The same con artist who managed to bankrupt a casino where "the house always wins" just bankrupted the United States of America.
Everything Trump Touches Dies (ETTD) including empires, economies, and countries.
https://fortune.com/2026/03/23/us-government-insolvent-fiscal-crisis-fix/
@danwentzel that link is paywalled, but MSN has it unpaywalled: https://www.msn.com/en-us/money/markets/the-treasury-just-declared-the-us-insolvent-the-media-missed-it/ar-AA1Zebhg
But the title is nonsense; the issuer of a currency cannot be insolvent in that currency. And the content is mostly tired Republican talking points used to justify cutting spending on things Republicans don’t like, which they conveniently ignore when increasing spending on things they do like (or decreasing taxes on the rich). We should make financial changes, but not the ones they suggest
Hello fellow mmt-er. The very real problem is where that money is distributed. Billionaires have set themselves up right at this spigot in what doesn’t go directly into their bank accounts they capture quickly by squeezing it out of us.
And we are the ones made to take whatever in infinitesimal dollars we get and pay taxes in order to diminish that negative balance that’s called debt, but is the money supply.
Tax wealth out of existence
@GhostOnTheHalfShell @danwentzel yes; that’s one of the financial changes I think we should make.
“Money is like manure - it’s not worth anything unless it’s spread around helping little things grow”
A long time ago I got associated with the concept of money that dies. It can sound like the same effect as inflation, and in fact, economists lack ability to distinguish it from taxation.
One flavor of this idea was proposed by Gesell as Freigeld.
His line of argumentation is money must have the same constraint as every other good : decay. In other words if you sell $100 of goods in a reasonable amount of time you need to buy $100 because it expires for is taxed
The essential idea is and this has been established because expiring money systems existed in Europe between the 10th and 16th century. Periodically twice a year the entire money supply was re-issued and people could purchase three new coins with four old coins, a 25% tax.
The mint, of course, could furnish as much money as a city needed. This system is known to be price stable (inflation free) and nearly interest, free because people surplus ..
Will lose 25% of its purchasing power when the new money is issued. Nobody hung onto coins. They turned them into something they needed or lent it out.
The other thing you can do is pay a different tax liability.
Dan Wentzel 🏳️🌈
ShadSterling
GhostOnTheHalfShell