David HoWhat is common knowledge in your field but shocks outsiders?
More than half the CO₂ emissions of the industrial age have been dumped into the atmosphere since 1990.
mjgraves
Von Xylofon@vonxylofon @davidho Government spending is how the currency is issued. You have to earn it. Only then can you pay your taxes. Taxation is the end of the life cycle. Not the start.
@vonxylofon @davidho Taxes collected are basically currency being extinguished. Like a bathtub being drained.
@vonxylofon @davidho Lotta possible sources. I like @profstevekeen https://youtu.be/8F9pIGDVdIw?si=DIuta5MCHOz3vNNK and @StephanieKelton https://stephaniekelton.com/listen/
Modern Monetary Theory Explained | Steve Keen and Lex Fridman
@vonxylofon @davidho It's really a basic understanding of fiat currency. Government wants to provision itself. It wants workers & supplies from the private sector. So it levies a tax, payable in a token that only it issues. Now people need to work to earn that token. 1/2
@vonxylofon @davidho The classic example is the Imperial English in Africa. They want local workers for the port. So the levy a "Hut Tax." Locals must pay the tax or the Army burns down your hut. The hut tax is payable in English script. Now the locals are motivated to work for that otherwise useless stuff.
Also, illustrates the fact that all fiat currency is ultimately backed by violence. Threat of imprisonment. Don't pay your taxes. You go to jail.
OGJester has moved@mjgraves @davidho if I could wish for everyone to understand one thing about our government, it would be this.
David John Crook