this post was submitted on 29 Apr 2024
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United States | News & Politics
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Oh, don't you worry about that. The Fed can print infinite amounts of cash.
They can, but the issue is that increasingly larger portion of the budget is allocated to debt payments reducing overall operating budget.
Only because they sell bonds to make up the deficit. They don't have to do that.
They don't, but that's what they do in practice.
This is a bit tangential, but a part of me is pleased that leftists and Marxists are adopting some of these basic chartalist monetary principles. When I dove into the MMT world for a brief period a few years ago, my basic takeaway was that their analysis of the state and money isn't far off the mark, but they have a severely underdeveloped class consciousness. The end call to action - at least from the liberal voices within that ideological space - was always "well if we educate people about all this, then they can go
harder, and we can finally have funding for healthcare and education"
very much agree