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100 sats \ 13 replies \ @Undisciplined 18 Mar \ on: MMTers Vindicated by Musk — OOPS! econ
I don't understand the scandal. Doesn't everyone know that dollars are printed up out of thin air?
Maybe these computers are a previously unrevealed source of money printing, but why is that so important?
the government is supposed to borrow by issuing treasury bills/notes. but maybe that's what was happening behind the scene, and doge monkeys just did not see the whole story.
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Ok, but either way it’s money creation out of thin air.
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Not quite. It puts the burden to repay on the next administration. )))
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Yes, but the Fed created the money to buy the bills/notes/bonds. They're obviously different monetary policies, but it's not like printing money out of thin air is novel.
There's a decent chance you're right about the DOGE folks just not understanding what they found. The Treasury does still produce actual specie. Perhaps what they found is related to that process.
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I mean, no — by far not enough.
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It sounds like they've misunderstood a few of their bombshells by multiple orders of magnitude.
We'll see. There is something like $3T of spending that's unaccounted for.
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In our current fiat money system, the Federal Reserve creates new base money when it buys assets by writing checks on itself.