So,
NONE trust GOVTs and CORPORATIONS ( private entities )
Discussion
SUPREMELY IMPORTANT:
TRUST and INTEGRITY in institutions and communities
3 types of creating money:
- commercial banks ( LOANS)
- central banks ( PRINT )
- sovereign national treasury ( direct spending into economy )
this DOES NOT WORK
₿ BITCOIN BANK FIXES IT
Stephanie Kelton ( economist )
she was a leading professor at Missouri University
proposed to distinguish:
- the OLD money
- the NEW money
THE DEFICIT MYTH
https://books.apple.com/us/book/the-deficit-myth/id1462923369
TABS ( OLD thinking )
tax & borrow to be able to spend
STABS ( MMT thinking )
spending, then mitigate by taxing & borrowing
MMT = 1st spend = GOVTs
build all the hospitals that nations need
build all the universities that nations need
( 1st spend then tax & borrowing )
( not tax and borrowing to build )
MMT = describes currency as a public monopoly
BLAIR - FIX ( political economist ) TORONTO
investigated what the trustworthy CPI number is
see in the graph how gasoline affected CPI
( bc of COVID. no one was using cars )
check this out
the Chicago Plan. IMF working paper
average Household =
- non-constrained household
- constrained household ( has debt / pays rent )
economists sometimes ignore the distinction between non-produced assets
natural assets = land / natural energy / electromagnetic
produced assets = machines / buildings
just 6 pages ( read it )
solution = BITCOIN
now: BITCOIN WOODS
lower taxation