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Taxes is what creates demand for the fiat currency. It also does have impact on buying power. However taxes are collected when they spend and take stuff, not when they collect little green blips on computer screens. They got plenty of that. If "da guberment" decides it wants to spend on donuts and empty out the donut shop, it just collected taxes with its debt that it can cancel with a "tax". Tax collection in the accounting is just debt cancellation.
How much national debt has been cancelled in, oh... say... the last 10 years the government has been collecting federal income tax?
Are you ever going to look at how the money system works? You can argue prescriptions yes but this is the monetary system. Its not my theory. I did arrive at it independently, and went to see who else did. As usual other people were way ahead of me.
As I already noted, your application of the concepts is botched. You kind of grasp what you've read, but you don't understand how it applies to the real world.
Most Americans certainly do not know what a $16 trillion DOLLAR debt means.
Until I read law for myself, I assumed that those green pieces of paper with president's pictures, were "dollars".
They're not.
They're IOUs. See: Title 12 USC Sec. 411. They're debt. They're MINUS. They're part of the DEBT. Minus plus minus equals more minus.
Pursuant to the *Coinage Act of 1792 (before the bankruptcy in 1933), 16 trillion DOLLARS computes to 800 billion ounces of gold, stamped into coin (like double eagles).
Big number.
(After the bankruptcy / State of Emergency, the government 'bumped' the bullion price to $32 / ounce, but that violates the USCON and just weights and measures. . . but HEY, it's an EMERGENCY, right?)
Problem?
BIG ones.
GOLD HARD FACTS
Fort Knox allegedly holds 147.4 million ounces. ($2.9 billion*)
World wide supply is estimated at 5.3 billion ounces. ($106 billion*)
Remember, the National debt requires 800 billion ounces to pay off.
...
World wide mining (2011) : 88 million oz production ($1.7 billion*)
Taking all the world's gold production for 9,411 years would pay it off... if the debt and interest were frozen right now.
Houston, We Have A Problem !
What DID Congress borrow to rack up owing $16 trillion DOLLARS, when such a sum of gold does not exist? (Constitution says only gold and silver coin are lawful money)
It gets worse. Clause 4, 14th amendment, U.S. Constitution, forbids challenging the validity of the public debt - even when it is patent FRAUD and impossible to repay.
Did Congress kite bad checks?
Appears so.
How did they get away with it?
Oh, you had better ask THEM.
You won't believe me if I told you.
Most Americans certainly do not know what a $16 trillion DOLLAR debt means.
Until I read law for myself, I assumed that those green pieces of paper with president's pictures, were "dollars".
They're not.
They're IOUs. See: Title 12 USC Sec. 411. They're debt. They're MINUS. They're part of the DEBT. Minus plus minus equals more minus.
Pursuant to the *Coinage Act of 1792 (before the bankruptcy in 1933), 16 trillion DOLLARS computes to 800 billion ounces of gold, stamped into coin (like double eagles).
Big number.
(After the bankruptcy / State of Emergency, the government 'bumped' the bullion price to $32 / ounce, but that violates the USCON and just weights and measures. . . but HEY, it's an EMERGENCY, right?)
Problem?
BIG ones.
GOLD HARD FACTS
Fort Knox allegedly holds 147.4 million ounces. ($2.9 billion*)
World wide supply is estimated at 5.3 billion ounces. ($106 billion*)
Remember, the National debt requires 800 billion ounces to pay off.
...
World wide mining (2011) : 88 million oz production ($1.7 billion*)
Taking all the world's gold production for 9,411 years would pay it off... if the debt and interest were frozen right now.
Houston, We Have A Problem !
What DID Congress borrow to rack up owing $16 trillion DOLLARS, when such a sum of gold does not exist? (Constitution says only gold and silver coin are lawful money)
It gets worse. Clause 4, 14th amendment, U.S. Constitution, forbids challenging the validity of the public debt - even when it is patent FRAUD and impossible to repay.
Did Congress kite bad checks?
Appears so. How did they get away with it?
Greedy fools wanted and voted for more government social welfare benefits. Congress bought votes by promising more, bigger, and greater freebies to the voters.
How much national debt has been cancelled in, oh... say... the last 10 years the government has been collecting federal income tax?
The money supply is designed to expand in a credit money system, and bank credit expanded by 27 trillion between 2001-2008. As that velocity unravels the choice is a depression and bankruptcies, which they avoided to prop up you know who, or expand the money supply which government credit which now stands in for the silver and gold supply. Deficits are now inevitable. The question is skinny fat or fat fat with this policy. Soon as they try to balance the budget the credit crunch will just sack revenue. It would be nice to focus on a real problem like the foreign debt problem...
The money supply is designed to expand in a credit money system, and bank credit expanded by 27 trillion between 2001-2008. As that velocity unravels the choice is a depression and bankruptcies, which they avoided to prop up you know who, or expand the money supply which government credit which now stands in for the silver and gold supply.
So, the following is false...
Quote:
Originally Posted by gwynedd1
Tax collection in the accounting is just debt cancellation.
And why is the velocity is unraveling?
And again, if they just wanted to prop up you know who, why collect any federal income tax at all? According to you, they can just borrow everything they wish to spend.
Greedy fools wanted and voted for more government social welfare benefits. Congress bought votes by promising more, bigger, and greater freebies to the voters.
The Vietnam and the chicken in every pot crap is what broke Bretton Woods. However where has everyone been?
So, the following is false...And why is the velocity is unraveling?
...sigh... When did I ever say the whole of the debt is canceled? I said when ever taxes are paid, debt is canceled. Are you saying when it rains in the desert it will turn into a lake?No. when it rains , it rains. Does not mean it will cease to be a desert. Do I need to send a list of logical fallacies in debate? It gets pretty low when it comes to that.
Quote:
And again, if they just wanted to prop up you know who, why collect any federal income tax at all? According to you, they can just borrow everything they wish to spend.
I already told you. Why would anyone want government debt if they didn't collect it? Why do I have to keep repeating such simple things? Do you think people would want an umbrella when it never rained? This is basic stuff. Did you even bother to read the theory(not mine)? Actually do you have any economic training at al?. Did you go to school for it ? Did you read any books? Did you Read Adam Smith? Marx? Ricardo . JS Mill? Henry George? Quesnay? Keynes? Friedman? Hayek, Rothbard? Minsky? I did and often their entire works. It seems clear to me you read a few WSJ articles and now are ready to give your insights to the world.
...sigh... When did I ever say the whole of the debt is canceled?
Tell us how much of the debt was cancelled. I see an increase in the debt each year.
Quote:
I already told you. Why would anyone want government debt if they didn't collect it?
Exactly. That's why Obama was elected. Obama's base is at the left on the chart. They take far more than they contribute:
60% benefit at the expense of others. Whoever panders to the takers, wins.
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