Post ARcQGxNn6refP6xpR2 by CorvidCrone@kolektiva.social
 (DIR) More posts by CorvidCrone@kolektiva.social
 (DIR) Post #ARcQGwq784iTifCvwW by peterrelph2@kolektiva.social
       2023-01-13T23:39:09Z
       
       0 likes, 0 repeats
       
       Speaking here of currency sovereign governments with their own freely floating fiat currency which is not tied to or convertible into anything other than itself. So, most countries, but not Euro states or any that adopt or value their currencies against say the US$.Money in bank accounts, which is far & away the greatest proportion of money, is nothing but numbers, it has never been printed minted or coined, it is backed by nothing specific except the economy of the nation which creates it.When such a government spends it does not have to (& doesn't) fund its spending from anywhere, it just instructs its central bank to add numbers by keystrokes to accounts in private banks. Those numbers are then money in the hands of the account holders.When tax is paid then numbers are just deducted electronically from private bank accounts & the money ceases to exist.
       
 (DIR) Post #ARcQGxNn6refP6xpR2 by CorvidCrone@kolektiva.social
       2023-01-13T23:45:59Z
       
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       @peterrelph2 Yup! :graeber: :graeber: :graeber:It makes me so angry
       
 (DIR) Post #ARcQGzhMV4UwaO8UDY by peterrelph2@kolektiva.social
       2023-01-14T00:11:07Z
       
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       @CorvidCrone What specifically upsets you about it?
       
 (DIR) Post #ARcQH0B8iMJk4k4GdE by CorvidCrone@kolektiva.social
       2023-01-14T01:13:15Z
       
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       @peterrelph2 we have a fiat currency wherein most of it only exists as numbers in a computer, and yet the government "doesn't have the money" to fund public schools properly, feed people, house people, etc...for want of money...that is created and backed by them.It makes me angry that we punish people for not having these rather arbitrary numbers.