Submitted by letsgetitdone on Wed, 06/15/2011 - 11:54am
If you're a progressive and want to fix problems like unemployment, the health care and health insurance systems, infrastructure, education, our energy and climate crises and want Government to deficit spend to do it, sooner of later you'll get the question: “Aren't you just 'printing money'? Here's my answer to that one.
1) Today the Government prints very little money. It mostly just “marks up accounts” using a computer when the Treasury spends, or when the Fed buys financial assets, in return for reserves it creates. So, literally, I'm not saying we should “print money,” I'm saying we should deficit spend by “marking up” non-Government accounts. Read below the fold...