If You Have The Ability to Create Your Own Currency, How Can You Ever Be Broke?

[Agnosticsherbet]

40. My crystal ball isn't working...

But interest is irrelevant. We still can not print our way to wealth for everyone. Perception by the world that the US is printing too much money will weaken the US dollar which results in inflation and hurts the middle class and poor.

Again, the rich don't give a squat about inflation because they have sufficient money to live outside the normal economy. Printing money like that will hurt the middle class and poor by making food and necessities more expensive. It simply doesn't work.

The real answer to the claim that the US is broke is to call it bullshit. That call by Republicans implies that the national economy is just like my household economy. That is like comparing apples to stellar nebula. They make that point because, philosophically, the right is opposed to any form of social safety net, which includes everything from social Security to investment in infrastructure to create jobs when private industry isn't doing the job, to bailing out automobile companies. For them it is a matter of belief and ideology bordering on religion that only free market solutions ever work. (Well, except when building a big honking military, but for them that is the exception that proves the rule.)

To the right, the government is a college student in a whore house with a pocket full of his parents credit cards. If they take away the credit cards and let the parents act in accordance with the free market, everybody will be rich beyond their wildest dreams, and those who aren't are just lazy bums who want hand outs.

To sum up:

Printing money is the wrong answer to the "Oh My God the Government is Broke" argument. It will lead to inflation and inflation hurts the middle class and poor. Austerity is what they really want because they can use it to defund all those communist programs they hate.

End of Rant.