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Reverand Paul gives a sermon on the Book of Fiscal Conservatism

because people need to get paid, because materials and supplies need to be purchased, because there needs to be administration of those things.

Who is being sent to jail?


thats makes no sense at all, why would you have to tax money FROM people geting paid for things to be purchased, makes no sense.

INCOME TAX IS A DIRECT TAX, DONT PAY IT...GO TO JAIL!
 
thats makes no sense at all, why would you have to tax money FROM people geting paid for things to be purchased, makes no sense.

Because the government buys things like asphalt for highways and roads.
 
Again why do we have a direct tax system, which sends people to jail, when we dont need a direct tax system when debt does not matter

For the reason I just said. Contractors, manufacturers, laborers can't be paid with credit.
 
Well, we've had federal debt for about 180 years...so....

Yep.. and it still gets paid. The fact that it does is why we have been able to borrow and have a strong dollar.
 
For the reason I just said. Contractors, manufacturers, laborers can't be paid with credit.

I will help clarify for you.


IF debt doesn't matter... then why doesn't the government just print more money. Its a fiat currency. We own it. So why not just print the money..... rather than tax people? Why do we have a tax system..which takes money out of the hands of people that will spend it?
 
Yep.. and it still gets paid. The fact that it does is why we have been able to borrow and have a strong dollar.

The debt has grown significantly since Andrew Jackson paid it off.
 
IF debt doesn't matter... then why doesn't the government just print more money. Its a fiat currency. We own it. So why not just print the money..... rather than tax people? Why do we have a tax system..which takes money out of the hands of people that will spend it?

Because of inflation or deflation. Take your pick.
 
If only he could bring more Senators up for the alter call.

From what I remember of the coverage of this -- Rand is preaching on something I've made a point of for quite some time. Accomplish goals the smart way rather than the expedient way.
 
Actually it was sovereign debt. It was debt issued by Argentina in a specific currency. Argentina issued Peso at 1:1 parity to the dollar. The peso fell dramatically against the dollar to 4:1 causing major inflation and they'd couldn't issue Peso bonds to pay off it's dollar bonds.

So it was issued in dollars. Which backs up what we have been saying all along. If you have foreign debt, that is what is going to be impossible to pay off. Argentina cannot print dollars.
 
Apparently you don't understand it either. The type of currency issued doesn't matter as the country can issue it's own currency and exchange it for the currency they need to pay it off. But that doesn't happen because something you MMTers don't get, is it causes massive inflation like it did in Argentina.

I understand it just fine. Every MMTer knows, better than most, that if you have debts in a foreign currency, if you peg your currency, if you tie your currency to anything and don't let it float, you are subject to real problems. You should know this by now - I don't understand why you are trying to use it as a "gotcha!", except you seem to delight in challenging whatever MMT says at every opportunity.
 
What are you talking about? I never said anything about Argentina's debt. Please, cite the post, I dare you, else retract your statement since you're the one who is incorrect.

Why don't you first explain what you meant by "moving the goalposts," if that wasn't it.
 
:roll:

You can't even follow basic conversation, he gave the answer not you. You posed the challenge, he answered it. There wasn't anything to not understand about your complete failure.

He didn't answer crap. Read before speaking.
 
you posed no question to me.

my question has been simple if debt does not matter, why do we have taxation and overhead of such a system, why are we sending people to jail over something which is not needed.

you failed to answer that!

I asked you to demonstrate some harm that debt and deficits cause.

Your question to me is a dumb one that I have answered more times than it deserves to be answered. "Why don't we just eliminate taxes?" is in the same unworthy category as, "Why don't we just print a billion dollars for every person in the country?"

One last time: no taxation, like giving everybody a billion dollars, would drive demand through the roof and cause inflation.
 
I asked you to demonstrate some harm that debt and deficits cause.

Your question to me is a dumb one that I have answered more times than it deserves to be answered. "Why don't we just eliminate taxes?" is in the same unworthy category as, "Why don't we just print a billion dollars for every person in the country?"

One last time: no taxation, like giving everybody a billion dollars, would drive demand through the roof and cause inflation.



no i asked you to tell me, if debt does not matter, [WHICH IS YOUR CLAIM] when why are we direct taxed.

this nation has a tax system long before direct taxes came into being.

when you say "debt does not matter", then their are no consequences, so either you are wrong or you need to rephrase your wording
 
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Yep.. and it still gets paid. The fact that it does is why we have been able to borrow and have a strong dollar.

Why do we need to issue debt when we could just change a few laws and spend dollars directly? Or, without changing any laws, why can't we mint some trillion-dollar coins and deposit the proceeds into Treasury's account to keep it in the black?

There is little difference between the three options. The only difference is in the makeup of government liabilities held by the private sector - dollars, or dollars + bonds. So try to get the "we need to borrow dollars in order to spend" stuff our of your head and look at things from a different angle. Would things change greatly if people held dollars instead of bonds? Why? Would not being "in debt" be any better?
 
no i asked you to tell me, if debt does not matter, [WHICH IS YOUR CLAIM] when why are we direct taxed.

this nation has a tax system long before direct taxes came into being.

when you say "debt does not matter", then their are no consequences, so either you are wrong or you need to rephrase your wording

Debt does not matter.

Taxation matters.

Spending matters.

Debt does not matter.
 
no i asked you to tell me, if debt does not matter, [WHICH IS YOUR CLAIM] when why are we direct taxed.

this nation has a tax system long before direct taxes came into being.

when you say "debt does not matter", then their are no consequences, so either you are wrong or you need to rephrase your wording

Debt, in and of itself, does not matter. Debt-to-GDP, for instance, doesn't matter. The existence of bonds has no effect on the economy. Debt, or the level of debt, does not prevent the government from spending.

Taxes are useful and/or necessary for other reasons; lowering aggregate demand/claiming space for government consumption; social policy (like combating huge income disparity). And taxes were useful when we were on the gold standard, when the government's creation of MB was limited.
 
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