other currencies such the dollar (Zimbabwe) and Sterling (Weimar) which is what caused the hyperinflationary events. As long as US debts are denominated in US dollars, the US cannot default, it’s operationally impossible.

With high unemployment, excess capacity, low industrial output and the huge output gap, inflation isn’t something worry about. If we we’re at full employment and the economy was at full capacity, then yes, inflation would be a problem, which why the government should be spending more, to create demand and the create incomes necessary in increase wealth.

Lastly, any deficit reduction is fiscal equivalent of as a tax increase, since both remove income from the economy. The net private financial wealth of the domestic private sector is equal to public debt. ANy decrease in a the deficit will remove wealth from the private sector, since one sector’s deficit is anther’s surplus.