""There is no national debt, only national savings. That's what causes it and what it is in accounting terms.
We can easily get rid of the national debt simply by confiscating all the excess savings via taxation. ""
Wait a minute ! I thought you said there WAS NO NATIONAL DEBT.
So, what's to "get rid of" ??
LOL.
""There is no national debt, only national savings. That's what causes it and what it is in accounting terms.
We can easily get rid of the national debt simply by confiscating all the excess savings via taxation. ""
Wait a minute ! I thought you said there WAS NO NATIONAL DEBT.
So, what's to "get rid of" ??
LOL.
Guv collects around $3.3 TRILLION$ in TOTAL tax revenues every year,
If we Doubled that every year for the next ten years, so til 2033, then we would still NOT be able to pay our Debt Principal Due. And what about the Interest ?
This is just another MMT WAN.
In doing so, the disposable income of the Nation's taxpayers would be reduced by $3.3 TRILLION$ every year. A corresponding reduction in National Income would manifest.
What is called 'debt' isn't really debt, it's just the closing item in the books.
If there is $50 bn of 'national savings' there will be $50bn of 'balancing items'. Confiscate the $50bn and the balancing items disappear at the same time.
Watch the Dark Crystal and see what happens to the urRu when a skeksis dies. You might get it then. It's about your level.
FYI, as per Dr. Frederick Soddy - noted author on money and Physical Science Nobelist -
writing in his epic book "Wealth, Virtual Wealth and Debt" (1934) that which the $50 Bn savings initially held represents, really, is Virtual Wealth. Use it to produce goods, and you end up with Wealth. Accumulate and lend that $50 Bn, you get Debt". It's not a bookkeeping matter. It's an understanding about the relationship among economic/financial forms of monetary-economic things.
The biggest FAIL of MMT is in its approach to "modern money' through a lens focused on a Bank Corporate Balance Sheet, and it's resulting Double-Entry Bookkeeping ......as opposed to say a beginning study of either the HISTORY of Monetary SYSTEMS, or simply The Science of Money, both authored by noted Historian and National Statistician, Alexander Del Mar. The latter book includes an edifying Chapter on The Law of Money.
Alternatively, for finding some clarity of these vague and rote-learned MMT concepts being advanced here about what a DEBT is, and is not, and about what Money IS, and is not, may I suggest comprehending F.A. Mann's The Legal Aspect of Money - any edition.
I'll repeat therefrom, parenthetically - for the A Mitchell Innes fans - Legally, Debt can not BE money.
Because Money is the only thing that can pay/satisfy or settle a debt.
Neil, glad to debate you on any of this ? On MMT ??
""There is no national debt, only national savings. That's what causes it and what it is in accounting terms.
We can easily get rid of the national debt simply by confiscating all the excess savings via taxation. ""
Wait a minute ! I thought you said there WAS NO NATIONAL DEBT.
So, what's to "get rid of" ??
LOL.
Guv collects around $3.3 TRILLION$ in TOTAL tax revenues every year,
If we Doubled that every year for the next ten years, so til 2033, then we would still NOT be able to pay our Debt Principal Due. And what about the Interest ?
This is just another MMT WAN.
In doing so, the disposable income of the Nation's taxpayers would be reduced by $3.3 TRILLION$ every year. A corresponding reduction in National Income would manifest.
The Money Apprentice
For every asset there is a balancing figure.
What is called 'debt' isn't really debt, it's just the closing item in the books.
If there is $50 bn of 'national savings' there will be $50bn of 'balancing items'. Confiscate the $50bn and the balancing items disappear at the same time.
Watch the Dark Crystal and see what happens to the urRu when a skeksis dies. You might get it then. It's about your level.
Almost too squishy for words, Neil.
FYI, as per Dr. Frederick Soddy - noted author on money and Physical Science Nobelist -
writing in his epic book "Wealth, Virtual Wealth and Debt" (1934) that which the $50 Bn savings initially held represents, really, is Virtual Wealth. Use it to produce goods, and you end up with Wealth. Accumulate and lend that $50 Bn, you get Debt". It's not a bookkeeping matter. It's an understanding about the relationship among economic/financial forms of monetary-economic things.
The biggest FAIL of MMT is in its approach to "modern money' through a lens focused on a Bank Corporate Balance Sheet, and it's resulting Double-Entry Bookkeeping ......as opposed to say a beginning study of either the HISTORY of Monetary SYSTEMS, or simply The Science of Money, both authored by noted Historian and National Statistician, Alexander Del Mar. The latter book includes an edifying Chapter on The Law of Money.
Alternatively, for finding some clarity of these vague and rote-learned MMT concepts being advanced here about what a DEBT is, and is not, and about what Money IS, and is not, may I suggest comprehending F.A. Mann's The Legal Aspect of Money - any edition.
I'll repeat therefrom, parenthetically - for the A Mitchell Innes fans - Legally, Debt can not BE money.
Because Money is the only thing that can pay/satisfy or settle a debt.
Neil, glad to debate you on any of this ? On MMT ??
Let me know. Here or via email.
The Money Apprentice