I am all in with MMT and have been for years. I don't see why T-securities sales should be credited to the TGA in the first place. It seems to me that the TGA is merely an accounting of dollars spent by the treasury and dollars destroyed by the Treasury through taxing and its various other methods, not a federal checking account as the F…
I am all in with MMT and have been for years. I don't see why T-securities sales should be credited to the TGA in the first place. It seems to me that the TGA is merely an accounting of dollars spent by the treasury and dollars destroyed by the Treasury through taxing and its various other methods, not a federal checking account as the Federal Reserve and others say it is. T-securities do not seem to destroy previously created dollars, they just temporarily drain reserves. So why are they credited to the TGA and not to separate securities accounts? Not crediting T-securities sales to the TGA would, of course, cause the TGA to go negative, but who cares? It is not a checking account after all.
I am all in with MMT and have been for years. I don't see why T-securities sales should be credited to the TGA in the first place. It seems to me that the TGA is merely an accounting of dollars spent by the treasury and dollars destroyed by the Treasury through taxing and its various other methods, not a federal checking account as the Federal Reserve and others say it is. T-securities do not seem to destroy previously created dollars, they just temporarily drain reserves. So why are they credited to the TGA and not to separate securities accounts? Not crediting T-securities sales to the TGA would, of course, cause the TGA to go negative, but who cares? It is not a checking account after all.