Home > economics > Jamie Galbraith’s Dog Whistle (2)
  1. James Galbraith
    March 7, 2010 at 2:18 pm

    “Bonds owed by the government” are not necessarily owed to banks. Those issued in WWII were owed to the broad public and formed the foundation of middle class financial stability after the war.

    I mention this simply as an example of the sloppy reasoning here.

    JG

    • charley2u
      March 7, 2010 at 2:49 pm

      Sorry JG, the reasoning still holds…in the case of the public, it is debt “we” owe to ourselves. In point of fact, this debt is owed to the wealthiest one percent of the society, and some pension funds and assorted others who profit from this unpaid work. Moreover, this simply proves money is created not by banks lending it, but the debtor borrowing it – by pledging, in other words, future work for present consumption. “We” can only lend to the government what “we” already have.

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