Post AZhMoV9wVoPNYSljvs by dcjohnson@mastodon.cloud
 (DIR) More posts by dcjohnson@mastodon.cloud
 (DIR) Post #AZhMoV9wVoPNYSljvs by dcjohnson@mastodon.cloud
       2023-09-12T05:59:19Z
       
       0 likes, 0 repeats
       
       The problem with using the term "National Debt" is it misleads people into thinking it is "debt." It isn't.The "National Debt" measures the currency spent into the economy without being taxed out.Money is just IOUs. Money is debt.I found the right word. It should be called the "National Money."#debt #MMT
       
 (DIR) Post #AZhMoW8YsQtiaT89Q0 by feld@bikeshed.party
       2023-09-12T17:54:04.069341Z
       
       0 likes, 0 repeats
       
       Well, it is debt. It's borrowing against the future. The idea is that in the future the economy will be so efficient thanks to this debt/borrowing that the future economic output will pay it all back.It's all a lie.
       
 (DIR) Post #AZhMwo5q0682aroEXA by lain@lain.com
       2023-09-12T17:55:20.937458Z
       
       2 likes, 0 repeats
       
       @dcjohnson so when Andrew Jackson paid off all national debt, there was no money anymore in the US?
       
 (DIR) Post #AZhQvRkI0D8AoLKx0a by meowski@fluf.club
       2023-09-12T18:40:36.121658Z
       
       1 likes, 0 repeats
       
       @dcjohnson only in clown world is debt money. that's the ENTIRE PROBLEM you absolute moron
       
 (DIR) Post #AZhTBF7gtsd6CjwWGW by djsumdog@djsumdog.com
       2023-09-12T19:05:39.719856Z
       
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       eh ... this gets into David Graber territory from his book _Debt: The First 5,000 Years_. I hate to agree with any idiot from .cloud, but there is an argument for money being a form of debt. They are two sides of an accounting ledger use to value things. Credits/Debits just shift value back and fourth between individuals, companies, the world. :blobcatgooglyshrug: I'm not really a Graberist anymore since he got a worthless degree and then bitched about his student loans and his work is commie bullshit. Still, his argument for money and debt both being their own stores of value still seems valid.At the same time, this idiot probably uses the nuance to advocate for Modern Monetary Theory where governments just print as much money as they want. If you just print more money, you devalue the debt. Even if the lender recovers it, it's now worth less. MMT just devalues everyone's earnings by diluting value.