this affects TRUST and INTEGRITY
in societies and NATIONS
Discussion
sometimes GOVTs are less trusted than private enterprises, yet private enterprises also are the target of mistrust
So,
NONE trust GOVTs and CORPORATIONS ( private entities )
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