“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong

[PatrickforO]

1. Good post. Yes, debt in fact in meaningless.

Unfortunately we have our economy set up so that the money we borrow to fund programs that help us is owed to banks.

All we have ever needed to do is take a page from Lincoln's book and nationalize the central banking system. Face it, a dollar is only a dollar because we agree it is. We live in a world of fiat currency that's now not even currency. Our money supply is literally created from thin air by the interest rate mechanism.

Even though it is an abstraction, the dollar is still the world's preferred currency. People like to do business in dollars. They just do. The European Union tried to overturn that with the Euro, and the Chinese with the yuan, but it didn't work. Business is still done in dollars.

So...NATIONALIZE the central bank and start the presses! Pay off the debt. Fund massive infrastructure programs that create jobs and modernize America. Cut the war and domestic spying budgets incrementally over years, and provide generous retraining programs for those displaced (like the current TAA program). Change the tax code to recapture revenue from the $32 trillion in profits that is languishing offshore in havens like the Cayman Islands. Institute Medicare for all Americans and make college free. Remove the cap from the Social Security payroll tax and expand benefits.

And you know what? We'd ALL be better off.