At current interest rates, the Fed’s operating losses will impact the federal budget for years, requiring new tax revenues to offset the continuing loss of billions of dollars in the Fed’s former remittances to the US Treasury.
The difference between the trillion-dollar coin and the usual debt mechanism is simply the manner in which the taxpayers are exploited to pay for more government spending.
Remember Lady Justice, who wears a blindfold and holds the scales? She is a state creation, too, and when it comes to state wrongdoing, her thumb holds the scales down.
Once upon a time, the USA had sound, reliable money. Then, a small group of "really intelligent" people decided to "improve" it. We know the rest of the story.
The move from feudalism to the relatively free capitalist societies occurred slowly, beginning with the emergence of the city-states in Italy in Medieval Europe.
Gloria Steinem declared, "The personal is political." Today, politics has reached into family life and even procreation itself, an unhappy trend for unhappy people.
