Eric MaugendreFeb 6, 2023
David #Graeber about his book #Debt: "Yes, I certainly did take a certain wicked pleasure in pointing out to the American Right that free market ideology - including many of the specific ideas and arguments of Adam Smith - not only traces back to Islam, but even, specifically, to #sharia, which was after all in part civil commercial law not enforced by the state." https://libcom.org/article/thoughts-david-graebers-debt-first-5000-years #USPol #freeMarket #ideology #economics #law #history #quotations
Thoughts on David Graeber’s ‘Debt: the first 5,000 years’

I finally finished this book after reading it on and off for months. First, I'll say this is a very unsettling book. By this, I mean it makes you think again about things you thought you knew already, and can't be easily assimilated into an existing worldview. For that reason alone, it's worth reading.

libcom.org
Show threadEric MaugendreApr 24

Sovereign states obtain funding by issuing they own money and credit.

#slogan #quotes #debt #deficit #money #Fed #currency #MMT #power #transactions #policy #government #politics #economy #credit #economics #administration

Show threadEric MaugendreApr 25

Is borrowing a burden on future generations?
No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.

“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.

#debt #Treasury #slogan #deficit #money #liquidity #liquidities #currency #MMT #transactions #economy #credit #economics #administration #government #sovereignty

Show threadEric Maugendre

Nobody ever reimburses national debt. Sovereign states restructure it.

#bonds #liquidity #liquidities #securities #borrowing #debt #deficit #money #Treasury #PublicTreasury #currency #MMT #policy #economy #credit #economics #obligations #titles #slogan #macroEconomics #rents #funding #politics

Apr 25 at 9:04pmWeb
Show threadEric Maugendre3d ago

Federal “debt” is the total of outstanding #Treasury #Securities.

The US government could pay off all its so-called “debt” tomorrow simply by debiting all Treasury-security accounts and crediting the Treasury-Security owners’ checking accounts.

The entire process neither adds nor subtracts money from the economy (but for interest paid).

#obligations #bonds #liquidity #borrowing #debt #money #Treasury #PublicTreasury #currency #MMT #policy #economy #credit #economics #macroEconomics #USPol

Show threadGhostOnTheHalfShellApr 25

@maugendre

The negative balance of a national government of the treasury of a national government is the money supply. In order to reimburse the national "debt", you would have empty every bank account.

A bond market doesn't function to finance national government. In exchange for swapping reserves or currency for bonds, the money supply is reduced in exchange for an interest stream.

Banks swap reserves for interest bearing asset, which they can sell for cash

Show threadEric MaugendreApr 26
@GhostOnTheHalfShell
Amen