1532 National Debt Simple To Fix
from PRay TeLL, Dr. Hash Hosted by Martin Hash
The National Debt is simple to fix because government can create money out of thin air to pay its debts. A lot of this money goes to the ultra wealthy in the form of interest paid on the National Debt. A simple solution for that is for government to create money without incurring an obligation. It works because money is imaginary. They print money out of thin air now, it’s just that they assume the liability, and it’s not easy to keep the rich from wanting to be richer. Taking this idea to its full extent, there also shouldn’t be any personal taxation except as a way to limit wealth concentration. In fact, the country had been around over 100 years before there was a federal income tax. To cover the existing National Debt, a plan for this has already been floated: first, revalue the gold reserve to equal the debt. Next, create a digital currency backed by that gold, currently referred to as the National Bank Digital Currency, NBDC. And third, give that currency to the debt holders. There’s a lot of nuance in these 3 simple but not easy steps, and a lot of the debt isn’t debt at all but instead internal U.S. government accounting tricks like social security holding a huge portion. To keep the budget balanced, keep budget increases tied to the price increase of gold as it goes up every year due to increasing GDP. The big risk of doing this is that Congress won’t be able to prevent themselves from exploiting the unlimited spending opportunity, but they’re already not doing that now.
Embed this episode
No transcript yet.