I came upon this author from a podcast – will post below. A super interesting woman, quite brilliant. I decided I must get her book.
As I was reading some of it last night, I had a hunch. I checked out the New York Times bestseller list and there it was number 13.
Since I wrote a small story today, a scene, or moment – focusing on voice and tone, I felt I was free to write this bit today.
In other words, I am not focusing on someone else’s work to avoid mine.
Note: I am learning this right along with you. I am reading ahead of course, but a student nonetheless.
Take what you like – and my goal is to make it concise and readable, and to ease the stress of misinformation.
If interested in this book further, buy it, read reviews, or snip-its.
The Deficit Myth – by Stephanie Kelton
Kelton writes: “Our national currency, the US dollar, comes from the US government, and it can’t come from anywhere else” – not legally.
“Both the US Treasury and its fiscal agent, the Federal Reserve, (the Fed) have the authority to issue the dollar.”
The Treasury makes the coins and the Fed creates the rest. The US government is the “sole manufacturer of dollars.”
The US is the issuer of money. Everyone else is a currency user of the US.
Some counties are not issuers, which puts them at greater risk if they owe too much.
Then WE, the US is a monetary sovereignty. This is when a “country issues its own nonconvertible (fiat) currency and only borrows in its own currency.”
Other countries that have monetary sovereignty are China, Japan, the UK, Australia, Canada, and many more apparently.
Countries that have “monetary sovereignty can prioritize the security and well-being of its people without needing to worry about how to pay for it.”
Okay so we are the issuer – then what is all this talk about raising money to pay for things or the circular question – “Who’s going to pay for that?”
Bringing us to –
“Myth 1: The federal government should budget like a household.”
We think we need to tax and borrow then spend. (TAB)S. We need to get the money before we spend it. Nope. Incorrect. Wipe it out of your mind this instant.
We already have the money.
When you hear – “We don’t have money for that” – in your mind, make a note. They are protecting their own interests. It’s bullshit. We do.
The questions are – why aren’t we using it or what are the conditions that are preventing us from using it? This may not even be the correct questions – but let’s see.
This concludes Bucket #1. We are gathering and putting nuggets into our buckets to take with us.
I could call these Nuggets, but it’s easier to carry a bucket.
Please read further once again from The Deficit Myth by Stephanie Kelton. Read her bio too.
Handclap! I made it through my first bucket blog.
Much love. Please stay healthy and take care of one another.
https://podcasts.apple.com/us/podcast/ep-55-cash-now-feat-stephanie-kelton/id1490354763?i=1000469157688