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Product details
File Size: 405 KB
Print Length: 107 pages
Publisher: Two Harbors Press (April 22, 2013)
Publication Date: April 22, 2013
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00CHUQRIU
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#538,438 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
This book clearly explains why there is no problem with the 'national debt'. He shows that the securities used to acquire for the government money to cover deficit spending by Congress are rolled over forever and the principal never paid (only interest paid). A debt that is never repaid and everyone knows it is just not a real debt. But you also realize that most of the so-called debt consists of time deposits containing the principal of funds used to 'buy' the US Treasury securities by private, foreign and state and local government investors. Most of the money is there to return the principal and the Treasury can use securities in the same way to acquire money to pay the interest. It too will roll over these 'interest securities' forever. He also shows that the Chinese and Japanese are not buying these securities with their national currency but with dollars acquired by selling us imports. And by selling securities to the Chinese and Japanese we are draining these dollars out of circulation where they otherwise would probably cause inflation as we are doing large deficit spending on wars against ISIS, the Taliban, and beefing up NATO.
This book explains how the sovereign money system of a nation such as the U.S. actually works, which is not at all like most people think. It exposes the sham or ignorance of those who are always screaming for a balanced budget, those who claim that our grandchildren are in debt to China, and those who think that the creator of the dollar must somehow go to China to get dollars. It explains how the Federal Reserve uses interest rates and the sale and purchase of bonds as tools to stabilize the financial engine of the nation. It also explains how it is NOT the case that granny must make a deposit before the banks can make a loan. Things are not like they used to be down at the Old Bailey Savings and Loan. If you understand anything about MMT (Modern Monetary Theory), you will see that this guy is describing something very similar to that, and he acknowledges the similarity. That is, he and the MMTers are just describing how it all works.It is way beyond negligence that the leaders of a country such as the U.S. (which uses its own fiat dollars), have allowed the economy to get in the shape it is in, when prudent spending/investing could quickly turn things around. This could be done by investing in our real assets (our children, infrastructure, and services for those who need them). A whole generation or more are being cheated out of their birthright--a right to pursue their happiness through work, through education, housing, and the raising of a family with a decent standard of living-- because the government has allowed the fiat money to be collected at the top, and has made sure that lack of liquidity (income) on the part of the laboring class means that there will be no demand and hence, no real economy anytime soon. It doesn't have to be that way. Americans need to send leaders up who understand the system so that those leaders can make informed decisions instead of blindly acting out of ignorance. But first, Americans need to educate themselves as to how the system actually works so that they do not fall victim to the demagogues who wish to make matters worse by calling for slashing of spending, balanced budget amendments and such. The U.S. hasn't paid off its debt in more than a hundred years and those in the know don't expect it to. They understand that if all the debt were paid off at once, there would be no money left for a dynamic economy. In the game, Monopoly, all the players could return all the money back to the bank and while the bank would no longer be "in deficit," neither would there be a dynamic economy, i.e. no money to purchase Boardwalk, let alone Baltic Avenue. Monopoly rules say if the bank goes dry the banker is allowed to print up money on plain paper (color it green) in order to keep the game going. Monopoly runs on a fiat system. Well, the "game" has stopped for a lot of people out here. The ordinary guy could use some QE. How about it, Mrs. Yellen, could you please educate some of those morons over in Congress? I know it isn't your job, but could some grownups do something, please?The budget austerity crowd reminds me of those misguided medical "professionals" who bled George Washington to death. Many of them have the best of intentions as they bleed a weakened economy and sacrifice our children's economic futures all "for our own good." This little book does its part to try to educate the masses. The first step is to get it and read it, and discuss it with family and friends. Remember: friends don't let friends embrace austerity (or the myths that go with it) in a nation that creates it own currency.
The book provides a short, sometimes too short for a book targeted at general readers, exposition of the mechanics and issues surrounding the outstanding amount treasuries. You will understand why the U.S. public debt is not a burden for the nation and that arguments surrounding bond vigilantes, the threat of higher taxes to repay the debt, or china refusing to buy treasuries don't hold any ground. The arguments in this book can be extended to any other monetarily sovereignty government (Japan, UK, Canada, Australia, etc.) and help to understand why the Eurozone sovereign crisis, the Argentinian sovereign crisis, among others, occurred.
I wish our senators and representatives understood how our fiat currency works. We would be a much more powerful country. This book explains how money works and where it comes from today since we went off the gold standard. If you are fearful of the growing so-called "national debt", you need to read this book.
In the current political situation people are wondering why suddenly neither political party is worrying about bond vigilantes and the mountsin of federal debt. This book provides a clear point of view that debt does not matter for the USA, or China and Japan, but that it does matter for Eurozone countries.
Read this book! When one tries to understand complex issues, it's important to review as many opinions as you can. It's also critical to ascertain the weight one gives each opinion based on the source of that opinion. Frank Newman has spent the last 20 to 25 years working at the very pinnacle of both private and public sectors. Dept. Sec. of U.S. Treasury under Clinton, CEO and Chairman of Shenzen Development Bank in China, and several other C suite positions at US banks before that. This guy CLEARLY has unique credentials that merit his opinions be assigned a greater weight than those who do not. As an example, Paul Ryan, for instance, has literally no experience in either public or private financial institutions. Therefore, his views on the subjects such as US debt instruments and their impact on the overall economy should be assigned less weight than Frank Newman's. Just a for instance. Read the book. It's enlightening. In all thy getting...get understanding.
Takes the reader step by step through his reasoning as to why our notions of public debt are not as logical as we think. Explaining in detail our financial system and how US Treasuries actually work.
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