Econ 101A - Sm Posted: Dec 28th, 2017 - 9:27 am In Reply to: We don't owe China - See link
"While people jump around, topic to topic... I keep coming back to economics.
Why?
Even the edgy hipsters tell you to follow the money.
But what happens when you do? When you honestly seek to understand?
You find the Federal Government is the owner of the patent on the US Dollar and can afford anything available for sale IN US Dollars.
You find it can never go broke.
You find that debt denominated in its own currency is simply our national assets on the other side of the balance sheet.
You find that all cuts to social safety nets... all cheap spender beliefs and practices are political decisions, not economic ones.
If we wanted to have the BEST healthcare system... if we wanted to have the BEST education system... we could imitate the BEST military system and spend 700B+ a year on them without flinching.
If we wanted to save the environment and become a sustainable society, we would not all need to wear grey jumpsuits and eat gruel... we could retrofit every smoke stack in America and subsidize or fully fund a complete shift to renewable energy.
We keep thinking of our own limitations because we are not the currency issuer and we cannot levy a tax payable in our own personal currency and have it stick.
We try to define the limits of our nation's government by the limits of our own checkbook and destroy both in one fell swoop."
From another's post.
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