A simple question.

[Dovahkiin]

Can anyone cite an example of a sovereign nation using non-convertible, non-pegged, free-floating currency that has defaulted on debt denominated in their currency?

 

[Dovahkiin]

Another question: Do federal taxes fund federal spending, and if you believe this to be true, what makes you think it is?

 

[PaintMyHouse]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

 

[Indeependent]

Who is John Galt and why is he allowing Federal Taxes to go to Private Vendors who supply our Military with lots of stuff from pencils to chairs to cheese to jets.

 

[Dovahkiin]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

 

[Dovahkiin]

Who is John Galt and why is he allowing Federal Taxes to go to Private Vendors who supply our Military with lots of stuff from pencils to chairs to cheese to jets.

What makes you think your federal taxes are directly going to the vendors?

 

[Indeependent]

Who is John Galt and why is he allowing Federal Taxes to go to Private Vendors who supply our Military with lots of stuff from pencils to chairs to cheese to jets.

What makes you think your federal taxes are directly going to the vendors?

I don't believe for a second they're being tossed into a furnace.
Plus, our taxes are paid virtually by computer, NOT by mailing in an envelope stuffed with cash.

 

[Indeependent]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

 

[Dovahkiin]

Who is John Galt and why is he allowing Federal Taxes to go to Private Vendors who supply our Military with lots of stuff from pencils to chairs to cheese to jets.

What makes you think your federal taxes are directly going to the vendors?

I don't believe for a second they're being tossed into a furnace.
Plus, our taxes are paid virtually by computer, NOT by mailing in an envelope stuffed with cash.

What makes you think they're not? Do you believe the government actually spends the deposits they extract through taxes?

 

[Dovahkiin]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

 

[Indeependent]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

 

[Dovahkiin]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

When the government requires money, they receive it from the reserve bank, and tax AFTER the fact.

 

[Indeependent]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

When the government requires money, they receive it from the reserve bank, and tax AFTER the fact.

So where do you think those virtual dollars and cents go?
And if not for pilfering, what's the point?
To remove currency from circulation and prevent inflation?

 

[Dovahkiin]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

 

[Dovahkiin]

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

When the government requires money, they receive it from the reserve bank, and tax AFTER the fact.

So where do you think those virtual dollars and cents go?
And if not for pilfering, what's the point?
To remove currency from circulation and prevent inflation?

They go nowhere. They are deleted. I know it's hard to grasp, I struggled with it to. I made a post about FICA for you to read, try to keep an open mind, it's really interesting.
Well, taxes today serve multiple purposes:
- Create a demand for US dollars
- Lower aggregate demand when needed
- Reduce inflation if needed

 

[Indeependent]

Q: What is money?
Q: What is debt?
Q: Who is Keynes?

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

But there are NO dollars delivered anywhere.
You are saying that money is printed at the mint and destroyed and kept virtually?
Why have the intermediary printing phase?

 

[9aces]

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

But there are NO dollars delivered anywhere.
You are saying that money is printed at the mint and destroyed and kept virtually?
Why have the intermediary printing phase?

Good luck bud. This one's got one of the dumbest ideas about what money is you've ever seen. It's certainly the dumbest I've ever seen.

 

[Dovahkiin]

Money:
Numbers.
Debt:
The measure of outstanding bonds.
Keynes:
A great man responsible for Keynesian thought.

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

But there are NO dollars delivered anywhere.
You are saying that money is printed at the mint and destroyed and kept virtually?
Why have the intermediary printing phase?

What makes you think any money is printed at the mint to fund social security? Money is only printed because we want something physical to exchange. Let me give you an example to help you better understand what I'm saying:
Let's assume trust fund numbers "go negative."
This is good, because it means beneficiaries are receiving benefits.
The US govt is literally crediting accounts with numbers.
"LOOK, WE THE GOVT WILL NOW TYPE AND ADD $2000 TO BILLY'S ACCOUNT!"
They're not using collected taxes to do this.
Read FDR'S own words:

“I guess you're right on the economics, but those taxes were never a problem of economics. They are politics all the way through. We put those payroll contributions there so as to give the contributors a legal, moral, and political right to collect their pensions and their unemployment benefits. With those taxes in there, no damn politician can ever scrap my social security program.”

 

[Indeependent]

Money owed to vendors for services/products rendered is not debt payable with virtual tax money?

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

But there are NO dollars delivered anywhere.
You are saying that money is printed at the mint and destroyed and kept virtually?
Why have the intermediary printing phase?

Good luck bud. This one's got one of the dumbest ideas about what money is you've ever seen. It's certainly the dumbest I've ever seen.

Something has happened to us over the last couple of years because we're agreeing with each other way too often.

 

[Dovahkiin]

Not sure what this has to do with my post you've quoted.

You are insisting that Federal Taxes are not utilized at all.

Let's look at FICA. FICA doesn't "fund" social security. The dollars are withheld from workers paychecks, the amount paid is recorded on a spreadsheet, and the dollars are destroyed. This spreadsheet? The 'trust fund.' The supposed "warehouse" is nothing more then a bunch of recorded numbers.

But there are NO dollars delivered anywhere.
You are saying that money is printed at the mint and destroyed and kept virtually?
Why have the intermediary printing phase?

Good luck bud. This one's got one of the dumbest ideas about what money is you've ever seen. It's certainly the dumbest I've ever seen.

Something has happened to us over the last couple of years because we're agreeing with each other way too often.

Notice how you fail to refute anything I've said.