pull down to refresh
You don't understand how modern fiat monetary system operates. Nearly all money is issued by the private banks- not the government. And its the private banks collecting the rent on the money they issue out of thin air. And in the west the government than does provide the legal power to operate monetary issuance does not limit or direct the banks anymore in how or where the banks direct that new capital- and so in the west most of this debt is directed toward non productive speculative purposes- with no resultant increase in the overall wealth of the nation despite the debasement that is caused. In the past western governments insisted that this capital only go toward purposes which were likely to increase the net wealth of the nation- productive purposes- but since the neoliberal voodoo economics took over that requirement has been removed and we have full flight crony capitalism and the decline of western civilisation as a result.
Nearly all money is issued by the private banks- not the government.
Wells Fargo loans me one dollar. I don't pay it back, so Wells Fargo asks the government for a dollar instead. Now Wells Fargo is solvent, so they issue new loans, which also don't get paid back, so the government bails them out again. You think Wells Fargo is the problem here?
Bullshit. The banks can only issue infinite loans when the government exists to bail them out. Otherwise they would end up like FTX and the problem wouldn't snowball for decades into a nationwide crisis.
Whether the bank issues the loan and the government bails them out later, or the bank's decisions are controlled by the government directly, it's still fiat. It's still the government shilling a scam token that is only useful for converting to something else before it collapses to zero.
You're still describing a system where capital is deceptively and forcibly transferred from civilians to the government. Why would you expect Mao and his cultists to know anything about building roads?