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By A Smith (anonymous) | Posted August 24, 2011 at 15:29:18 in reply to Comment 68365
>> "Governments cannot afford to bail out the banks again."
Yes, they actually can. This article...
http://pragcap.com/resources/understanding-modern-monetary-system
... gives a great and counter-intuitive analysis of how our modern financial system really works.
Here are a few points from the article...
1. We tax in order to create demand for the currency. In addition, it controls aggregate demand or effectively, the money supply
2. The bond market is a monetary tool. NOT a fiscal financing tool.
3. Foreigners do not fund our spending.
4. Money must be created before government bond auctions can occur and before taxes can be enforced. Otherwise, there is no currency in the system to tax and no money to raise via bond auctions. This is just basic logic in terms of the way the current system works. It can be no other way.
5. Households, states, Europe and the gold standard are not remotely similar to the modern monetary system in which the Federal government of the USA (or Canada, UK, etc) functions.
http://pragcap.com/resources/understanding-modern-monetary-system
Here is another surprising conclusion that we have not been told by the media/governments...
Public debt = Private sector savings.
The two are inversely correlated.
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